All Forum Posts by: Taylor Chiu

Thanks for the reply! For clarification, he hasn't stated that he's charging $35/hr. That's just a number I came up with that seems reasonable. I added that column in so I could show how unreasonable his bid seems since it clearly reflects a much higher rate, possibly $100/hr, which seems ludicrous.

Hi everyone, I'm flipping a 1600 sq foot property and need some help evaluating a rehab bid. Here's the labor bid below. 

Keep in mind this is JUST for labor (no materials), and the property is dirty but just needs a relatively simple cosmetic rehab. This is a probably a B/B- neighbhorhood, so we aren't going to get too fancy with this one. (You should be able to click the image to enlarge it. Disregard the colors)

Most items here seem to be 50% too high IMO. What do you think? For reference, I included how many hours each item would take, assuming we are paying $35/hr to our contractor. If you have any opinions on rate as well, please let me know. Thanks!

@Chantal Ceja

No idea, it just seem to start working one day. I thought that the app updated or something like that

@Nancy Mascorro. About $300 per door, although these properties don’t appreciate very much

@Jingwen Dunford

Interest-rate and amortization schedule are great. Down payment is all right but like others have said, it would be much better if you could get that lower. Good luck!

@Myles Daniel

Have you considered getting financing for the new homes instead? I know Frank Rolfe has mentioned a certain program that will do this. I think it is called 21st Century mortgage or something like that.

You would end up being the lienholder, but in the case of tenant didn’t work out then you could evict them and just put someone else in their place

@Chris Mackinlay

If you are going to carry the property solely in your name, then you might need to have your partner transfer the down payment into your account at least two months before you apply for financing. Usually lenders will look for the prior two statements, so if you transfer the money in that timeframe, they are going to ask you to explain what that deposit was from. But if you transfer the money before then, then they will not question you.

@Kyle Tullis

That is strange that they will only do 20 year amortization’s. What are the value of these properties? Usually you should be able to get 30 year amortization loans if the value of the property is at least 50 K each. Another option you could look into is getting home-equity lines of credit on these properties

@Nancy Mascorro

I am a big fan of Milwaukee! Lots of other great places in the Midwest

@Gary Guidi

Very inspiring! How did you come across the deal in the first place?