All Forum Posts by: Tony Williams

Hi Guys,

I have been MIA the last year due to moving and switching companies which has put a hold on my investment goals. However, I am more settled now, at the end of my lease, and want to pull the trigger on our first investment property and would like your input and advise.

The intent is to buy the property (condo), live in it for 2-5 years while we renovate it and save money for another property, and then lease it out.

In such a situation, is it recommended to put the minimum down, or the typical 20% down? The difference between the two options, including PMI, is only around $50/month on a 30 year conventional loan.

Also, is it recommended to include the rehab costs in the cost of the loan, or pay for them with cash outside the loan?

Please let me know if you need any other information or have any other advise.

Thanks so much,

TW

• What do you think is the best route based on your experience in dealing with these types of plaster cracks? Demo to stud or repair?

In short, find the source of the problem.

Things to consider:

1. Metal or wood studs?

2. Drywall or stucco?

There are several things that can lead to plaster cracking. Usually it is either poor application, movement, or moisture. Read this article. It does a good job summarizing each issue.

Now, try to find the problem and act appropriately. Also, make sure you ask your contractor's professional opinion since being able to inspect the issue first hand will give him the best vantage.

• What's the average cost per square footage of materials and labor have you spent in the past on this type of work?

In my market (South FL), carpenters are getting between 20-30 a board to hang and finish drywall. Than you need to tack on demo cost, material cost, and contractor's fee. I can see that job running you around $1,500-$2,000 at 450 SF assuming it's drywall.

I am a PM at a commercial construction firm and use software such as Primavera and Prolog. However, I honestly find myself constantly going back to Excel and Word. There isn't much you can't do with these two, besides complex scheduling and costing, and they are easy to format to your needs and preferences.

I recommend developing some solid templates and improving them as you go. After a while, you will have very functional and specific tools for managing various aspects of a Project.

Now, if scheduling and costing are a must, you will most likely need to drop a little more money and look into either supplemental software or more elaborate software options.

I checked out Travis's suggestions and, though I do not have experience with them, seem like very viable considerations.

TW

Thanks everyone for the warm welcome. I am not just here to be served, but to serve as well. If you have any questions, please ask, and I will assist the best I can.

TW

1. Please try and mention where you're from in your post titles.

From Lake Worth FL

Have lived in Orlando and Jacksonville FL

Currently live in Boynton Beach FL

2. In making your introduction, tell us a bit about yourself.

My name is Tony Williams. I have a degree in Building Construction from the University of North FL and I currently work for a construction firm as a Project Manager in West Palm Beach FL. I have always loved building and would like to use my skills as a contractor to invest in real estate and create passive income from rental properties and flips. Hence, my long term goals are independent wealth from passive income generated from real estate investments.

Thanks you for the interest. I look forward to maintaining my goals, developing relationships, and using BP to its full potential.

Sincerely,

TW