All Forum Posts by: Christopher B.

Numerous threads on this so take advantage of that search function. I've paid a wholesaler as low as $2500 and high as $30k. Your spread is dependent upon what the investor is going to make, how much risk he is taking, what his total investment is going to be, etc.

I have a duplex built in the 50's that sits on a concrete slab. Cast iron drains. I haven't had issues yet but know that eventually I will and am contemplating just selling the property before I have to foot the bill to replace all the plumbing in the property. It's a good rental and was my first property so a bit sentimental there is why I haven't pulled the trigger yet. 

Not necessarily but maybe. Contractors are an interesting breed and each has their way of how they like to do things as well as type of projects/people they want to take on. I generally try to get a feel for how a contractor works, price points, etc on a few standard items and give him insight on me before I ask him to spend a bunch of time pushing a pencil. i.e. does he work with investors/builders or does he generally do homeowner projects. I am upfront about this as well, some appreciate and like it, others it seems like it bothers them. I haven't figured out why potentially helping them save time bothers them yet though. I've called some after not giving bids and they were happy to hear from me and we worked together on something else while others didn't return my call. 

I haven't read every answer but I'd bet most share the same sentiment. Be upfront with how you want to work with them. I don't like to do the whole 'hanging the carrot' thing like "I have a bunch of work, if you give me a great price I'll give it all to you." Honestly this will likely drive away most good contractors because they now think you are cheap and will attempt to beat them down at every opportunity. A smart contractor can deduct you may have more work from the fact you are an investor so just be tactful in how you phrase your statements to clarify for them that you do in fact have more work, if you actually do. I don't like to negotiate with contractors, I just ask them to bring me a fair price and if it works for my budget I'll say yes, if it doesn't then maybe we can work together on another project. I've had contractors offer to do it cheaper after they put in their bid but I decline, if they were willing to do it cheaper than they should have given me the lower price from the start. I don't want to work with people that will try to get as much out of me at every opportunity because I give them the same courtesy. It's all about building a mutually beneficial relationship. In the beginning I did negotiate and I can't remember a time it went well, the first time they run into a delay they're going to get restless and not want to be there anymore, this is where corner cutting and delays start. The only thing I negotiate on now is the payment schedule. 

J is spot on. Look for money, look for deals, work on your business processes or just take some well earned time off 

Even if you don't have money you now have a resume to attract some with a good deal in hand. I can't stress enough how important working on your processes is, do it now and make your life easier down the road.  

I used to work for a property management company that had about $10M in multi-family real estate. In this situation we never accepted more than 1 months rent ahead of schedule. We only rented to tenants that could qualify under our income guidelines, 3x rent in monthly gross income. If they're retired and don't make that income but have it in the bank cool but we're going to need a co-signor. 

Someone can have $100k in the bank and with no income go out and buy a Ferrari tomorrow and suddenly can't pay you. Set your rules in stone and follow them to a T, this will make things easier for you and keep you in compliance with fair housing laws as well. 

You can do this a few different ways. The most cost effective is setting up sub meters or implementing the RUBS system. There are companies that will set-up sub meters and handle the billing for you. It's $5/month per meter, or something like that, but the sub meter costs can be expensive upfront. I have one property with 3 units and I may eventually set-up sub meters but right now the bill is in my name and I simply divide it by the units each month and let the tenants know. They tack it onto their rent checks and I separate this cost out when doing my accounting.

I quit a $40k+ job and went to work for an apartment complex making $9hr/20hrs week. That was 5yrs ago, I've been full-time for 4yrs now and doing well. For me, I knew what I wanted to do and that was the leap I needed to make. 

Agree with others, the house looks good. Good selections and staged well. There are a few grammatical errors in your listing description but not enough I'd worry.  The only thing that entered my mind in changes is painting the brick. The current color isn't terrible and painting the brick doesn't look like it's done a lot on that street but it would make the exterior pop and carry what you've done inside to the outside. A light cream or grey would make your stained columns really pop and provide great curb appeal. 

Design looks good, presentation is good, must be be price. 

That's a good idea and totally ok. I am planning to slow down a little myself at the end of this year to do the very same thing. I think it's good to take a step back once every so often. Sometimes we cant see the forest through the tree's, yanno.