All Forum Posts by: Tanya Rooney

@Justin Puetz

I am glad you got something out of my ramblings haha! I think treating subs and gc’s the same really helps. I am commercial real estate project manager (I manage the architect,

General contractor, mover, furniture, etc). Having good relationships with all of my vendor partners is HUGE and that is what I attribute my successful projects to. There are a lot of uncomfortable conversations throughout a project and having a good working relationship really helps. Everyone’s time means something to them so ensuring good communication with all parties helps our. Anytime there is a breakdown in a project it typically stems from a communication issue.

I have asked for pictures of projects but that is tough to judge on. I am a stickler for details and not being able to see it close up is tough. I would like to visit a job site for future projects. I am also going to try with my next GC having them provide client and sub contractor references. How they treat their subs matter and it’s nice to know if they are good payers. My last GC was fired and I found out later he owed a framing company $80k. Thankfully not my project!

Good luck on the move! I am sure you can find some success down there! Rochester would be a good market to get into!

@Justin Puetz

Curious where you are moving to?

I have found a lot of contractors (subs and GC’s) and communication is key for me. I am really candid with people on my expectations for the job and for their work. I try to be diligent on calling their references because I think it’s good to get a sense of the work they do or have done as well as their responsiveness and work ethic. I ask questions about showing up, finishing the job, payments, etc. I let the sub know I am huge on communication and that I would rather they tell me if their bid is going to be late, if they are too busy to bid something or do the work (I respect this far more than someone taking the job and being too busy or doing sub par work because of something). I think being upfront on a lot of things is a good idea and a relationship starts to build. If they bid something and don’t get it it’s a priority to call them (not email. Not text.) and let them know they didn’t get the job and why (timing, percentage of cost over a competitor, etc). That helps with future relationships as they may get the next 4 jobs just not this particular one. I also try to make sure they know they are setting their own schedules (I ask how long something might take them, give them a few extra days and then see if they are good at estimating time..).

Building the relationship is the best in my circumstances. I have some guys that I think genuinely like me so they move their schedules around to get to my projects, which is worth the effort I have put in. Sometimes we need that :)

Looking forward to seeing what you will do in your next town! It’s a great idea to start adding subs to your roster. Build a business and a life you can sustain in lieu of a business that if you get hurt or take a vacation you lose a lot of money. You will thank yourself for it later :)

@Clint Harris

Fantastic post, glad you decided to share!!

@Hieu Bui

Some things you can do a little more digging for estimating on your own. Say flooring, go to your local Home Depot and find a flooring you would like to use then do the materials estimate like that (remember to add 10% to your square footage for pieces that will need to get cut). Big box stores also typically have contractors they refer out or a list somewhere. You can call one of them and ask for a cost per square foot for install of the floor you picked out. jay’s book is awesome but it’s pretty general so you may need to be adding to it for your specific market. Asking a contractor for some costs per square foot is a good idea. In my market the paint estimates you have are quite low. Painters are pretty good about giving estimates.

It doesn’t typically matter if you own the property or not when asking for bids but it’s respectful to tell them if you don’t own it. If you don’t they are less likely to go out there because of how busy they likely are. You can offer to pay though which is a good idea. Start networking in your market to find partners that can help out with your first one is some way or form. I like itemed out a budget and then sent to a contractor with pictures and he was generous enough to come back to me and tell me where I may be off.

You missed appliances like someone above said, you should assume there is some other work that may be needed and a contingency should always be in your estimate. Sometimes 5-10% is safe but if it’s your first deal you want to bump that up more unless you have cushion in your numbers or in your own bank account.

Best of luck!! :)

@Erin Auman

Way to step out of your comfort zone and post about it! It looks like you have gotten oodles of really good advice. I think your first step in that direction should be to find an investor friendly realtor. It’s one person that will be really great to have for all the things needed for real estate. You might even be able to find them on Bigger Pockets! :) I am an experienced based learner as well. You may also be able to find a flipper on Bigger Pockets in your area and ask them for coffee. Get advise from them and perhaps offer up to help them. Even if it’s meeting contractors at the flip house to show them scope if the investor can’t do it themselves. There are a lot of small things that could help on a project that someone may be willing to let you shadow them for :)

Best of luck. And think outside the box to tailor to your situation :) you can do it!!!

@Jeremiah Ramp

I agree with Jay, give hard money a try. I actually had an appraisal come through 4 days before closing $10k less and she contacted the sellers and after a few days they agreed to take a little less. That financing contingency gives you an out which is nice to have. It all depends on the seller, how long it’s been sitting and if it’s likely going to happen to the next person that wants to buy it. Now is a great time to try and get it for a little less or ask about seller financing. Always worth a try! :) you may be the first person to bid on it in a year, you just never know!

Good luck!

@William B. Congrats on the success! Regarding your comments about wholesaling, Be consistent with your mailings or whatever marketing you may choose, this is key. That is a really really nice marketing budget and would be a great way to set up your wholesale business. Just know that you need to get in front of people’s eyes often to get the deals. For some deals they might take 6 months of mailings to get.

I would use a portion of those dollars to do wholesale if that’s the route you want to take and then keep a portion while you look for your next flip so you have money to throw in while using hard money :) but that’s just me! Whatever you choose do what your gut tells you to. You know your goals way better than a bigger pockets person :)

Happy Real Estating!!

Excellent! Congrats on the accepted offer! 

Be sure to reach out to Beth Turner since she offered. She is doing a lot of things in your market and may have more hard money people to try out for future deals :) 

@Kyle Wells

Sweet deal! How come you’re putting so much down? Just. Utopia. My experience has been that if you have money in the deal you shouldn’t need 20% with a hard money lender. It’s nice to have some of that $20k sitting in your bank account for the overages or to ensure your payments can stay on track when you are getting draws.

Just a random question, seems like a great deal.

Also make sure to walk through the house and get a detailed scope with your realtor and not just your contractor. Sometimes going through that process with only 1 contractor can be tough for your expectations later. You may have already done that, but do t only rely on a contractor telling you what you should do. And if it’s rental, no need to over rehab.

Happy deal making! Put in that offer :)

@Courtney Duong

Hi Courtney! I know a lot of people already weighed in but when I read your initial post it made me think you already have your answer. If she causes you stress like this, it’s not worth having her as a tenant. Try to get her out of your place as soon as you can. Whether that’s Monday or the following month when she avoids paying rent. Refuse to renew her lease when it comes time and fingers crossed for the next tenant to be better. I try to cut out anything that gives me additional stress or anxiety. I’d rather pay a month without a tenant than stay up late thinking about a jerk that isn’t paying for something. Just my opinion though :)

Best of luck! I hope whatever way you choose makes things better!