All Forum Posts by: Deborah McCarthy

There seems to be a huge amount of investor competition in the Boise/Nampa area and it is a struggle for a newbie like me to snag a great deal. I have literally missed great deals by a matter of 15 minutes or so in the last 3 weeks. So, again, my goal is to get away from the MLS and tackle it from a more direct stand point.

While I was disappointed about losing yet another great deal, I drove around the neighborhood (which was very nice!) an noticed a really crappy house standing out like a sore thumb. The yard was completely over grown, no signs of habitation, and no realtor signs or lock box. I also noticed a white sticker on the garage. It said that the home was declared vacant on X date, then winterized on X date, then it had been checked on about every six months thereafter - for a total of almost 3 years. I was really surprised because the neighborhood was amazing and the house only needed cosmetics on the inside and massive landscaping on the outside.

I spent a few more hours and drove around more "high glam" popular neighborhoods and found quite a few more just like this – with the mysterious white stickers and ghostly appearances of an extreme lack of human care. When I got back to my house and started researching the addresses, a lot of them had MLS numbers with statuses of "withdrawn" or "not for sale".

Can anyone tell me if they have had experiences with seeking houses like this? Who puts up the white stickers and why are they not active for sale? Any tips, tricks, or advice for a newbie?

I can only speak for myself and my area. If the property is located within a reasonable distance (30 miles), then $40 is perfectly acceptable. However, we have MANY properties spread out in the country that could take alot of gas and time to get to, especially when you're fighting snow drifts in the winter. In those long-distance cases, we may charge $50 or $60 to cover it.

Our estimates are in written format broken down by category. We do have clauses on the bottom that state several "subject to" factors and a timeline that the estimate is good for. We keep a copy and give a copy to the homeowner.

I also take photos AND video of every property that we estimate so that if a homeowner calls to ask be questions about the estimate, I can refer to my visual references without having to drive back to the property.

Every contractor is different, so I would ask them each to explain their estimating procedures and associated costs.

@Sarah - put yourself in the shoes of the renter/buyer. There are a zillion "cookie cutter" homes, just like what I own, on the market for WAY LESS than what I paid to have this built in 2005. The layouts are the same. The real estate investors are the same. The neighborhoods are the same. It's pretty darn boring and monotonous. I work damn hard for a living and I want my home space to feel like a retreat! Not necessarily high-dollar fixtures and insane exotic upgrades. The working class (like me) enjoy creature comforts - not necessarily expensive ones. I want to come home, sink into a jacuzzi bath, listen to Sting, drink a glass of wine, and pretend like I am at a 5 resort spa, even for just 30 minutes. I think there are alot of people out there like me, so go for it! Make your property pop!

@ Jon - I definitely see what you are saying, but consider it from the rental/buyer point of view. If the jacuzzi tub is a desired feature, then I would think that the renter/buyer would take darn good care of it because they desire it and they want to use it for relaxation and de-stressing. I would recommend printing a booklet on proper use and care of the tub because most people just don't know how to maintain one, but I bet they would be willing to learn. Also, you can put in a clause stating that they agree to read and abide by the jacuzzi tub care instructions and if they mess up then they are responsible to fix it.

I can't speak to that from an investor's standpoint. But, from a mom/wife/business owner/construction worker/potential buyer or renter - HECK YEAH!! I would jump on that in a heart beat.

Another contractor's opinion - Please don't call a contractor and use their "free home estimates" without the intention of using them. It costs us alot of money to walk off a paying job site, spend gas to get to you, and spend the hour or two that a good contractor will take to thoroughly go through your project with you - especially if we are a mom-n-pop operation offering free estimates to struggling home owners.

Also remember that contractors have special contact boards just like BP - and we do talk amongst ourselves. It might not be such a big deal in a huge city, but in a place like Boise, it will get you black listed very quickly. Those of us in the construction trade are pretty close knit and we try to help each other, even though we may be competing for the same work. We need each other in case someone lands a huge contract and needs to "borrow" workers from another rival company just to get the job done. If you are identified as a time waster, you will be labeled as such and your construction rates just went up by quite a bit should you actually choose to hire someone after wasting a bunch of contractor's time.

HOWEVER, most of us DO like to help real estate investors and homeowners! For a fair fee, we'll be glad to spend the hour or two, walk through the project, and explain why certain things may be a problem and what you need to look for. We encourage you to ask questions, take notes, and call us in the future if something else comes up. Most good contractors will be happy to spend the time to teach you about hidden landmines that most people don't see until it's too late. Not only will you gain valuable knowledge to help you with your investment endeavors, you will gain a positive reputation in the construction community and people will more than likely be agreeable to offer you discounts and such.

Just my two cents. :-)

When I found Bigger Pockets, I got so excited about reading the forums that I forgot to pop in and say hi to everyone. :-)

My husband and I own R&J Custom Furnishings in Nampa, Idaho. We have extensive experience with commercial and residential remodels in our surrounding area. We have always wanted to venture into "fix and flip" real estate, but we haven't been able to secure any conventional loans to do so. We are surviving the construction flop out here, but just barely.

Then, out of the blue, someone sent me an email about Hard Money lenders. BINGO!! That's just the ticket we needed for the first few flips to build our own capitol. Now I'm excited!

I've put several offers on properties through the MLS, but I just keep barely missing out. So I'm reading BP like mad to figure out how the heck to get out in front of the MLS. I appreciate all the great information you guys are sharing with us newbies!

I am enjoying my time on BP and look forward to having an active role in the community!

Newbie Question - What search / keyword criteria would be the most beneficial to find great deals?

bump - I'm interested too!

PS - Any time you pull out usable fixtures, don't throw them away! Tubs, toilets, light fixtures, drawer pulls, etc. Polish them up and sell them. I pulled a pink 1930s wall oven out of one place and the owner wanted to toss it. I sold it for $600. :-)~

Estimates are hard at first, but here are a few tips we use as contractors:

In my area, the average paint professional charges between .45 and .75 per square foot depending on the cost of the paint and how much masking they do. I do the work myself, so I budget .60. We set up an account with Sherwin Williams and buy in 5 gallon buckets. Any time I ask them for a deal or discount, they usually give me one as long as I don't ask in front of the other customers. If they have an overstock of a particular brand, I can basically steal it from them.

Flooring is pretty easy. I priced out mid-range carpet and pad from several local stores and I got a few phone quotes from local kickers and now I blanket average $2.25 a square yard.

Do a search in your area for "Rehab Stores" or discount building materials. These companies buy excess materials from local builders and sell them to the public at huge discounts. You can always find something new and different every week.

Place a Want Ad in the Building Materials section of Craigslist!!

There are also quite a few free Home Remodeling Estimators online now. You set up the layout of the room you are doing, add or change features, and it will spit out a materials list and a rough cost estimate.