All Forum Posts by: Lucky Oldham

Hi All,

I'm looking to be an investor and an important piece to that is having a good general contractor/team. Not that i dont have one but there is a HUGE room for improvement on that. I would like to work with an enthusiastic contractor on my projects. To start of, i would like to work with him/her on my personal project of renovating my basement. I am ready to start that now.

So, if you or someone you know would be a good recommendation, please provide their contact and I'd love to chat with him/her.

Thanks again!

Location is West Newton, MA.

Hi, I am looking for a carpenter with basic skills - nothing too sophisticated carpentry. Trim work, new door, move a closet into its slot - ready to start now. Project is half done and need some one to finish it. Thanks

While doing search for investment property, I guess I went too far and decided to convert my own (current) home into rental and bought an old property which needs to be torn down and built from scratch. It may not be best investment decision but something I always wanted to do. I have done my due diligence around property, city codes, cost of built up and finances and think that if all goes well I can be in a good new home at price point I can never imagine in this area. However, since this is the first time I am using a builder to build a whole house (I have done renovations using builders) , I surely need input from this forum on what should be on my watchlist. I am worried about cost, schedule but what would you suggest I should negotiate with builder to keep the costs in check. What line items in the builder’s cost I should closely watch? Since we are in very early stage, I want to play cautiously from here itself. To give you an idea, when I asked about “allowances” he said that those are quite generous and I pointed to him that it is very subjective term viz. Generous allowance from him may seem frugal to me.

What should be my focus area now that I don’t get surprises on cost and schedule? Also, what kind of activities would be too much of interference with his work as well as not worth my attention?

Since I am going to be deeply invested in this work financially and emotionally, I want to play safe and avoid big surprises.

Thanks in advance for your feedback and guidance!

Welcome Tommy Dang this is super nice forum built with intensions of helping each other grow. See you at local REIA events.

yes @Brian Ortinsit was great event. Missed seeing you but I did get to meet other BP members there. Btw, I'll PM you for another item....thx 

Thanks @Josh Caldwell

@Alexander Felice

@Joe Saldana

 for your inputs.

Below is my summary from the “Guru” event…

The event had lot of emotional stories about family - losing someone; pictures of cute kids, babies etc. to pull the listeners in. I went into the discussion with a check on my emotions so may be I wasn’t the best person in audience for them.

Some human behavior elements were good – like taking ownership of your own situation.

First speaker did set expectations that he will sell the course at the end of the day but it was an easy sell because he first set everyone’s expectation for the course to cost $7K but finally offered to all at $2K. that too with opportunities of full refund if they don’t make thrice as much. Good sell for person with low barriers. Lady next to me did sign up during the first break and I felt sorry for her but who am I? another newbie and may be she has researched it enough.

The person kept saying Donald Trump is not sleeping these days because he thinks next two years are greatest time for Real Estate…I won’t forget that…J

Anyway, anyone heading to Black Diamond event on Mar 24th in Waltham, Massachusetts? I hope to see @Ann Bellamy, @Brian Ortins and other local investors there.

Hi,

Going to a flip formula from a local "guru" today ...it is FREE and I do have emotions in check...:)...I am not signing up for anything over there that costs me a dollar...but want to see what the environment is like. I am more excited to meet other investors at local REIA next week.

I'll surely come back and write about my experience from today's session!!...stay tuned! 

Hey @Walter Agboola, welcome to the BP community. It is a great community - try podcasts, alert and UBG book...

Awesome @Marshall Downs and @James G. I have few follow up questions –

On insurance – I will confirm that they have insurance in case they screw something up accidently on the site then the damages are covered. On the flip, if they get hurt while doing the job at my place, are they covered with their own insurance? Do I need to add any insurance coverage on my homeowner’s policy for this project and take off when project is done?

I may be jumping the gun but do I need an attorney for anything? I know flippers do have attorney but I guess that is more commercial in nature and this is personal work so far.

Marshall, can you explain what you meant by “Have your subs all supply lien waivers (you can find templates online or at your title company if they are not readily available) upon progress payments”.

James for focusing on contracts – so I guess each sub will have a standard contract – what specifics we need to put in will be scope, cost and payment milestones (and notifications that can change the scope) - anything more?

Btw, here is note for my local colleagues

@Shaun Reilly

@Brian Ortins @JamesLoisou

 and other folks in Newton area -

Do you know of a reliable carpenter that I can use? I have couple but they are tied up with their current jobs until end of the year.

Thanks guys...wonderfull inputs.

Very interesting perspective @Ann Bellamy. I will make sure to go and look out what issues folks have highlighted on this. I guess in this analysis, proper due diligence about what price the condo can sell far and backward calculation using rehab and other fixed cost would determine if i should even think about a property. I will check what other issues crop up because of high density of investors.