All Forum Posts by: Nik S.

@Jason Kha

Hey Jason, warren is my area. I just did a big foundation repair on a a house I flipped. "A-1 Concrete" in Youngstown Ohio did my work. Very professional and reasonably priced. 

Let me know if you have any questions. 

This was my 1st flip. It had a foundation issue so I arranged for the foundation contractor to come to the site with me on the day of showing and he gave me a bid on site. I did a complete rehab on the property. I got in contract before I finished (I would never do that again). I over improved the property but still made money. Purchased for $50k - Rehab $53k - Sold for $145k (paid only 3% commission) - Profit $35k . Purchase time + rehab time + closing = 4.5 Months. Would have been faster but had a TERRIBLE contractor that I fired :-) I have a crew of 3 guys who did all the work (subbed out certain things etc)

Fluid master is the best choice. You would think they would make a brand that is scientifically engineered to prevent toilets from ever running for years but sadly there's not much technology to guys... There are cheap ones though so avoid those. In all my units, FM guts are installed even on the new toilets we purchase ...we replace the guts with FM. Running toilets can quickly drive a bill up and up! Try a dye test every 6 months to see if the toilets are running ... Just bc you cant hear them doesn't mean they aren't running. Put some food dye in the tank and wait 20 minutes ... If you see the color has leaked to the bowl you have a leak.

I currently use Rem Commercial but they are based in Canton Ohio. They do manage in Cleveland but it depends where.

There's absolutely nothing you need to do.....I highly doubt anything will come to this. Relax and make it a learning lesson. 

In the unfortunate event that a case is filed then proceed the lawful way....keep in mind, the tenant you offended is simply going to find another S8 friendly apartment...why would she waste her time with fighting with you/trying to get you to rent to her...doesn't make sense...so this will pass by IMHO.

Also be easy on Dad, he was just trying to help :-)

@Lee Schram

Love it! What's the paint brand/color you used on the wall?

Also what finish? Eggshell?

@Wendell De Guzman

I bought a homeopath Fannie Mae property 90 days ago. 

As I was rehabbing it, I marketed it with my agent (her word of mouth to her potential buyers). She showed potential buyers while I was doing the Reno.

The agent found buyers & I basically got "under contract" on the 91st day, hence the 90 day deed restriction.

@Ray S.

I know exactly what your going through....hang in there, it'll get better once its over. Recently, I had to fire my contractor b/c I had to stop the bleeding. He was working on his own deadlines and schedule. He was costing me time, money and most importantly unnecessary mental stress!!

Take this as a learning lesson and fight through this one. I can totally agree with you that some of these contractors try and strong arm you etc..maybe due to your "lack of experience"...if they sense that.

Just tell him that you've held up to your end of the deal (paying on time assuming), so please respect my investment and give me the same respect I give you. He sounds like a dud so rise above him and out smart him. Now it's a game to get your work done, play it smart. You have a lot invested in him and this project. Don't overreact, let him finish what he started. Let him know your bleeding and the project has to finish asap. Also show up on the site as much as possible so he knows your onto him.

Remember this will be over soon enough. People like him don't get very far so once he's finished, delete his number.

@Mike Hibbs

Mike Congrats. House looks fantastic. I am doing a flip right now and we have the same color schemes (gray walls, white kitchen, hardwood floors, gray carpets, white baseboards....) 

What was your actual START date and FINISH date???

Looks stunning to say the least. I hope it all works out and your profit margin is well deserved. This is my first flip as well and I am hoping for a very similar outcome however my story comes with a twist which I'll post very soon, hopefully :-)

I am also looking for another flip and struggling to find the right one. My first one I feel I got lucky, now I need a strategy. 

QUESTION: Last part of my reno is granite..Love your choice, what is the name of the slab?

Happy New Year!

I have a few apt buildings that host Section 8 tenants. The one area I am vested in demands for S8 rentals. People on S8 don't want to lose it so most abide by the guidelines. I was very very hesitant at first but I was getting hundreds of calls of s8 renters vs financially responsible individuals. 

The inspections do waste time because they fail you for the dumbest / littlest things....rescheduling takes a few weeks. HOWEVER, if you just follow their guidelines before inspection, you can be good to go. 

As far as rent control, I haven't had much of an issue..A few dollars less. You can appeal their rent decision by providing comps & sometimes it works. 

My PM fully screens all S8 tenants as the other tenants, no difference. We require a full deposit just like the other tenants. 

It hasn't effected my business model at all ...yet...I am interested to see the longevity of the S8 success. EX: will my s8 rented units be trashed after move outs? 

I haven't had ANY issues with any of my (15) S8 tenants. I guess time will time, it's been about a year so far that I have started to rent to S8 tenants.

Keep in mind, you don't want to rent to S8 tenants in B+ areas....I would obviously love to avoid S8 simply on the basis of avoiding inspection however if the area's demographics are in favor of that population, go for it. This business is about making smart calculated moves & money. Challenges will arrive but it's all worth it in the end!

Good luck!!