All Forum Posts by: Stephen Kleyn

Sorry for the late reply. I ended up not going for the mentorship program I talked about in my initial post. I found a group called "success classes" by Anthony Chara, mainly becuase they were in my town and I could meet personally with them and network.

I spent a total of $20k for the classes, got a coach for life, and got a pretty decent size group of investors to email proposed deals to.

it has worked out quite well. I bought a 16 unit, 32 unit, 20 unit and a 12 unit, all in a 2 year period. I sold the first 3 at top of the market and personally made $520k in a 4 year period, plus distributions. I made my investors an average of 48% annual average rate of return so they are ecstatic.

Ive been busy with single family for the last 4 years but I'm getting ready to look for a larger multi deal.

All that said, the mentorship program I went with was a life changer, and only cost $20k. Made that back in my first syndication fee 🙌

weekly

Thanks Bruce. I think my last option is to try shop different lenders, hopefully find someone with relaxed guidelines.

Hi Brad,

Thanks for the info. Are you saying that construction loans that are performed by the home owner take longer to process / more difficult?

Also, any suggestions on lenders?

Thanks for the quick reply, and great points!

I am a sole propriator LLC so I'm guessing that I'd need to switch to an S-corp or something like that to hopefully qualify for arms length.? Any ideas

Hi All

I am a contractor and real estate investor (single fam and multi-fam). I am trying to pull the 2 businesses together for greater focus.

My goal is to find a way to build an addition onto my house to act as an in-law suite / airbnb rental but I will need to pay myself over the several months that it will take to build the suite.

Second note is that my house is up for refinance in about a year and a half so it would be great to wrap both loans into the refi with a little cash-out if possible. (I have about $200k equity in the house but at 75% LTC is wont be enough to finance the addition.)

Does anyone have a great hack on getting a constrution loan that you can pay yourself from as the GC? Any good contacts for loans is appreciated also.

Thanks in advance

Thanks for the tips @Jim K.

This should take care of the problem.

I appreciate everyone's time and energy to help me out with this issue. 

Blessings to you all

@Jim K. Thanks for the thorough explanation! I'll follow through with your suggestions. 

Is the Henry super patch 331 sandable or does it need to be hit with a grinder after? Also, any tricks I might need to know about for application?

@Account Closed thanks for the suggestion. I will use Lauan if my trial run on the first unit doesn't work out using acrylic wood filler in the de-lam sections.

Wow, so many suggestions! Thanks so much everyone!

All are good points. From the photos my contractor sent me it seems like a small issue, but from talking to him he seems to think its a bit issue. Either he's trying to upsell me or there is more going on then the photos are showing.

I may need to fly down there and check it out myself. First, I'm going to see if we can do a video chat and have him show me the issues closer and then I will make my decision from there.

Side notes on comments, a few people brought up the self leveler and fillers etc. The only problem with using regular self leveler or any concrete product is that the floor is suspended on floor joists and will have a small amount of bounce and give. After a while that concrete will break up under the vinyl plank. I have heard of flooring guys mixing in Alex Plus with the water mix to give it elasticity which is an option. I was thinking of using an acrylic based wood filler (advise from a contractor friend of mine) so that its flexible and sandable.

@Joshua Howaniec Believe it or not, the sand under felt does work. I did some free work for a missionary base that was installing laminate flooring in an office that had the most atrocious sub floors you've ever seen. They didn't have the finances to go the self leveler route as it would have needed about 40 bags. I let them know about the sand option and they wanted to go for it. I layed the laminate (not vinyl plank), it felt solid at the time. 1 and a half years later went back to visit and its still as solid as a rock. I'm not a big fan of hacking, I'm just saying that if your in a pinch, this one works. I wouldn't do it for vinyl plank though, its too flexible.

@Brian Pfaehler What is the drum sander you're talking about? The only drum sander I know of is usually fixed in a woodwork shop and is upright. Could you send me the name of a product or a pic please. I'd be interested in trying this out if I go the acrylic wood filler route.

Once again, thanks so much for taking the time to lend me your experience! I hope you guys all profit well in the coming years and that you can avoid hurricanes like I had to go through!

On that note, If you don't mind me giving some advice from my latest experience, I recommend that all of you go back to your insurer and ask them to do a Marshal Swift analysis on your property to see if you are adequately insured. It takes them some time but only costs them $18. This is the same program that underwriters use to screw you over, so if you have the analysis in your files then they are bound to fully insure your property if needed.

@Ned J. 

Guys, thanks so much for your input! I really appreciate you all taking the time to help me out with the suggestions.

@Geordy Rostad, I see your point with the carpet until unit turns. Thats a valid idea for sure.

@Ned J. I've been researching a flexible filler to do the filling. Most likely I will go in and fill the holes, peal off de-laminated areas and fill them too, with an acrylic base wood filler. Then go back and belt sand high areas. Possibly a little more labor intensive but the labor is cheaper then the material and could be done relatively quickly.

@Greg Morris Thanks so much for the detailed explanation. If I had the finances and time this is definitely the way I would go. Unfortunately I'd be looking at an additional $15k plus labor to get it done this way and Im under the squeeze right now with my budget.

@Clint Shelley The property is in Panama City Fl. I closed on the 16 unit in July of 2018. Did $100k of renovations and finished that in September 2018. Hurricane hit Oct 10th, 2018. Bummer!

Also, I used to be a contractor myself and had a good friend that ran a flooring business. He let me in on a laminate and hardwood floor install secret for when the owner is in a pinch. You can fill low areas with fine sand, flatten it out with a level, and then cover it with felt construction paper. I redid the flooring in my office space myself and used this technique on some large areas. Over a year later and its working perfectly. Just a little FYI

Once again, thanks everyone for your input. I will update you and let you know what I end up doing and how it works out.

Take care