All Forum Posts by: Miles Rivas

Great question, I'm new so I wouldn't be the best at this but if you go for a condo make sure you ask your realtor the condo facts sheet (or something like that). You can't sell a condo if a certain amount of people are not paying the condo few. Also you have to see if it's FHA friendly so you don't exclude some buyers. Your real estate agent would know more then me.

Thanks for the question

Hey Stephanie,

Not sure if you found a drywall person or not but I have a friend I use and I would be more then happy to share his info. If you message me I can give you his rates and such (I would message you but I'm not sure how!)

great point. It has contingency in there because I am a contractor and I priced the job as though I would be making a profit off the construction costs. Thanks 

Hey BP,

I may have found my 1st flip here in Maryland and wanted to get everyones thoughts or maybe some questions I need answered before I put in an offer.  Here is what I have so far:

Purchase price 75K

Downpayment of 15% or 11,250

Loan amount of 63,750 (30 yr fixed @ 4% interest)

Rehab cost of 23K

Closing cost on the purchase 3% x 75K= 2250

Closing cost on the sale 3% of 140K=4200

Agent costs at sale=5% or 7K

Carrying cost 2700 for 3 months

Target selling price 140K

Can anyone help me find holes in my numbers?  What am I missing?  Would I have to pay regular income tax on the profit?  Its looking like I will need 36,950 for const cost, down payment and carrying cost, any suggestions as to getting help with the cost?  

Thanks for your time!

is there a bathroom in the space now or would the contractor be breaking up concrete and running new plumbing?

It is high.  I built an addition here in the DC area for around 50K and there was no existing structure to work from.  To frame in the walls will take 2 guys about 2 days to demo the garage door and frame in the new one (that's being generous).  Say each carpenter makes 200/day that's 800 labor and about 150-200 material.  To side the garage would be 2 guys 2 days as well for labor (not sure what siding you were using).

I would be interested as well...anyone have any ideas?

Hey guys,

I have built houses for a homebuilder down there and have seen a pretty good uptick in sales in southern MD (2012-2104).  For context I grew up in howard county and now live in Carrol county.  

I feel the Bowie/Upper Marlboro area offer great value for flipping and/or rentals because the costs are lower yet you can sell to the DC buyer.  Make sure to study the buyer your trying to target...but you already know that.

Hope that helps 

Hey Mel,

I am a homebuilder in MD and we have to install "core wall" or fire rated drywall in the attic separating the units.  We use metal "C" tracks and "H" tracks to frame up the support to hold the fire rated drywall.  You have to use metal screws and also a break away L bracket to screw the metal tracks to the lumber in the roof.  The idea is that if a fire breaks out in one unit, the clips burn and break away from the drywall so that the house on fire can burn and fall away without affecting the other unit.  See my chicken scratch below.  Let me know if you have any other questions...im not the best explaining it on this.

The true benefit of having your license is to view properties on MLS right? Do you still have to hang your license with a brokerage to gain access to the MLS?

I'm a contractor in MD and I always go to Wood Floors Plus.