All Forum Posts by: Trenton Miller

 He is referring to comps.  

Simple answer.  No.  If you are running comps this way, STOP!

When I was actively selling real estate in Wilmington NC I would consistently find cash flowing SFR. MF was few and far between as far as cashflow was concerned. Most required significant rehab budgets.

Surf City/Topsail Bech were also areas I was able to find cash flowing short term vacation rentals for clients.

Is the surface wiring housed in conduit?  Does local code not allow surface wiring?  If your main goal is to get the wires behind the wall then I would hire an electrition to accomplish this task alone.  Electricians are excellent at opening up drywall...  Once the electrician's work is complete I would sub a drywaller to take care of repairs.  The national average for drywallers per day is $470.  4x8 sheets of drywall run about $12 and mud is cheap so materials should be minimal.  If it were me doing the job labor alone would be around $3,500.. after electrical expenses.  The type of finish will also contribute to the overall price (i.e. smooth finish, orange peel, knockdown..)

Keep in mind I am in Los Angeles.  Prices can fluctuate greatly based on geographic location.

I know how a traditional VA loan works, however, I have a unique question. If I were to purchase a MF home in Los Angeles using my VA loan entitlement with my cousin, would I be allowed to? We will both live in one of the units and rent the others.

TLDR; Want to purchase MF home with cousin using VA loan. This will be both of our primary residences. Can I do this?

As long as you agree to the price offered & the numbers work, you should not be concerned with their assignment fee.

When I do estimates I base my labor rate on a flat $65/hr rate.  I know that it takes my tile guys 3 minimum days to do a full bathroom.  With that being said two guys for eight hours a day equals 48 man hours.  48x65=$3,120 in labor alone.

Again as stated above, this number can fluctuate greatly depending on the size of the bathroom, finish quality, niches, pattern, ect.  Hope that helps.

Also, we replace backer board whenever remodeling bathrooms.

As a full-time estimator and project manager for a contractor, that is a fair price.

@Kevin Leahy 

@Meshia Smith

Some states do have to disclose known material defects, others do not (i.e. North Carolina).  In states that do not require disclosure or "No Representation", it is the buyer's responsibility during due diligence to uncover defects through inspections, ect.  "As is" in this scenario is referring to the seller not negotiating repairs and or credits to the buyer at the time of purchase.

As long as the property is cash flowing I would hold onto it.  I would also consider raising rents if market rate is higher than what you are currently charging.

If you do decide to unload the property I would heavily weigh towards a 1030 exchange.  Especially if you plan on reinvesting in MF.