All Forum Posts by: Paul Meyer

Hey guys UPDATE. I'm doing a remodel for my sister who lives in a fancy updated 1980's 3/2 modular and taking out the old kitchen cabinets a crew put the drywall right OVER the existing old original thin wood plastic walls that go in those things. You would have NEVER noticed because like I mentioned the just had the outlets come out probably quarter of inch more to match. I'm patching up the footprint spots in the existing new drywall now. So it just shows you don't have to demo all those drywall/wood panel walls you can just throw that drywall right over it when doing new electrical/plumbing and save some money. I think it actually helped double layer the wall to improve insulation and sound barrier. So now when I see 1970's-1980s wood paneling listings that need a makeover just think - I can drywall right over it! Sadly after more and more flips like my best property manager she always said "do less" but still quality where it counts. My sister thought she hired a licensed plumber on this too and it's been a train wreck but she also is too lazy to get 2-3 quotes so now I'm doing the finish job.

I agree.

Only buy rentals in good areas that appreciate don't go after the cheap easy ones. Most important have NO DEBT. Meaning pay off your car and property AS FAST as you can. No debt much more freedom you don't need a million to be really retired when everything paid off. Do everything/every adventure you want to do NOW because the older you get the more responsibilities you get, the less time, and more excuses. Also don't get pets especially a dog until you are married with kids and ready to settle down lol. Cash is king. There's nothing wrong with hoarding all your cash in a bank account waiting for the right deal that will retire you until your death. That being said good luck!

@Shawn Bowen no, he did it. Good numbers if you didn't do any physical work. I suppose you had a good enough spread. I guess if your contractor went south that 40k could have been eaten all up! If you are ever looking for another cash/contractor partner let me know. I like to do 50% of the work but the flips I find typically after I do 50% of the work and pay cash for it I only walk away with $20k. So bravo to you!

If you end up investing across the pond in hampton or newport news instead (likely more profitable than a place in VB - I live in VB) I used an agent for 10 years who was top notch and very fair.

@Quentin McNew I get offered a lot but I really like controlling and owning my own flips but you are welcome to message me what you may have to offer because I'm looking right now for next flip after this one. 

@Bruce Woodruff I'm not surprised I haven't gotten any replies hahah. You probably have more everything on me. I'm still rather new to this still, just been a landlord and bought and sold different types of properties. I think I'm planning to just rent a motel room off and on for two months it's just TOO COLD after I saw the temperatures unless I can put up plastic inside a room to keep it nice and way for sleep area. I do this all the time but usually just sleep in my van with my dog and then off to work everyday right next door. I like mentoring anyone interested regardless of age or capital restrictions I guess not many really take that leap of faith. It's not for the faint of heart. Having an extra hand putting up 12ft LVL headers would be great though!

@Jordan Thompson looks good. If you are happy with cashflow and want to be a landlord nothing wrong with that. The numbers get much different if you are flipping it. My sister spends ridiculous money upgrading her properties but in the end they do rent better and get higher cashflows so don't be afraid to ask for that $800.

Thanks guys. As I mentioned this isn't a rental or I wouldn't really care too much as long as it was clean. I do higher end flips even in C class neighborhoods. I already know I'm going to have to make a lot of holes for rewiring/plumbing/hvac/repairs. I've only ever put drywall over drywall on the ceiling because of severe smoke damage (no smell nice and clean). However, I haven't done it over walls. I was planning on doing all the drywall myself so just materials maybe $1500 most on such a small house. I'm not a local in this area and I'm trying to get references but I find it so difficult like most to find expert fair priced contractors so for the time I wait and twiddle my thumbs I rather just do it myself in the same time I don't flip tons of homes.

I guess I'll know soon but will try to get a quote for just repair/skimming first but if its more than what I can do it for just demo and redo I'll likely pass for a brand new home look because everything going to be replaced anyway. Theres not much charmer or in this home just a simple bungalow.

Thanks again.

Looks like an easy flip/rehab to what I'm use to. Good for you getting a decent property. The one thing I noticed is no numbers posted. Hopefully you got it for a good price to make it really work for you. You can always super improve it and flip it once it's rented well. Good luck!

Family, commercial lenders that don't check credit, hard money lenders. Just do a google search in your area. It's like a partner they will put a first lien on your property so if you don't do your job they collect the house. I use them and they are great partners if you follow through and work hard on your flip. If you plan to just be hands off please flip with CAUTION. lol