The wealthy know how to get paid by average Americans and have the discipline to use it to build wealth.Education + Implementation = Transformation. 

It's now an 8.5 Cap on my total purchase price and the value has increased from $10.6M to just under $15M. 1) If you are confident that you are in the path of future infill development and can see a 3% spread over your 1st mortgage rate, then it sounds like a no brainer. 2) If you are confident that you can fill the suites at market rents then vacant suites are actually a bonus, IMHO.

Something to keep the contractor motivated would be a bonus of x% upon completion by a certain date.

Proof of funds will separate you from most wannabe investors.If you really want to get them motivated - offer a bonus on the purchase in exchange for a discount on the listing.

It's getting hot and will get hotter, this kind of people can completely transform whole neighbourhoods.I heard in downtown only big shots will be able to buy industrial buildings and convert into residential.

The new density bonuses will not be free for the developers, but must be purchased by "cashing in" these credits; one credit for every "one more" dwelling unit up to the new limit.

The main reason being that if you need to replace them it will be much easier if you build a system instead of relying on someone's specific talents.As for rates, I've heard they generally run $4-8 per hour, which is apparently a good wage in the Philippines, and of course you could offer bonuses and commissions to sweeten the deal for them.

I am but the "money man" - earning a fixed return plus bonus points; my flipper (who is also a broker associate) gets to keep the majority spoils, but also assumes the risk of mis-estimating repair costs, time-to-fix, days on market, and everything which cuts into his eventual profits (without affecting mine).  

Great transformation Neal C..Let go of the ego(usually inflated self-worth) and embrace honesty and integrity.Thanks for sharing

Bonus points if you have done this in any of the following metro areas:Philadelphia, Pittsburgh, Louisville, Chicago, Richmond, Hartford/Central Connecticut