All Forum Posts by: Peter Mckernan

@Eli Edwards

Just like Tanner said, a quitclaim/promissory note must be added to the property. If this does not happen the seller could walk with your hard work, equity, and money. I have a couple of people that this has happened to, and you need to have it in writing and tied to the property to make it work. 

There are a ton out there, but if you are starting out to mid level I like buildium. If you are someone who has a bigger portfolio that you manage I would suggest appfolio or yardi. 

 lol

Some of these things would come up on a home inspection, but since we are past that I would do a couple of things. I would get a couple of other opinions on the quotes that are coming in and what you are being charged. I will say the abatement if you do it right with a good contractor will be pricy since they have to abide by some different regulations on disposing of it. 

For the contractors, there are always going to be ones that have you already saying yes to stuff and will just continue to send crazy change orders, and when they do that is when you stop the project and go elsewhere. 

Couple things:

1. I would suggest making sure that you are following a set format/style of house each time you flip to systemize it more

2. The changes that have occurred in the past year is making sure the comps are truly there, getting the material costs down (or accurate) number with changes all the time on costs. 
3. You may just get one offer even on a really nice house with good pricing on the property. The multiple offers come, but not all the time these days

It could happen.. It would just need to be a situation where they have great contact with the person doing that managing of the project (I.e. have known the person for years, great reputation, person has experience in flipping etc.). There are people that do flipping in other states while they live in another state from the projects and they are successful, but they have built a team while doing it. 

I would call a couple snow removal businesses in the area and see what they would charge for that.. If it is indeed less on the other estimates present it to the PM, if they are the same price then you know the PM probably did the same digging to find the right company for the job.

If you go to the "agents" tab above or to the right of this post you can enter you zip code and pull up agains doing work in that area you want that have most or all of those connections. 

This would be a comp per comp move. If all of them have a garage and yours does not that will either put you at a lower ARV then what you thought, or a longer time on market. I would go with adding the garage because I would want you to get the highest and best move on the ARV of the property for that area.. It seems like you have it all lined out already, timeline and all.

I would call the companies (gas/water/electric) to get estimates, or an estimator out there. Then I would either go to your GC with the info, or go directly to your subs (licensed electrician etc.) with the info. This will give you some info so they are not guessing on what will be needed (they probably already know rough numbers, but each project is different). Going direct instead of having a GC do the work will save you money too since that GC will put a percentage on top of work.