All Forum Posts by: Mike Dymski

I would only move forward if I preferred the ceiling fan permanently...and I would have my contractor install it and then I would bill back the resident (have the resident confirm the installation cost in advance).  In your situation, I would charge for the prior fixture in some form (but would not want to be in this situation).

Bond fund holders are making a strong return with both high yields and fund values increasing with rates declining.  And if your thesis is that unemployment will continue to increase, bond rates will continue to decline and that bond rally will continue.  Part of the inflation challenge is caused by this...investors are getting high yields and spending that money (and now they are getting increased fund values with rates declining).

It's ironic you say this because the site is extremely friendly to your profession.  The forums are a free marketing channel.  The experienced investors on the site want the marketing out of the forums and BP has chosen to keep it (in favor of the agents, service providers, and new investors).

Has to be tough to grow or maintain a real estate investing podcast right now with so few transactions.  Same for the forums here.

It sounds great on paper but has inherent flaws.  It's in the best interest of the contractor to build in profit to their cost figures as they receive 100% of construction profit versus their split of the sales profit.  Heck, most contractors have to build in that profit to be able to pay their own monthly bills.  If that's the case, then there is no benefit to having you split the profits with them as you are taking on all the risk.  Ask me how I know all this...

Maybe it's this guy.  Won an Olympic gold medal but has to sleep outside at a park in Paris because it's too hot in the Olympic Village accommodations.

My contractors would determine to the cost to repair (including concealed damage) and I would add $30k profit to compensate for the added work of repairing it (although, having an entire entire new interior would be compensation enough).  If you are unable to determine the cost to repair, I recommend leaving it to someone else who can.

The cost of the repair plus a margin (maybe $30k) to compensate you for the added work and risk.

Everyone thinks the cost of 3rd party PM relates to fees.  It could not be farther from the truth.  The cost of 3rd party PM is in the management of vacancy and repairs.  Period.  When I was self managing, I turned over units in days rather than weeks/months and had reasonable contractors.  Why?  Because it's my money, I care more (I get 92% of the revenue, PM only 8%, and PM team member near 0%), I only had my units to manage (PM team member has other owners and units), and, with humility, I am smarter and harder working than the team members assigned to my portfolio (3rd party PM has to hire at a level that makes the business model financially work for them).  But, I prefer 3rd party over self management right now because I have higher priorities and just have to purchase properties with thicker margins to absorb the added vacancy and repair costs.  Separately, the government increased the money supply by 40% with massive government stimulus and that drove the cost of everything way up (labor, materials, everything).

This is a first.  We've seen thousands of posts where people are looking to get out of their job and away from people, bosses, and customers and want real estate to be that way out.  You're discussing the opposite.

Almost all of us work a day job unrelated to real estate and have busy families.