Daniel Johnson
How to keep track of finances on multiple flips?
4 December 2016 | 47 replies
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.
Geni P.
How to Find the Current Note Owner?
1 September 2016 | 4 replies
@Geni P.To answer the question of your thread title, there is a way to find out the current note holder, but it's more involved than one might think.
Robert Aurie
Hello from Tampa, Florida!
2 September 2016 | 9 replies
You know the number one reason to use a home inspector is, well....let's be honest, because a bank or insurance company is making you do it.
Joshua Wilson
Looking to connect with Tampa wholesalers
29 August 2016 | 1 reply
The title says it all!
Gwendolyn Watts
Broker / Investor from New York City
8 September 2016 | 8 replies
I am on Bigger Pockets to learn how to turn my extensive contacts and vast experience in Insurance industry and ministry into a lucrative Real Estate empire one step at a time.
Paula Gayle
Decision Regarding Forming a Legal Business Entity
4 September 2016 | 8 replies
Also, when you obtain your insurance it will be land lord insurance and your insurance company should provide you with some liability coverage (300k?)
Brandon McCombs
how to appraise a new structure (cost vs income approach)
29 August 2016 | 1 reply
If anyone is wondering why I have to borrow the full $500k it is because we were underinsured due to a combination of my lack of experience with commercial property and our insurance broker not properly advising us on what the policy amount should be.
Ashley Okoro
Flipping a Hoarded home??!
30 August 2016 | 2 replies
Based on the title it sounds like the house has a lot of trash and such that needs to be removed.
Tom Kuhen
Potential First Deal in Cleveland, and it's a HUD - Please Help!
31 August 2016 | 15 replies
Are there any qualifications that they do need, such as being licensed in the city, or having insurance?
Justin C.
Hello from Dallas! New Investor Excited to Get Started.
31 August 2016 | 24 replies
A quick question on entity structure and insurance: As I'm planning on investing in multiple properties over the long-term, I'm considering forming a series LLC in Texas, which has several benefits in terms of administrative cost reduction (relative to having an LLC per property).