All Forum Posts by: Wayne V.

His spreadsheet is also very useful. 

Hi Bret,

I would call the Oregon Secretary of States office and ask. 

Happy Birthday Brandon !!!

Kudos on a job well done. It's very much enjoyed and appreciated by the BP community. I can't tell you how much I've learned from you and Josh on the podcasts, and from what you've written. Thanks also for your boundless enthusiasm for all things real estate and certainly for all things BP. You Rock  !!!!

Hi Everyone,

I have a house under contract in Portland, Maine and I'm looking for a small crew or a general contractor to bid on the rehab & renovation work. Does anyone have recommendations based on personal experience. The GC will need to be skilled in rough and finish carpentry.

Thanks,

Wayne 

Hi Sean, 

Having observed a number of successful people I would suggest that you make two initial investments. The first one would be to invest $2,000 to $5,000 in a good IRA investment fund and then toss in $200 a month and just let it accrue compund interest. At your age that alone will probably make you reasonably wealthy. The second would be a duplex where you can live in one unit while renting the other, hopefully for enough to conver the cost of ownership. At this point you will be living for free and making a steady investment that is compounding and building equity. The third move would be to find an affordable flip and jump in to real estate investment aiming you enjoy it.

Just my two cents and something that I've watched others do as a path to wealth building. 

Good luck !!!

Hi Alex, 

I've done both a number of times. My feeling is that shorts never look as good as the material batches they came from, especially if the color grade / match of the original product bundles wasn't very high in the first place. We typically cull the shorts just for that reason. Re-purposed material material always takes way to much time (and skill) to install to yield a savings although it does look great if done well. Wood flooring is one of those areas where it's really hard to find a great deal. We're doing a flip now in Portland Maine and my plan is to find air dried, rough sawn hardwood, plane it and size it, and then install it as wide plank flooring. I'm able to do this because I have the machinery to do it with, but doubt that I'll save any money in the process. I think it will lend a uniqueness that will help the house to sell more quickly and for a higher price so I'm feeling that it's worth the effort. Sorry not to have anything more brilliant to offer as a solution but as I say it's one of the tougher components of a rehab.

Hi James, 

Welcome to the Bigger Pockets community and to the forum. That's a long list of questions,  all of them valid. If it were me in that situation,  I would seek the advice of Realtors,  asking them what will most easily sell in five years. They will have a much better handle on what trends there are in your area and what will sell quickly with the greatest return.  In other words, rely on the advice of experts. Good luck and enjoy your investment while it works for you. 

Unless it's illegal in your area for contractors to take on work without a license, or local code prevents a GC from pulling permits, the only real disadvantage is that the contractor can't be censored or punished by the licensing body, which usually takes the form of loss of license and fines. Most places that I have lived or worked in the northeast do not require licensing. Others do and in those areas I comply. Much more important is a general liability insurance, worker's compensation coverage, and a rock solid contract reviewed by your attorney. Lastly, check the GCs references carefully.

Quite simply,  WOW !!!

Very nicely done. You're a talented designer.  I hope the sale goes well and that it's a profitable project. 

Have you found your next project? 

Congrats, 

Wayne

Hi Everyone,

I've found a commercial building in Portland, Maine that would make a great location for my business, which is relocating from NYC. It's in a fast growing area with some tenants in place, and more space available for others. My estimate is that the cap rate would run around 8% when fully occupied. The building is available for $1.7 mil., is in good condition with lots of upside potential, and is not presently listed. I think there are a lot of creative ways to further subdivide the building, increasing cash flow and pushing up the ROI. I will need to pull together an investment group to take advantage of this opportunity. As they say, "Part of a deal is better than no deal". Suggestions and guidance are welcome.

Wayne