Hi everyone,

Through some family connections, I found an off listing duplex in South Berkeley that will be delivered vacant COE - one unit is current occupied. He is willing to sell at 825k, but the property needs wo...

@Jd Martin @Brent Coombs  I always knew when the Guru's had come through PDX.my agents would come running to me about this big time investor that was going to buy 5 props a month.I would tell them to invite them to lunch ( my treat)  I did this to size them up.. 99%  No Money no skills and just looking to abuse my poor agents.. did I feel bad when I flushed them out and put them in their place at lunch ...

The  most likely harm that will come with a bad contract is you will lose a deposit or a deal.

While there are truly amazing resources available, none of them seem to be really equipped to handle the nuances behind the content without the help and involvement of the community or retailer themselves.This is especially true when dealing with the laws and the rules promulgated by the various state and federal agencies.

On a typical project, here are the contractors I'll probably use:- Demo- Roofer- Painter- Carpenter- Plumber- Electrician- HVAC- Window Company- Tile Guy- Carpet Guy- Hardwood Guy- Cabinets/Countertops Company- Termite Inspection- Landscaping- Garage Door Company- House CleanerIn addition, on many projects I'll also use:- Drywall Guys- Insulation- Surveyor- Structural Engineer- Inspectors- Concrete Company- Driveway/Paving Company- Grading- Tree Trimming- Shower Glass CompanyFor big projects, new construction:- Architect- Civil Engineer- Foundation- Asbestos Removal- Sediment Control- Excavation, Dirt Hauling- Interior Sprinklers- Stone WorkEach of those contractors will typically get between 1-4 draws, depending on the scope of the work they have for the project.Then there are materials and other non-labor costs:- Permits (0-3 transactions per project)- Porta Pottys (0-3 transactions per project)- Home Depot Materials (3-5 transactions per project)- Dumpsters (1-3 transactions per project)- Paint Purchase- Cabinets/Countertops Purchase (2-4 transactions per project)- Flooring Material Purchase (1-2 transactions per project)- Specialty Material Suppliers (0-10 transactions per project)- Utility/Service Installation (0-5 transactions per project)- Private Inspections (0-5 transactions per project)- Insulation/Airtightness Tests- AppliancesOn top of that, I will potentially write several checks to:- Title Company- Property Inspector- Appraiser- General Contractor or Project Manager- Interest Payments- Utility Payments- Tax PaymentsOn top of that, I have my general business expenses:- Accounting- Legal- Interest Payments- Tax Payments- Brokerage Fees- E&O Fees- MLS Fees- Overhead/Office (Supplies, Equipment, Subscriptions, Software, etc)- Telephone/Fax/Internet- Income from Property SalesAll of these easily add up to a couple hundred transactions on a large project or new build, meaning many dozen per month. 

I won't buy a bad deal just to hit my goal, the numbers have to work, but this keeps me searching, and gives me a target to aim at.

I just completed my second course in my real estate license and the instructor made an interesting point of how a registrant must disclose all known facts about the property. So for example, if someone is in distress ...

Account ClosedGlen arm ave isn't bad.

It protects you and always helps for those bad scenarios that can occur. 

The new mini mart owner is a dream to work with, and he has turned around the quality of traffic by operating above the board.Hope that helps!