All Forum Posts by: Nicole Grant

@Jeff Bridges Thank you! Thats very helpful and great ideas for how to be more organize and keep my contractor and I on the same page. We are currently going on a brief outlined bid.

Hey all! I'm about a week into my first rehab for a fix and hold. This is the biggest job that my contractor and I have worked together with and not exactly how I should approach this relationship. I have paid for most of the material and have given him one payment, but told him I prefer to pay when the job is complete. I'm curious how the more experienced flippers and rehabbers keep a good relationship with their contractors. Any insight is much appreciated! 

I am currently doing almost the exact same thing. My previous deals have been turn key and had them rented a week or so after closing. Things have gone smoothly with those. I bought this latest deal at 16K (through a LOC), estimating 12K in rehab costs and 3 weeks for repairs. My bank will loan me 80/20 which I'm hoping to recoup my closing cost and 20% through the appraisal. Comps show me the houses in that market are going between 50K-65K. I'm a week into the reno and so far things are going smoothly.

Have you done any other deals like that one, @Michael Wentzel ? 

Thanks for posting this! I am one week into my first rehab and yes, feeling a little lost in the process. I'll be looking for updates! 

Thanks! @Jerry W.

@Daren H. I read through multiple forums regarding this topic but wanted to ask the community about my situation specifically. I'm wondering if I were to have umbrella insurance if I would still need landlord insurance.

I don't think I will go the LLC route until I have more properties.

My insurance guy was telling me he has a client that has an LLC for every property!

I've been doing some research on all these to see which route to take to best protect myself and my assets. I wanted to get advice from those doing this longer then I have.

I have one duplex that was bought in Nov 13' for $47K.. I am looking to buy 2 other investment properties within this next year. I am currently managing the property myself and plan to continue. I don't have an LLC set up at the moment. While I just have this one property would it be best to just have umbrella insurance? or just have landlord insurance?

Its hard for me to justify spending the money on a newer home with the 25%-35% down and the increased amount in taxes. But those older homes are a bigger headache!

Good Luck!

Thanks, those were all along the lines of what I was thinking.. Do you get a tax break for owning the property? or taxed more for the income?

I do have a home office due to my full time job so I will get with my CPA soon and see what I will need.

"Seemed responsible?" Did you screen them? Credit? Personal references? Employment/income check? @Jon K.

Yes, I did screen them. Both have good references but not a lot. One has only had one job on an animal sanctuary where she lived on site and rent was taken out of her paycheck, but they said she was very responsible. The other young lady takes care of her family member in home care and lives with her grandmother (who is also co-signing for her). Nothing negative, but not a lot to go on.

I say "young ladies" but they are both older then me! LOL

@Pam R. Those were the kinds of things I was expecting! I gave them both some information on getting bills put in their name and forwarding their mail, etc. They are clueless but sweet girls!

I have a small fixed up duplex, my first property, I have 2 new renters moving in this next month. And both tenants are first time renters, both young ladies, both SEEMED very responsible. I had one of the young ladies put her grandmother down as a co-applicant and explained to her no parties, no boyfriends moving in, no animals.. Anything else I should be worried about?