Please Scroll Down to See Forums Below
buy houses and fix 'em up to sell?
- Thread starter bran987
- Start date
I buy them and keep them. I have an experienced construction crew I use.
When talking to contractors, bid the jobs to three of them, and price materials yourself. Offer to buy materials yourself and pay the contrctor for the work. if they don't like that, they're trying to screw you on materials.
When talking to contractors, bid the jobs to three of them, and price materials yourself. Offer to buy materials yourself and pay the contrctor for the work. if they don't like that, they're trying to screw you on materials.
bran987
New member
wrench said:
what you mean 1031b? not too worried about CG but.. much lower than normal income tax anyway..
I know way more about the financial side of real estate than I really ever would've cared to know.. from my job.. and I've had to fire enough employees at our C properties to know what goes on with contractors and kickbacks.. just don't know how to stop it! Thanks Matt.. that's one plan of attack
anyway, if anyone has any opinions on which repairs/upgrades you get the most money out of when you resell that would be interesting too.
zxe003
New member
I'm in lending, so I work with appraisers and underwriters all day. The obvious upgrades are floors, kitchen and bathroom remodeling, and windows. The only upgrades you could do to substanially increase the value of the home is to add square footage to the dwelling, i.e. new room or new level. You could delve into landscaping however in my experience this only adds cosmetic value.
probably to sell a $6,500 seminar
MattTheSkywalker said:
I agree with getting multiple bids. I also feel when you have a good contractor, MARRY him. lol Even if he`s a little higher on the price, you`ll be better off in the long run.
You gotta know a little about the job being bid on, there`s so many variables that bids can range widely from one to the other. Someguys will leave out very important aspects of the job and come in lower than the next guy. If you don`t know the job, you`ll get screwed.
Also, the "pay for materials yourself" does`nt always work. I`ve seen it happen a lot. On paper it sounds good but it may backfire on you. For example, this one sheetrocking company was installing for a guy, they would throw away HALF the sheet of sheetrock into the dumpster! lol That`s wasted money. It`s so much easier to use a full piece and keep throwing away the left over. If you were doing the job yourself or paying for the materials and doing the job, you would certainly use every part of that sheet. They would get payed by their boss per sheet, if they threw away half, they would do half the work
Then materials like screws and wire start disappearing... The guys fill up their work pouches with screws at the end of the day, when they come in the morning they`re empty again. A few nails here a few rolls of tape there... It`s all "FREE" to them.
That`s why I say if you find a good/honest contractor, stick with him like glue.
