All Forum Posts by: Andy Thompson

@Shannon Robnett

That's amazing. I need to shift my mindset to match yours. How have you reconciled the difference in quality that you can expect of yourself with the quality that you can expect of others? I have a hard time letting go of that quality in the final product.

@Travis Hatch if you're still looking for someone, send me a message. I'm licensed and looking for my next project. Have skills, subs, and insurance.

@Boe Dillard I'll tell you that it's super frustrating when people get all sorts of ideas because they did "research" online. (You can read WebMD all day, but maybe you should just talk to a doctor!) Call a contractor or design/build firm and pick their brain, phone calls are free.

The reality is that pricing may depend on the city/county's permitting costs in addition to potentially increased holding costs as a result of their backlog in getting approvals. Does the property already have sewer taps, utilities, and grading? Do you want 8' or 9' ceilings? Basement, crawlspace, or slab on grade? Attached garage or carport? I agree with the above that "per sqft" is just the result of the options you select, especially considering economy of scale. It's not a haggling point, and banks dont loan per sqft. If you know the plan you want to build, bring it to a builder and they'll give you a good idea what it'll cost.

@Eli M. Late reply, but I just happen to be scrolling around today. In bathrooms, use regular white drywall, with semi gloss paint and a good exhaust fan. I often suggest a humidistat for the fan. No need for "green board" as it's not required by code and any moisture that penetrates the paint is already a much bigger problem.

Use "denshield" in the shower surround. It's better than durock because it doesn't need to be painted twice with redguard as it already has a moisture barrier. It cuts and installs just like drywall, far less mess than durock and the debris doesn't scratch your pan/tub like durock. Install tile right on top same day as hanging the denshield.

@Kenneth Moerschel Establish the terms of the partnership before you make an offer. Your purchase will be a fixed cost at the beginning of the agreement, but labor/materials will vary during project. Does he get higher percentage of profit by investing more in labor? Who determines how much mark up he can put on his employees' labor, how how much labor is considered reasonable for any particular task? Do you have a system for auditing his expenses, and are you satisfied with his book keeping abilities? Does he get to refuse a low selling price after fix up, do you get to refuse subcontractor pricing for specialized labor like granite install? Who gets final say on changing strategies mid-stream If a fix/flip becomes a BRRR? If you're not very clear on expectations and transparent on reporting, it seems easy to get screwed by cooked books.

As partners, you need a lot of trust. If you can afford to front all the finances, you get to call the shots, including firing him if the relationship sours. As a contractor who has been screwed out of thousands (by a BP investor, no less), I would be very careful going full 50/50 partnership my first time working with someone.

@Adam Bourg Denver Contractor here. Applewood's price is known to be very high end, as their business model has tons of overhead in their marketing. That said, $600 is very low in Denver. A 6 yr 40k btu unit costs 500, and can be installed in a couple hours, for a long term rental i would encourage you spend 100 more and get a unit with a 9 yr warranty. But it has to be permitted and that means a state licensed plumber. My understanding is that Denver is requiring expansion tanks be retrofitted on all water heater swaps, which can be bought for 50. Add another 75 in parts and maybe an extra hour for retro fitting. These numbers are retail, I would expect a plumber to add markup to all parts and they charge handsomely for labor so as to not devalue their brand. I would expect an honest licensed guy to charge about $1200. That $600 number is an old price even for material, and assumes you're going to skirt the permit and the expansion tank by using an hourly handyman with no insurance, license, or presumption of warranty on labor.

That said, $3000 is silly.

@Jane S. You could, but you shouldnt. If it's vacant and in good condition at the end of the lease term, then you dont need any special contract to refund their deposit. But if any of those conditions are not true, then you need to retain the funds for the same reason you collected them in the first place.

As well, if you apply deposit towards rent now, you are setting a precedent. If you do it today, what happens when another tenant comes and asks for the same thing? It starts to look preferential. And what happens if one tenants protected class (race religion or sex) isnt the same as for the first tenant? Now you've set yourself up to potentially (accidentally, expensively) break some laws in the future just by trying to be nice today

Business is business, run your system consistently and impartially.

@Elisabeth Ihler

Had a friend in Denver ask me to build an ADU for him, he showed me a design/build firm quote at $150k to put the unit on top of his existing garage. I would be interested to know which company quoted you at $250k?

@Nathan G. Airbnb check-in for a whole unit rental are usually done without the landlord on site, no need to pay hourly check-in personel. I am renting one next weekend (as tenant) and we were given a pass code which should work on that day. Im not even sure what time the code starts working, but I'm told if we use it early it's a $500 penalty. The entire transaction has been online, I have not talked on the phone with a live person nor communicated off script via email. This can be done from next door or a different hemisphere.

@Susan Wilhite since sexuality is a protected class (cant limit sale to sexuality or race or...) You're kinda treading on thin ice. I would recommend chatting up local businesses in the area of the house to see if you can put a flyer up. If some of them are LGBTQ friendly (certain restaurants have weekly Drag Queen bingo, for instance), so be it. But i wouldn't limit marketing to those neighborhood businesses, i would hit up every business in the area.

I know a guy who markets his mortgage company to the local ultimate frisbee community, and understand thats a significant portion of his business. How does he market to them? He is a keystones of the community and plays in leagues and on club teams (and just won a world championship)! He hosts tournaments and donates to youth programs and gives away frisbees/coozies that say he is the area's "Ultimate Lender".

If you're going to target marketing to runners or cosplayers or LGBTQ, you should go be part of their community, and give as much as you take. Otherwise, just market to all the area locals and see what hits.