All Forum Posts by: Yuri Woitscheck

@Bruce Woodruff - I actually got a good sense of that today.  Most of the "GC" I spoke with said they didn't anything to do with the job (as it wasn't the standard put in plank flooring in and slap some paint on at a premium).

@Mark P Grimes - noticed there are zero gutters on this place which could be main cause of all this in the first place.

Again, can't thank everyone enough for the time to help me learn through this.  Going be pricey but won't make this mistake again lol
 

@Andrew Postell @Bruce Woodruff - Awesome stuff!  I was kind of under the assumption that a GC would add a ton of overhead on the project but I make a lot of sense.  Going to see if I can get a few bids and see what things come in at.

@Daniel Hyman - Thanks I will try to connect with Linda as she is local!

@Nathaniel Walker - Appreciate the response!  So far I have had 3 companies check the property out of which 2 no bid and 1 came in high price wise.  The home is in Florida so companies can work year round and don't have a "slow" period per se that I am aware of.  The house doesn't have a crawl space so to get any kind of support we will need to rip out floors, tunnel, jack, and brace.  It is a 90 year old Florida house so not sure if the property sank into the wet soil over time and wood has rotted or if they just didn't build crawl spaces in those days. 

Debating on just choking down the cost for the kitchen and bath as I know that is where really heavy appliances and fixtures will be and just trying to do the rest patch work DIY. 

Anyway.. thank you again for the response and support!

Cheers,

Hi BP Community,

Need a little guidance from folks that are savvy in Rehabbing.  After getting 15 offers to buy investment properties rejected I decided to take massive action and I took a chance buying my first property off market in Tampa Bay area from a wholesaler, the numbers worked, I got local confirmation about the neighborhood, verification on rents, and the property was positioned as light cosmetics.  The wholersaler needed to turn the property around in a short amount of time so it was cash close AS-IS which is how I felt a lot of the real estate market has been like.

Now that we own the property there are several things that have popped up after I had it inspected that need repair or replacement but definitely doable.  

The major concern which we got smashed over head with and ultimately what my question is about is the foundation.  The floor is wavy with dips and a little hollow in places, there is no crawl space which would indicate the house has sunk over time and there is wood rot under all the floors.  I have had several foundation repairs companies check it out to get estimates and only 1 has bid so far and the job is $20,000 for Kitchen and Bath lift/stabilize and another $30,000 if I would like to get the whole house done.

This is not my area of expertise and the first time I had to deal with any kind of foundation issues in my life.. any advice on how to proceed would be GREATLY appreciated as an additional $20k or $50k for that matter was not budgeted for.

I have several friends in construction that think it won't be a liability for tenants but if I'm going to do the other rehab work I hate to do it on a bad base.  I could potentially go into flooring and brace old jousts to stabilize the floor a bit but again I would be learning on the fly here.

Again, any advice on how to proceed on this topic would be appreciated

Thanks Yuri 

Hi BP,

In the midst of reading "The Book on Tax Strategies for the Savvy Real Estate Investor" and holy cow!  It has made me realize how woefully bad my current CPA and how I need to find a new one that can assist me in planning as I get RE investing off the ground.  Can anyone recommend a good CPA in the Denver metro area as I don't see that on the list of "network vendors" on BP.

Thanks in advance!!  I'm taking a hard hit on an investment property that I purchased that is turning into a major rehab and hoping a good tax consultant can help me mitigate the costs.

Yuri


 

@Jim Howell@Taylor L.@Bonnie Griffin Kaake@Marc Rice@Jon Kelly@Ian K.

Just wanted to say thank you to all of you for the great insight.  Only numbers I have not run are what loan details would like to take out equity (up to 300k these days) to reinvest in smaller markets.  

I think based on numbers we may keep for AirBnB which the city allows and we will have a property manager for and if/when needed pull out some equity to reinvest if markets cools a bit.

Thanks again!  Really appreciate it

Wanted to ask this question to BiggerPockets community as I value the insight from everyone here greatly!  I currently live in Denver, CO and my home has appreciated to, in my opinion, insane levels.  We may move out of Colorado to be closer to support for our kids so we would not be looking for a new home here in the Denver market.

Question is do I sell and use ROE to purchase a home for us to live in, in a less expensive market, and use the rest to invest in markets that have potential to cash flow (that is our RE strategy)?  Do we keep the house the AirBnB with fairly decent return?  Or do we attempt to keep the house do short/long term rental, pull some equity out, and use that to invest?

Not really sure if option 3 is a sound strategy but it was mentioned to me so again figured I would ask the community.

Thanks so much for any input or advice!

Yuri  

As an update to this thread.. as of today April 27th 2021 they are no longer doing wholesale closings or what they refer to "Investor Friendly" closings.  I would assume it is due to pure volume they are seeing at the moment.

Hope this helps anyone else looking!

@Richard Libutti - Welcome to the area! Another area to expand the search is South Broadway in Englewood. I live down in that area and there are many small beat up motels that could be converted in this manner.

I'm new to REI so don't have a deep take on your particular type of strategy but happy to provide any insight about the aforementioned area and point a few places specifically out.

Good luck!

Yuri