All Forum Posts by: Steven Segal

I've rehabbed and flipped a large number of houses. All of my favorite contractors I have came from Home Depot (I have some good ones who haven't as well). Spend some time out there. When you see a contractor go to the "Pro Desk" with $88 toilets and standard Home Depot vanities, he is probably a guy you can talk to. Also, maybe talk to the Pro guys at Home Depot. They are supposed to give you names, but they might anyway.

One good thing about this is that you can sometimes stay away from paper flipper GCs. My generals I work best with are doing parts of the work and on-sight. I don't need people paper flipping me AC units.

Not exactly black and white. I wouldn't include it when you are "thinking" of this property. I would consider this your big picture (life). 

Will you be able to loan out against your equity for another investment? No. But that isn't the question. Think of it as you made an investment that you were able to use as a tool to help pay off student loans. One nice thing about real estate is your ability to gain equity, which can help out in other parts of your life.

It would definitely be put as a lien/mortgage on the property. The bank needs its collateral. If the interest rate is better than student loan, it may make sense.

Another question - would you be better off on making minimum payments on your student loans and using the line to use another investment property? Answer to this question of course depends on your situation/market/investing approach.

Maybe post your numbers up here in regards to how you are calculating it.

Steven

Is there a lot of variance on the asbestos removal prices you are getting? A lot of GCs can vary a lot on things that the standard consumer would find scary (if that's the word). In Florida, some contractors will come at you with INSANE prices for chinese drywall and mold. In reality, they aren't that crazy to overcome/remediate.

I don't see where you would be hitting even $42/sf. That seems pretty high.

Also, why are you wanting to convert the 2 BRs into 1 BRs? If it is 2 BR existing, I don't see why you would change it?

Paint is another place I see some contractors expand prices. I pay $1.25/sf (of the house) max. I would never pay over $1.50 - and that is if I was in a bind. That is for labor only. Be careful of contractors who start measuring walls. Best option is to have a contractor who would spray. Saves a ton of time (especially since it sounds like it is vacant) and more likely to hit your price. They could prob paint your place within a week.

Let me know if you have any questions. 

Good Luck,

Steven

Kamil-

Also have a portfolio is that area. Did you find a good institution for your refi?

Steven

Hey-

I am working on a couple larger deals that I have people interested in coming in as equity investors. Are there some structures that you have offered/used that have worked well?

Thanks,

Steven