All Forum Posts by: David A.

Thank you Angie!

Hey John whats going on! RIght now I don't have a property but I want to make sure to have the lending in place ready to pull the trigger once I find a property. I am looking at properties around 60k with arv around 110k. I plan on doing alot of the rehab myself. Does the downpayment vary by lender or by credit income etc?

I am shopping around for a loan on a property between 60k-70k. My goal is to have a successful flip by July. I understand the requirements are a downpayment in the 20%-30% range and good credit score. I have both but will be using my wife's income. Any tips on lenders in the DFW area? We currently have an FHA with Wells.
thanks guys

In other posts I have seen investors getting better rents having a stainless steel dishwasher. I am going to be keeping an eye out on craigslist for a stainless steel dish washer. By removing the garbage disposal, won't I have more clogged drains? Tenants won't care to dump left over rice in a sink.
Today I fixed my mother-in-law dishwasher. It wouldn't drain. Thank God for YouTube tutorials and BP! You can learn so many things on both. I want to get $50 more in rents by July when they move out. $600 extra a year on this rental sounds good to me and it is still competitive to others around.

The last picture you can notice some shingles lifting up during a storm last August. The neighbor across the street sent me this picture. She told me a lot of neighbors on the street were able to get new roofs from the insurance so I will be in touch with them shortly :)

Last week I did a 6 month inspection on my property and found some things. The garbage disposal has a hole on the side! I guess it is corroded and thus the hole. My thoughts were to replace it and get it over with but ended up with a quick solution. I drove up to the hardware store and got some jd weld epoxy and put it on there. I know this is a cheap fix but I want to wait until tenant turnover to do a few repairs on the property. The epoxy seems to have sealed the hole for now. Also, the dishwasher will not drain unless you go under the thing and flush the lever by hand. I think something must have flown out of place down there. I only did this because my tenant told me not to worry about replacing anything since they barely use it. No matter how many times I send a text reminder to change the air filter it doesnt seem to work. When I checked the vent, the air filter was missing. I questioned him and asked how long it had been without it, his response a couple of days. Once again i went to the store and got a couple of filters and placed it in its place. I let him know to please keep it on at all times and replace it every 2 months. I just hope they follow through.


under the dishwasher

Once again thank you guys for the valuable information you have given me. I don't want to make any mistakes as we are about to begin remodel this week! James Vermillion what documents are needed to open a contractors account at HD or Lowes. I have contacted a few companies online for a builders risk policy to cover loss or vandalism while we remodel as well. Bill Gulley I incorporated my contractor in the city so that he can pull permits. He has been giving me construction advice and also ways to maximize my commission from this project. I already have a set commission and don't want to keep more money for myself. I want to save my mother-in-law money by getting as many discounts and working with the budget. I am taking this as an experience to learn more about rehab since I soon will be embarking on my own within a few months...hopefully. Thanks Bill for doing the breakdown of the payments. Another thing i forgot to mention. The contractor has given me the option to pay per day roughly $350 but I am not too sure this will be a good idea.

James Vermillion thanks for the quick reply. Do you know if home depot offers a discount since I am sure it will be over $30k in materials

Good morning all!
I have a few questions for you guys. I am the project manager on a family project at the moment and we are getting started. We are converting a restaurant into a family clinic. I have pulled the demolition permits to knock down some walls and also listed myself as the contractor. I have interviewed a few contractors to give me bids which I am waiting on numbers. This is my first time having to deal with subcontractors and I want to make sure everything runs smoothly. We have removed the old tile in preparation to add stained concrete and need to create 8 patient rooms in this 3,400sq ft building.
1. Where can I get an agreement/contract which will state the scope of the work, time frame to finish, cost.
2. When dealing with subcontractors, do you pay them in installments as you reach certain parts of the job? Do you give them anything to get started?
3. Do you handle the material pick up? Home Depot is 1/3 mile away and I have my truck to pick up the material. Its a big trust issue and I want to keep close inventory of where the budget stands and where everything is going. I don't want to babysit all the time but do plan on periodically checking on them in person or through the security cameras i installed.
4. Subcontractor has many years of experience in commercial and is working on redrawing the floorplan to show the city. Is it a good idea to first get a bid on the framing or just all together. I want to make sure that the contract states his responsibilities and also his quote for the job. Thank you!

Hey David, did you see if she is willing to owner finance?