All Forum Posts by: Jessica Sorensen

Looks great! I like the grey you chose for the walls.

On contractor's timelines... I've found that anytime a contractor gives you an estimate on how long something will take, you should double it. (Mentally of course. Don't tell them you're giving them twice the time.) Even for my best and most trusted contractors. There's always SOMETHING that will slow the project down, whether it's the weather, an incorrect material showing up, dealing with the city building dept, or just plain old contractor incompetence. 

In my line of work, there is no extension of the timeline. The job HAS to be done on our schedule. If doubling the estimated time puts us over the "time budget" then we'll have a discussion on how to scale down the project (by simplifying the design, changing the size of a particular build, or switching to a faster-to-install material). I think building in a contingency for going over schedule in the contract would likely lead to more stress and unnecessary tension between you and the contractor. Just plan on twice the time, and if they actually finish when they say they will, you get to get that house on the market early!

I'm actually free that night! I'll be attending. Looking forward to meeting everyone.

Thanks @Chris Vail ! I think I can actually make it to this one!

@Gordon Cuffe No, I haven't purchased anything yet. I may have an interested partner with cash though and I'll be looking for a rundown house to flip later this winter/spring. I've added my email to the mailing list on your website. If you have anything closer to midtown, please let me know! I'm looking in the Oak Park, Hollywood Park, Tahoe Park and other ____ Park neighborhoods.

@CK Hwang  - That's what I was thinking. I'm just curious if there are any clear-cut actions that would separate "back end" from... uh... "not back end". He's pretty busy and I feel like I would be running a lot of tasks on my own.

@Eric Black - That's probably a good idea... Do you think I could get a consult on this issue for free? ;)  The idea is that I would be doing a bit more than just office tasks since he's so busy with his full time job. My day job is super flexible and I'm often out meeting with contractors anyway, so it's very possible I would be doing things like showing apartments to potential tenants, having site meetings to determine needed repairs, and things like that where I'm interacting directly with the tenant on the owner's behalf.

I hope this is the right place to ask this question... I'm just getting started in real estate, and I have yet to buy my first property. I'm still a renter, working hard at saving up cash to be ready for that first deal and reading as much as I can (mostly on this site!) to educate myself. 

In the interest of "getting started" I've been talking with my own landlord about his investment business. Long story short, I have a background in home renovations and project management, and he's in over his head with too many properties and no organized systems. He's offered to hire me part time to help organize his office, set up systems, and manage various projects like repairs, upgrades, etc. Great deal for me because it helps boost my savings while teaching me about the business at the same time!

My main concern: Here in California, I know a real estate license is required to act as a property manager. However, the license requirement is waived for the owner of a property (in the case of owner-self-management), and a renter managing the property they live in (as a resident manager). If I'm assisting in the management of properties other than my own, where is the line drawn between "property manager" and "office manager"? I'm really just helping an owner manage his own properties, but then again that's basically what a property manager does. I don't want to set myself up for any legal issues later on, either with him or with any of the tenants. 

Is this a good idea??? Is there anything I can do ahead of time to protect myself? If someone has had a similar experience (from either side) any advice would be appreciated!

Wow, I leave for a weekend and come back to all these thoughtful responses. Thanks all!

@Joshua McGinnis Thanks for the encouragement and financing tips. I'll have to look into the 10/10 loan. And I will probably be in touch for that agent information once we decide to really start looking.

@Attila Bertalan "50% of a deal is better than 100% of no deal!"

So true! I definitely plan to partner up with someone to get into future rehab deals, but for this first one, our first house, I want to keep it simple. I am working on a partnership with someone right now though to do a little project/property management on the side for a little extra cash. If it works out I'll try to do a post about it.

Thanks @Tom V. I definitely have my eye on those neighborhoods as well! Curtis Park and Hollywood Park also seem to be promising areas. I've worked on quite a few homes in those neighborhoods and am no stranger to those older homes. In fact, that's what I'd prefer!

I've been lurking around Bigger Pockets for a couple months now. Figured it was time to jump in and introduce myself! I'm a project manager for a unique sort of home renovation... the kind on TV. We're based in and do most of our work around Sacramento, but I've done projects all over the country. I've completed dozens of renovations, and have a solid network of contractors and vendors in my area, but hadn't really considered real estate until recently.

Now that my husband and I are thinking about buying our first home, I want to make it an investment and use my experience and contacts to our advantage. But I had NO clue about financing or how to analyze deals, so that's when I found Bigger Pockets. I've been on the site pretty much every day since, reading articles, listening to podcasts, and watching the forums.

Our area is very expensive, so I have a feeling I'll be studying and saving up for a while. We love the neighborhood we rent in now (Midtown), and our starting goal is to find a multifamily property in our area that needs a makeover, live in one unit, and rent out the others while we renovate. The trick will be finding one that can cashflow... Much easier said than done here. I'm hoping to meet other investors and learn how they do it!