All Forum Posts by: Rebecca Mickler

Coastal Carolina REIA Monthly Meeting - February 2018

Topic: TBA

www.coastalreia.org

Coastal Carolina REIA - Monthly Meeting January 2018

Analyzing Property for Profit with “Coach Chad” Chad Carson

• Running the numbers on the back of the envelope
• Calculating investment value
• Calculating Cash Flow
• Flipping Calculations
• Finding properties that meet your investment goals
• Financing the purchase (bank or private sources)
  

Who Should Attend?

This meeting is for anyone that needs more business clarity and focus by developing a step-by-step plan in their business.

• New investors will benefit immensely and quickly accelerate their progress.
• Experienced investors will also regain lost focus and perhaps discover new niches for their business and new ways to make more cash flow.
• The class will be tailored to wholesalers, fix-flippers, and buy-hold investors.

About Coach Chad Carson

Chad Carson is a real estate investor, micro-entrepreneur, teacher, and coach, from Clemson, SC. Chad also has over 15 years of experience as a full-time investor, working in many niches including wholesaling, fixing-and-flipping houses, rentals, owner financing, notes, leasing, and options. Chad has many years of successful experience creating and executing successful business plans for several small businesses.

https://www.biggerpockets.com/renewsblog/author/chadcarson/

Meeting Time & Location
Thursday, January 11, 2017 6:15PM
Terraces at Sir Tyler 1826 Sir Tyler Dr Wilmington, NC 28405
www.coastalreia.org

Meeting Costs:
Non-members are $15 at the door
Active military and students admitted FREE with ID
Coastal REIA Members - FREE

Join Us Thursday November 9th

Meeting Topic: Resources for Major Renovations

Don't let a major renovation intimidate you! Learn from our pros this month about common upgrades & updates that occur during a major flip renovation and what's involved. Removing walls, cracked bricks and sagging floors doesn't mean the reno is too much to take on! Learning what to do and who to ask for help is half the battle!

Panel:

Chris Holmes -- Structural Engineer of Chris Holmes P.E & Associates, Inc.

Roman Zeller -- Licensed General Contractor

Charlie Connor -- Licensed General Contractor

Renovating and Reconfiguring - the impact of larger projects on resale and rents.

• Get in, Get it done and move on... Make a profit.
• Take out a wall to get an open floor plan.
• Reconfigure a 2 bedroom, 1 bath to a 3 bedroom, 2 bath.
• Reinforce a porch or deck.

What resources are a there to assist in accomplish your goals?

What is the lowest cost way to deal with a defect such as a bouncing floor, deflecting ceiling, sagging roof line or cracked bricks?

Meeting Time & Location
Thursday, November 9th, 2017 6:15PM
Terraces at Sir Tyler 1826 Sir Tyler Dr Wilmington, NC 28405
www.coastalreia.org

Meeting Costs: Guests are $15 at the door
Active military and students admitted FREE with ID
Coastal REIA Members - FREE

Join us Thursday September 14th, 2017 for an informative look at how to stay on top of renovation costs, ways to save money and work with subs & suppliers! We have a terrific panel of contractors & suppliers joining us to discuss, offer insider ideas and answer questions!

Coastal REIA Meeting “How To Control Your Total Renovation Costs”

Many things affect the bottom line on your renovation project. Do you recognize all the costs? The supplier / subcontractor panel will shed light on many ways to simplify the construction process and reduce or eliminate some of your hidden costs. Learn how to best work with Subcontractors and Suppliers. Utilize these great resources to produce a winning product in your next renovation.

Carpet Smart Jon Blackburn “Your flooring experts”

DB Plumbing Don and Jo Barnhouse “Never underestimate the importance of a skilled plumber”

*Eastern Aluminum Fred Dunn “A Wholesale Distributor of Building Materials”

EW Godwin Lumber Jim Cushing “A full service lumber and building supplier”

Lowes Home Improvement Dave Mickey “ Home Improvement Warehouse”

Port City Plumbing Supply Chick Coleman “The Plumber’s Friend”

*Coastal Carolina REIA Premium Vendor

Meeting Time & Location
Thursday, September 14, 2017 6:15PM
Terraces at Sir Tyler 1826 Sir Tyler Dr Wilmington, NC 28405
www.coastalreia.org

Meeting Costs:
Guests are $15 at the door
Active military and students admitted FREE with ID
Coastal REIA Members - FREE

Hello all,

I'm under contract on my first flip. I'm putting together my SOW and have some questions concerning existing finishes in the home and what to replace them with.

1. There are original hardwoods through the home (built in 1952) except in the kitchen & master bedroom.  The floors are in pretty decent shape and I'd like to refinish them everywhere. However, the master bedroom was a later (1992) addition and carpet was installed (no hardwoods underneath). Should I leave the master bedroom carpet or install hardwoods to match the rest? Both guest bedrooms have hardwood which seems odd to me when compared with the master.

2. The guest bathroom was updated at some point. The ceramic tile is in decent shape and I had planned to keep it. However, the master bath has never been updated and will need to be gutted.  If I were starting from scratch on both bathrooms, I probably would not have chosen tile due to cost  and demographic on this home. (Starter neighborhood, low price point). Again, I think it's weird to have nicer finishes in the guest bath than master.

3. I'm adding a dedicated laundry space in what is now an odd nook off the living room. The current floors are hardwood. Do I tear them up completely or just put new, water resistant flooring over top of it?

Recommendations would be much appreciated!

Hi @Justin Escajeda,

How would you go about finding local wholesalers? How do they typically name their businesses? I'd love to get better pricing for projects but have no idea how to start.

Thanks everyone for your help and advice! We received another application on the property (a few days after the first application) with a reasonable move in date (May 1). They signed a 2 year lease immediately and paid their deposit right away. The original applicant called a day later to accept our offer. Lesson learned for both parties! 

@Account Closed

I'm not sure I understand why it's acceptable for me to take a risk (in the event they do back out I'm out any other prospective tenants for the 5 weeks it was "off the market" and I have to start my search over) but not for them? The standard from what my PM company and other BP users have posted is 2-3 week for a hold. It also seems very common to continue to show the property and take back up applications so cancellation must happen often enough that there's a need to do it. This tenant was asking for double that time and a refundable deposit. I think it's fair that they have some skin in the game. I see your point, but I don't have (or want) luxury of waiting 5 weeks without a non-refundable deposit to cover my time. So I thought we offered a fair compromise. Perhaps the stipulation about the earlier move-in date was a mistake. I'm still learning.

@Account Closed

Hi @Account Closed

No that's not what I'm saying. This prospect wanted to hold the property but didn't want the lease to start until May 8 (which at the time is close to five weeks out). I'd rather not leave the property vacant that long if I have to. My PM said it's common to continue to show a rental up until a tenant moves in in case the agreement falls through. They take back up applications. If another applicant was approved on April 15, for example, the hold tenant would get the option to sign starting April 15. If they chose not to, they would get their full deposit back and the new applicant could have the house. 

By back out without cause, I mean maybe they're still looking around for a place and find something they like better. During the hold, my PM has had to disclose there's already an application approved on the property (which might deter other potential renters from even applying). So if they back out just b/c they change their mind, they only receive a portion of their deposit back to reimburse me for the "hold".

In my mind, if they really wanted the house, they would have put a deposit down and signed the lease for a reasonable time out like 2-3 weeks. Asking me to hold it for 5 weeks with no collateral rather than securing the house by putting down a month's rent leaves me wondering what's holding them back (and if they're still looking for something else).

Hi @Account Closed & @Dawn Brenengen

I do agree that a desirable tenant would give 30 days notice before moving out and I can appreciate that.  I made the offer to them that they could put up a month's rent to "hold" the property and then credit that towards their security deposit.  I did stipulate that if another applicant was approved the hold applicant would have the option of signing & securing the lease right away or getting a full refund. They would only lose money if they backed out without cause. They haven't responded to my offer yet so I may have alienated them, but I felt like it was fair without overextending my position.