All Forum Posts by: Sid Leibowitz

Tools are not as important as the knowledge and experience to use them. If you are not a plumber or electrician then you do not require those tools. Leave it to the pro's. If you are, then you need those. Same goes for carpenters and tile installers. DYI mainly stay to finish work like paint and spackle and some basic carpenter tools and cordless drill is a great basic tool. I have thousands if $ in tools that I have amassed collected over time. Some new and some acquired at garage sales. You can never have enough tools or enough safe dry space to store them.

I do a line item estimate in Excel of every cost impact item to establish a budget. Because I have done this before and have experience it is not difficult. However: it can be time consuming. 

Most experienced renovators understand that there is about 10% set aside at in a budget for overages and extras. It would be impossible to hit the budget as the budget is an estimate and more like a guesstimate of the actual finish cost. If you have properly vetted your bidding contractors by securing references and have satisfied  their ethics, then you should be confident that your 10% cushion is a realistic approach to the project. Check their record with consumer affairs (license bureau) to assure they are currently licensed in your county and do not have outstanding complaints. Request Workman's Compensation certificate and liability certificates. These are all hidden expenses to the contractor. Not all contractors are compliant. If a contractors works out of his basement with no overhead or equipment does not make him qualified in the industry. Discuss your thoughts with them and see if they become defensive. Proper vetting will help you sleep during costly and  difficult times of renovation. 

I Agree with the Harbor Freight Concept. Although brands like Dewalt are Pro grade this may be overkill if you only use tools occasionally, Harbor Freight tools are cost effective and will  certainly be of value. Try and seek out a coupon on line at Harbor Freight or in one of their coupon books at the store and sign up so they send you one when they are issued.

I am a share holder and I understand that Musk is hot for now. I thik that he is very inventive and has investors that think he is brilliant After all SpaceX H is a space cadet and a successful one at that.

Just watch the stock. Its a mover for sure. He is a golden boy. As for the the affordability and ROI of his solar panel idea? I think that this requires some more individual time and analyzation to see if it makes sense for everyone. You can be sure that the tiles are not cheap and they will probably need cleaning and maintenance on a schedule and that you may have better ROI in Florida Vs. New York. We would all have to do some more homework on this and re convene after some more research.

Tim. The FICO score is very touchy. I had a 850 top score for years. One day I decided to pay off a 250k mortgage. Next month the rating dropped to 830. You would think that I would not be losing 20 points for paying off a liability however; any action good or bad can affect your FICO. In the case of mine, It is coming back up slowly every month. now 840. nothing has changed and recovery is slow. Just FYI on FICO scores.

Jonny. My answer is NO!

When studying for my license in New York I found that laws may differ from state to state. I discussed this with my instructor and they smiled. I agree that the logical answer is not always the correct or best answer that the governing body is looking for. Sometimes it is like studying for a blood test. You can not eat candy right before a blood test and expect a favorable result. You can not a side step their process. It does not benefit you to try and outwit them while they are trying to outwit you. This was written by an insane lawyer. You know the answers that they are seeking? Just give them what they want. Do not get caught up in the inertia. Then go out and close deals.

Mike. Deals are out there however; there are many more investors migrating here now with lots of cash the ever before. If you follow the Presidents lead, he was in real estate for years in New York, He was associated with many real estate brokers, like Barbara Corcoran et al,who also made it and went on to other endeavors. At some point he realized that he was out gunned  by off shore investors infiltrating New York with even more assets and willing to pay more. He tried expanding out of state looking for better deals and the foreign money expanded out of state as well and they had assets  and guts. There were not to many deals in New York to be had and elsewhere. Whats a man to do? Gravitate to politics where all you need is a gift of gab and the drive of a real estate agent. You do not need to be a lawyer or accountant. You can start small and get a foothold. There are many closed door deals when you are in the inside looking out. 

Andrew,  I do not live in other states and the ones that I do business in are the same as New York. I'm happy for you if you live in the land of milk and honey for now. That is a great place for you and a great place to grow, It was like that may years ago in New York and small real estate company could go into management and or development and they became giants with not too much effort and even President. That balloon broke and sent many investors scattering looking for deals elsewhere or in other ways of earning a living. It probably will not be too long before you feel the competition and laws change where you are. Get it while you can and enjoy it. Look toward politics as a future. Easy to start, great future with lots of profit and paid retirement perks. All kinds of inside closed door deals. Pay attention to professionals and follow their lead. Really.