All Forum Posts by: Joseph Corlett

I am a licensed contractor in two states. If I don't know your budget is realistic for the work we're discussing, you'll get no free estimate from me. My time is valuable and I don't waste it on dreamers or on potential customers who don't value my reputation.

 Okay, so the problem isn't finding contractors, it's finding contractors that give bids you think are moneymakers instead of giving you bids they think are moneymakers.

If you can't get licensed, insured, and reputable contractors to bid your work, the marketplace is telling you something.

"When I see a major project, I start with projected rents, then figure up repair costs to get those rents. Then I figure up the return or built in equity I want and get to a purchase price. Just because they're asking $67K doesn't mean anybody is willing to pay anything near that price."

Mr. Siekerka:

We think alike, except in the Sarasota, Florida, market lots of folks are paying the price.

My wife and I looked at the house two doors down from my father-in-law that had been vacant for years. Crushed septic tank, outdated floor plan, needs everything. We thought of offering 35K, but it sold for 99! The guy worked on it for a month and sold it for 125K. When you take out the real estate commission, material and labor, that's pretty slim for all that risk.

Mr. Harmon:

No bristling here, I was just hoping to show that I didn't fall off the turnip truck last week. On the other hand, I've got a $1,700.00 television that I can only watch when my wife tells me how to operate it.

I think there is too much money and not enough places to invest it, so folks are over-paying for rentals. It's the only explanation that makes any sense.

If I could get this place for 40K and put 20K into each side it would be worth $1,300.00 a month rent. If I'm going to put up with the hassle of evicting people, it's gotta be worth my time.

The place was built in 1969 and has been abandoned for 3 years. Concrete block on a slab with terrazzo floors; each unit needs a kitchen, bath, and half bath; copper pipes in the slab; no central air in Sarasota, Florida; newer exterior electrical panels in rough shape; the roof looks newer and isn't apparently leaking.

It needs a few windows and they are nuts down here when it comes to that. I spent more than 2 days just prepping an opening for a hurricane-rated sliding door recently, cutting block, installing rebar in the foundation and lentil, filling the block with concrete. My butt's still stinging from that spanking.

Even if you could make both sides habitable for 50K, I'm still not seeing how this works.

Thanks everyone.

I was just walking down to the park when I saw the realtor had the place open. Since I'm a licensed building contractor, I'm pretty experienced with what renovation costs.

I'm making 8-10% on my Edward Jones money and don't have to get out of my chair, let alone evict people. Why would anyone with any brains pay this much when there is so much work to do and for so little return? I'm just not getting it.

Hello:

I'm new here, but the introduction page won't let me post.

There is a ratty duplex down the street for sale, the Realtor says the bank will probably get 67K for it. I think it needs 50K per unit. How does $16,000.00 per year rent (including a 7% vacancy rate) make a sensible return on $167K?