All Forum Posts by: Nathaniel J Mott

Hey BP,

I recently started a small demolition contracting LLC. We do residential demolitions of decks, drywall, insulation, and the like (no heavy machinery). Can anyone recommend a small business insurance provider?

I have a friend who was trying to BRRR a property in a rural part of NC. He bought the house for 8k and improved it to being worth probably about 30k after putting 15k in. He is cashflowing about $250/mo (rent is $500) on the property. He doesn't have a job and could not get it refinanced by any of the lenders he talked to.

I have a stable job and have been pre approved for a much higher loan in Raleigh NC. Would there be any way to partner with him to use my credit to help him refinance and pull his money back out to do it again that would be mutually beneficial for both of us?

I agree that the rent by the room strategy is probably the way to go in Raleigh/Durham if you are looking for any kind of positive cash flow!

My local REIA has a properties for sale page. It seems likely that yours would too but I'm not positive.

 I met a carpenter while onsite today. I'm happy with my decision to stick with it!

@Peter Walther

How do you get a policy for the ARV if you can't get it appraised until after the renovation is done? It's just a best guess?

Does anyone know why lumber costs are increasing so dramatically? Is it just due to the demand for new development? Maybe there’s a bottleneck somewhere in the supply chain that will get freed up in the near future and prices will drop?

Thanks for the responses! I would love to help a skilled tradesman but I assume the schedule would not be flexible enough. Maybe I'll keep it up for a few weeks just so I can have access to the project later and see the whole rehab completed.

I’ve been trying to wholesale for the past month or two and haven’t come up with anything. One person I called said he needed help with demo work so I’ve been shoveling out old insulation and smashing walls for $15/hr on my days off.

I eventually want to find my own property to BRRR so I thought it could be good experience to see a rehab from demo to finish (I think he's fine with me checking up on the property as it progresses).

Do you think this is a productive use of my time, or am I falling into a trap of low leverage work?

I'm also interested in Rocky Mount. A lot of people at the BP meetup I went to last week invest there. I'm just posting here to follow the thread!