All Forum Posts by: Wayne V.

I agree that $40K is enough to do a deal, and would be wasted on training, or hiring a mentor. You'll find enough information on BP and by reading the books written by folks like Brandon, J. Scott, and the many others mentioned on the BP podcasts, which are also an enormous source of information. I would recommend taking advantage of the BP community first, try to get a deal or two under your belt. If after that you still feel that you would benefit by fee based training and mentoring, go for it but be careful that you're getting your money's worth. 

Welcome aboard and best of luck in building your business,

Wayne

1978 Ford F-350 still earning her keep. Paid $1,000 and invested another $1500 over time. This truck has paid for itself many, many times over. I keep minimum liability insurance on it to keep overhead down. We just hauled a half ton of debris from a renovation project to the landfill for $40 that would have otherwise cost $200 to have hauled. Trailers are great and I use them as well, but this is my go to ride for rehab projects. Besides, it's fun to drive :-)

Wayne

Hilti is another manufacturer of powder actuated fastening systems. 

https://www.us.hilti.com/direct-fastening/general-...

It's best to consult with a distributor because there are many combinations of shot calibers and fastener sizes and types for different applications. Personally, I only use them when absolutely necessary and then definitely with serious eye and ear protection. We use Tapcon masonry screws for most wood to concrete fastening work. 

Best,

Wayne

Hi Brett,

When you say that they're in fairly bad shape do you mean rusty and shabby, or do you mean dented and broken? If they're just rusty, sand and spray paint them. If your not comfortable spraying them yourself, take them to a small Mom and Pop auto body shop and see if they will do them for you. Replacement end caps can usually be found at a good plumbing supply house. These will be primed so you should paint them at the same time as the covers.

Best,

Wayne

Hi Inder,

Aluminum wiring is definitely something that needs to be taken care of. The link below has similar information and a similar solution, but describes the problem in more detail. The excerpt below the link pretty much explains the basis of the problem. As I recall, there is also a corrosion inhibiting gel that prevents the wire surfaces from corroding which also increases resistance at the splice causing heat. 

Excerpt from Aluminum-Wiring.com

http://aluminum-wiring.com/

Why Aluminum Wiring Is Bad

Posted on November 8, 2013 by Admin

The wire itself is not bad – what is bad is where the wire meets up with the receptacle. Aluminum expands when it gets hot and contracts when it cools down. Over the years this expansion and contraction makes the connection to the receptacle loose. What then happens is that the wire starts to arc because the connection is not tight. Think of your spark plug in you cars engine. Also the wire itself starts to vibrate every so slightly but under heavy load it can get hot – really hot! It is not uncommon to open up the face plate and see a black electrical box and that the wire shielding/insulation burnt right off. The issue of aluminum wiring is not a myth or just a money grab on the part of your local electrician – it is real!

I hope this helps. The bottom line is that it shouldn't be a deal breaker if you include the cost in your repair budget.

Best of Luck,

Wayne

Hi Kyle,

I do a lot of bathroom remodels. When considering re-glazing or replacing a tub, you should take a good look at the condition of the existing tile and grout as well as the seal along the top of the tub. If it looks as though it's been leaking than you probably have some rot behind it. Older installations were done over regular drywall rather than cement board (Duroc) which was very prone to deterioration. If you decide to replace the sheathing, definitely use cement board and waterproof with a product like Laticrete waterproofing. Another thing to consider is the shower / tub valve set. If it looks outdated, doesn't work as it should, doesn't have scald protection, than you might want to consider replacing it as well. This isn't a big deal if you're already replacing the wall board and doing a new tile installation.

I would avoid installing a fiberglass tub and surround in a rental because there's a pretty good chance that at some point a tenant will use an abrasive cleaner which will scratch and dull the surface making it look old and ratty pretty quickly and very prone to staining.

Assuming the substrate is okay, re-glazing and tile is the way to go for long term durability. For full out renovations I use name brand valve sets with replacable valve stems, enameled cast iron tubs from HD, and white subway tile with detail accents for a classic looking reasonably priced tile job.

I agree with Scott, in fact, unless your insurance provider is more customer friendly than most of the ones that I have to deal with for clients, even if it's double, it's probably better to handle it your self. You didn't mention if the garage had drywall. If so, the cavities behind it will hold moisture long enough to allow mold to form. When I'm dealing with flood repairs the two most valuable tools are a very good moisture tester which costs around $300, and the big blue dehumidifiers that HD rents. The moisture meter tells me exactly where the wet areas are, which then need to have the sheet rock removed. This is usually a relatively confined area near the source of the flooding. The dehumidifier(s) suck out gallons of water, and in this situation, faster is better. The process usually takes two or three days during which you monitor your progress with the moisture meter and an inexpensive humidistat.

Let me know if you need more information. I've done a number of floods.

Wayne

I'm a GC in the northeast and 30% is my standard deposit. Here in NYC, which I consider to be a pretty tough environment, the Architects we work with consistently approve deposits of 25% to 30%. When I've asked potential clients who balk at the concept of a deposit if they would prefer to cover my business line of credit costs, they seem to get the point. Commercial money is expensive, and I think an unnecessary additional expense. Think of it this way, as soon as I bring material in to your house and perform work to install it, I own part of your house against which I can file a lien if I'm not paid. Doesn't it make more sense that you pay for and own 100% of your project. On another note, I have had the GC side of the experience where I have provided materials and performed work in the client's best interest and haven't received payment for an extended period of time, in one case not at all due to a weak contract. 

If you have carefully vetted a potential contractor, and if you have a fair contract, there shouldn't be too much to worry about.

Wayne

Hi Will,

This may be lame but is there a way to have the utilities turned off to the dwelling, maybe citing some sort of potentially "dangerous" condition that threatens others, say reporting the smell of gas from outside the house? Could you get your insurer to force an inspection, or the city to revoke the Certificate of Occupancy? I'm not sure any of these would work. As a last ditch to get out of tenant hell, how about just selling the place, maybe to a big bad *** actor playing a not so nice, scary guy. You could buy it back after the deadbeats are gone paying a predetermined extermination fee.  I'm sure you've thought of these things and maybe even tried them.

As others have said, Best of luck getting this resolved.

Wayne V.

Hi Mary Lou, How is the lot deeded,  as a single or as a separate lot per house? What would it take to subdivide?  What are comps in the area. If your considering total demos and new builds, ask about any grandfather advantages that there might be and take advantage of them if they exist. oftentimes if the foundation and drainage are bad with beat to death houses,  a complete do-over from the ground up makes sense.  Easier sales at the end because there are no legacy problems to explain away. It's all in the numbers. Good luck !!

Wayne