All Forum Posts by: Sid Leibowitz

Andrew. Not all of us are in Texas. Things are much different here as they are in most metropolitan areas. Very expensive. We have some bad and irresponsible hombres here and we can not carry firearms so easy. Things are different here as in many other states. We unfortunately deal in a hostile environment of reality not like the Gaines who appear to purchase full kitchens for $8000 in Texas.   Really? The last kitchen I did here was was 60K. All things are not comparable between many states. Laws are different also. One of my flips I purchased had a tenant who promised to leave. I purchased with them in place. Before long they said they were having a problem finding an "affordable replacement". It became sticky. and went into winter where I had to continue to supply utilities and limited to doing the plumbing and heating upgrades needed to flip. At 6 months I had to offer them 2 months free rent and pay their moving expenses. Then, I had to renovate their apartment which was filthy and had to delay the showing of the house. I still made a profit in the flip. It just took longer than expected or desired and came with a lot of aggravation which is why I flip in the first place. Landlord? been there done it. In the time lost I could have flipped one additional property. 

John. The really "big" guys you refer to do not rent to small potatoes requiring a personal guarantee. I worked for the biggest in the city for years and learned for the best. I understand all facets of being a landlord from A-Z . If it works for you they by all means,  gamble. There are many. I am "experienced" in residential and commercial. Now easy in and fast out every 90 days. Good luck.

If you are single and she appeals to you. She may be your next wife. Being a landlord is being a gambler. Like being a husband is being a gambler. The facts. Sometime hot sometimes not. I only flip now. I want to make a profit. Houses come and go. I always make a profit. I can not say that about being a landlord. Too many unforeseen moving parts and law is never on the side of the landlord. The tenant has much better odds.

Fabuwood is probably your best choice. Check out their website. This is off the shelf with minimal turn around time for shipments and or replacements. I am not a dealer. I am a contractor. They have a sensible business model. They have select colors ad designes. They import all models in all there colors knock down into their assembly facility in New Jersey. If something arrives damaged they just replace a component in the appropriate color. They have options on hardware. They have dealers across the country. You may qualify as a dealer. They will sell knock down or they will assemble in their New Jersey plant. Great prices and realistic styles. They are not a custom manufacturer. They have standard sizes that you have to plan around. You can use 2020 program to plan they supply spacers if required if necessary. They are not made of flake board. Check them out. 

William. There are many state laws that can vary from state to state. You can never assume anything. You should have an insurance company working for you if you are a business owner or a home owner. Insurance is customizible at a cost. It can be your cost or the handyman's. I have a handyman who has insurance. I have a copy of his insurance. He also uses his son at times. He is insured under his fathers policy. I have insurance also. If he were to get hurt and try and sue me my insurance company would have to negotiate it out. I would not have mush to do with it. I do not know really how it would play out. Perhaps his would pay him or the two would share the expense. I do not think my insurance company would foot the bill for the entire incident. The fact that you have a policy in force is a great defender in the case as you show you show due diligence and made some provision which covers you in a blanket like if the mailman or UPS man slops and falls. Their company is first to pay the claim and then some if any comes from you insurance. You do not look like you did anything wrong by hiring outside labor for minor labor. Like if your landscaper or grass cutter has an accident an gets hurt doing work around the house. It is best though if you make them use their own equipment such as a ladder and not yours. It shows that they have a history of working at this a s a side job. Then the IRS comes in to see if they are paying taxes on income. This increases their liability and exposure and builds a stronger case for you. Hope this helps.

Whether you hire a contractor or handyman you have to make sure that they have their own insurance. First rule if construction. Even a good handyman has insurance and supplies you with a certificate if you ask and you should.  It is not uncommon for them to insure themselves. There are some that work off the books and some that are professional fall guys and come in to case the joint for a later break in. Insurance is not where you want to save a few dollars when a man can fall or pull his back out moving a toilet and is disabled. They could sue for permanent injuries. Perhaps not win however; can cost you to defend yourself anyway or settle out of court. Does your homeowner policy provide for contractors working in and around your house? I always ask the qualifying question a reputable handyman will be insured. I also have insurance for workman in my home in addition. 

Marry a wealthy spouse!   :-))

Did you use white Teflon tape on the threads before you applied the silicon? Water is very unforgiving. Silicon alone may not be enough. make sur the silicon is dry at least 4 hours before you use drain. longer if possible. Water is very unforgiving and when angry will cry and you will have seepage :-((. Put a paper towel under work and watch for water dripping on towel to make sure it id tight.  

Me also Garrett,  Give some old experience and get some new ones. :-))

Yes John. Sometimes you can be in the right place at the right time as long as you have the money ready to act quickly. I had this happen a few years ago and was on a project in Great Neck and did not have investors ready to act on a great property in Port Washington. 450K  and was nearly renovated on a hardship deal. The property flipped for 1.1 mill. four month later. Its been 4 years and still thinking of that lost deal. Ugh. Half the battle is having liquid assets ready when the deal comes down.