All Forum Posts by: Christopher B.

I appreciate receiving comps, especially if it is a complex assignment. However, the comparables need to be legitimate. It helps if you understand lender requirements and guidelines which we must follow. And I do actually prefer a hard copy of the MLS sheets rather than a verbal of the address. I review and determine comparables as soon as I walk out of the property. If the provided address isn't already in my file, I have to log into MLS to review property specifics and validate comparables. Internet can be difficult to access in areas and I need my time to be efficient. A print out of renovations and upgrades is also helpful and sometimes required by the lender.

This a great response and very valuable. I'll admit I haven't been organized enough lately to do this but it's on my list of organizational tasks. Thanks for the professional insight

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I did a cash-out refi last year. Had an appraisal done but the banks investors wouldn't buy the loan so I had to go to another bank. I met the 2nd appraiser, built some friendly rapport, etc. Handed him the paperwork from the first one, he then proceeded to appraise the property for $20K less. Guess what I am saying is that you can do that but it doesn't guarantee they'll pay any attention to it.

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i started with Xero. It was ok but I have actually found QB more intuitive for me and switched to QB online. QB integrates with more software's. So if you want a property mgmt software or project mgmt software, etc it is the std. so more companies integrate with QB vs Xero. Now I have noticed more companies making strides to also work with Xero though. There were a lot of little details that pushed QB to the top. I'd list them but I'm not good with that stuff (have a bookkeeper) but 2 of 3 bookkeepers I have discussed this with stongly recommended QB.

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Added to my calender

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Originally posted by @Patrick Philip:

Originally posted by @Doug W.:

Originally posted by @Patrick Philip:

I know they could charge an arm and a leg for something that's not even difficult.

ROFL! I can't imagine any good or great GC wanting to work for you if that is the attitude you have about their services.

Tips:

1) Don't nickel and dime them. This is their job and they need to put meals on their table, too.

2) Be fair with them. If you are an a**hole then expect the same treatment in return

3) have a VERY detailed and clear Scope of Work written up front BEFORE you ask them to bid on the work

Okay. And I'm not trying to pay $300 to replace a toilet. Is that fair to me? That's an actual quote I got one time.

I had a plumber quote me $700 to change a toilet in a rental a couple months ago HAHA. He was surprised when I said no too! Now this did include the toilet so even if you take $200 for the toilet it's still $500. Insanity. I don't believe in nickel and diming contractors but in markets like this they get dang greedy.

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Originally posted by @Cara Lonsdale:

Originally posted by @Christopher B.:

Originally posted by @Cara Lonsdale:

Your GC may have issues with you just showing up at their jobsite as there are OSHA regulations, and workers are required to walk off the jobsite if an unsafe condition exists (IE you showing up without a hard hat).

However, absent of a GC that pulls the OSHA card on you, I don't think it's unreasonable for you to show up and want to see what is being done as long as you aren't in the subs way. Don't show up on tile day and want to walk around.

My suggestion would be to either be in another part of the property discussing plans for that, or come for a visit before or after the subs go home, and you can assess their progress for the day.

Personally, I don't use a GC unless it is a major project that requires it. I Serve as my own GC, and just hire subs. This way, YOU are in total control, and can be there whenever you want. As you progress through rehab projects, you should be collecting business cards and/or contact info from the subs that you think do good work. Build your team of subs.

GCs are good for people who just want it all done, and don't want to be involved themselves. However, it sounds like you WANT to be involved, so you may look at taking the reins down the road.

Not to sound like a jerk but have you ever ran or even been on a jobsite before? This is residential remodeling, not the building of a multistory commercial building. OSHA.. hard hats.. let's not go overboard here on the technicalities or scare tactics

Also, it's HIS property, therefore it is HIS jobsite. He can show-up whenever he dang well pleases. Him being on the jobsite doesn't have to stop anything and if the GC doesn't want him around then he needs to find anothet GC.

Hunter (My @ doesn't work because BP refuses to support droid), your initial idea is correct. Go often as you like, go by randomly. Do know the jobsite will be different when you are and are not there because you are "the boss". You may even hear about someone bitching about you behind your back if you ask for something to be "corrected," let it roll off your back. Construction sites are a unique atmosphere. GL

That may be your experience, just as I shared mine. Contractors have to follow rules just like big time commercial contractors do. The whole reason you get a GC instead of being the project manager yourself is to let them run the show and ensure that it is done properly. The rest of my post talked about learning enough and connecting with enough subs to become the porject manager himself.

If you come on to the jobsite anytime you want, you are disrupting progress, and that is the fastest way to anger the contractor thus ensuring trouble down the road.

Checking on YOUR jobsite should not slow the progress or anger anyone. If that has been your experience I highly recommend you reevaluate the GC's you use. It's also important to note that they are in-fact YOUR jobsites, don't let anyone ever say differently.

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Unless you are only doing dinky rehabs just become a GC and build your own team. 4yrs ago my mentor told me I would do just this. I stated I didn't want the employees, wanted to stay flexible, etc. Well, I'm going to be doing just that this year. After 4yrs I have learned that managing my own employees is easier than dealing with the shenangigans of contractors. Contractors are the very worst part of this business but obviously very important.

By becoming your own GC you take control of your projects by pulling your own permits picking subs, etc. Not being dependant on them for this is big and trust me, they know when they got you in a vice and will take advantage of it almost everytime.

By building your own team you again are taking control of your projects. This will increase reliability, shorten your project timelines (= more $$), and reduce your daily involvement in the projects, etc. If you don't want to manage a team yourself go hire a project manager/lead carpenter to manage the day to day.

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Originally posted by @Cara Lonsdale:

My suggestion would be to either be in another part of the property discussing plans for that, or come for a visit before or after the subs go home, and you can assess their progress for the day.

GCs are good for people who just want it all done, and don't want to be involved themselves. However, it sounds like you WANT to be involved, so you may look at taking the reins down the road.

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@Gino Barbaro

Thanks for the input Gino. You guys are doing good work. Congrats on your success.

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Hey Gino

I'm digging-up an old topic here but was curious to the reasons why you chose multi-family over storage buildings? I know you and your partner have built a nice sized multi-family portfolio so am curious to why you chose that over storage or what about storage you didn't like, etc. I have been weighing the pro's and con's of these asset classes myself so an experienced investors take would be interesting.

thanks,

Chris

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All Forum Posts by: Christopher B.

Christopher B. has started 26 posts and replied 686 times.

Post: Providing comps to appraiser, good or bad idea?

Post: Providing comps to appraiser, good or bad idea?

Post: Is Quickbooks the best program for R.E. Investors?

Post: Knoxville Meetup at Barleys

Post: Any advice on dealing with GC's for rehabs?

Post: Question involving time spent at a job site?

Post: Any advice on dealing with GC's for rehabs?

Post: Question involving time spent at a job site?

Post: Anyone had experience with building or owning storage buildings?

Post: Anyone had experience with building or owning storage buildings?