All Forum Posts by: Ed L.

Here's my latest cheapy granite job.   $750 for the granite and sink.  Backsplash cost about $150 in materials and $125 labor for the install.  So a $1000 upgrade.  

Had multiple applicants applying and the house rented within a weekend.   

Here's what I had been doing to save a few $$.  Granite tile.  Probably $150 in materials+$125 labor+$100 cheapo sink.  So $375 vs $1000.  

The tile has held up suprisingly good but the grout can get dingy and the painted wood trim gets banged up quickly.  

That depends on what kind of land you are talking about.   

If you are flipping lots- probably a no go.  

If it's a undeveloped parcel of raw land than you should be able to.  The question then arises whether the parcel of land is economically feasible to harvest timber.  

How big is the parcels you are considering? Logging requires a tremendous amount of machinery which takes time and money to relocate to a new job.  Most logging operations in my area will not bother with small acreage parcels less than 20 acres or so.  

Then there's the question of what kind of timber is on the property. If it's fairly young hardwood timber 15-20 years old it will likey be classified as pulpwood which brings little in my area.  (About $10 per ton max).   Older mature timber has more uses and brings more $$. Mature hardwood timber can bring  close to $40 per ton last I checked.  

Prices and your ability to sell the timber also depends on the distance from the property to the nearest mill as trucking eats into profit.  

Also consider the value of the timber removed and its proportion to the value of the land and also the asthetic consequences of harvesting.  

Lots of variables but just for reference.  

I was recently looking to build a 3200 sq ft heated and cooled custom home.  Under beam was pushing 5,000 sq/ft.  Huge porches front and rear, and a oversized 3 car garage.  

10' ceiling throughout except 12' in living room.   Granite, wood floors, brick house with hadi trim, spray foam insulation, tankless water heaters, high efficiency hvac, etc.  Everything you could want without going crazy on the appliances and finishes.    

Turn key not counting the lot cost my bids came in at $390,000-$432,000.   All by very reputable builders including their 10-15% contractor fee. Bids were above market partially due to the lot being large (5 acres) and utilities and driveway being ran for 400' to the building site.  

That puts my price per heated foot at 121-135 per sq ft.  I had hoped to be in at $110 or less but was ultimately not feasible due to the amount of under beam sq ft compared to the heated sq ft and local comps.  

Ultimately we decided against taking the plunge.  The home likely wouldn't have appraised once complete as comparable homes in the area tend to go for $120  per heated sq ft including the lot, commissions, construction borrowing cost, etc. 

For further comparative sake we found another home we liked that was basically a 9/10th version of the custom plan we picked out.  

9' ceilings instead of 10'.  Smaller porches front and rear, and a 2 car garage vs a 3 car.   2800 sq ft heated.  Granite, wood floors, stainless appliances, stain grade wood molding and cabinetry throughout.  

Builder is stating he can replicate the home on a typical level lot for $250,000.  So about $90 per sq ft.  

There's a tremendous amount of variation just on minor differences.   

Non refundable pet deposit goes into the general fund.  Regular deposit goes into separate escrow account.  

Pick a lease that spells out exactly what is required for the tenant to get their deposit back. My original state provided lease agreement was incredibly vague and didn't really spell out anything about anything.  

Wow!  Awesome job staying up-beat and getting the project finished!  End result looks great.  

For future reference in a Class D neighborhood.

Probably don't invest there.

Leave original sheetrock/paneling.  Buy a wallpaper steamer if that's a issue.

Just paint and put new countertops on existing cabinets.  Individual doors can be replicated/replaced if missing by a good cabinet shop.

Contact the city engineer about the flooding issue.  They might be willing to install a storm drain to remedy the situation.  

Don't use craigslist for anything.  Call locally owned building supply stores and ask for references on quality workers.  They know who the good guys are.

Don't feel bad, I started out with a fairly high end brand new house where the builder was foreclosed on.  Still managed to almost lose my hat on the deal just finishing out flooring and a few trim items.  

Be careful loading up on properties with little down, little cash reserves, and 30 year mortgages starting out for rentals.  

I hear of many people doing this, but after 6 years owning commercial/residential property I would be cautious.  Many get in terrible situations doing such.  The ones that do great are buying deeply discounted properties and adding value or gambling on price appreciation in great RE markets that have benefited from the market rebound following the recession.  The latter could play out at any moment.

The first 10 years of a 30 year mortgage is basically paying interest.  A lot of wear and tear can occur in a home over the course of 10 years with renters.

Have had pretty good luck calling local paint stores, plumbing supply shops, hardware stores, etc.  They see these contractors daily and have good working relationships.  

Somewhere between $200 per acre and $2,000,000 lol...  

Location, location, location.  

Access to utilities, road access, lay of the land, flood zone, water frontage, development potential etc.  

First speak with a agent or land lender and ask for comparable sales within the past year.  Be sure to take into account all of the above variables when assessing the comps.  

Wow!   Do you mind sharing the proposed budget for this project?   Has got to be 100k+

I like the gnarly ones like that.  Just makes for more rewarding before and after photos.  

Anything can be fixed in a house, it just takes the right buy in price, right people, time, and $$$.  

Congrats on #24!