Posted by PBoone on March 12, 2000 at 06:24:54:
Wilton,
You’re making the same mistakes most people do when purchasing. Paying to much, I know, we feel if we do the work then it can be made up later that is a misnomer as you are now finding out.
My best advice is to use the GC’s figures for repair as you calculate the purchase price.
Pat
How do I get the repairs done ? - Posted by Wilton
Posted by Wilton on March 11, 2000 at 22:26:54:
When I buy a house that needs repair, I have always done the work myself, with a helper or two. I use the helpers for rough work and I do the plumbing, electric and carpentry when necessary. This has worked very well for
me, but i am now too old to do the work, but do not wish to retire. As a matter of fact, I feel that this can now be my most productive time, IF I can find a way to get the physical work done at a reasonable cost. Just picking up the phone and calling a G.C. is not the answer because of costs. I have considered the following:
Lease option the house and let tenant make repairs. I have tried this only once before, and it didnt work out for me. Maybe I failed to have the right plan.
Hiring a general contractor of less that professional status. I find that they talk better than they work. Perhaps not enough screening on my part.
I am now considering doing a “prehab” as Joe outlines in one of his sites. I can still do that with a helper, and then sell to a Rehabber.
Any Ideas will be appreciated. Wilton
Re: How do I get the repairs done ? - Posted by Gene S
Posted by Gene S on March 12, 2000 at 16:49:53:
Bronchick has a neat “Repair Addendum To Purchase Option” in his course & it may be on his site. It functions as a “license” for the t/b to do the repairs up front… NOT OCCUPANCY to live in. You could interveiw t/b, go see his quality of work, LOOK at his tools inside his tool box, & if repairs take 4 days give him a 4 day license to do repairs in leiu of option consideration. You must check on job progress every day.
Re: How do I get the repairs done ? - Posted by Wilton
Posted by Wilton on March 12, 2000 at 16:42:08:
Good advise from all of you, many thanks. I DO believe that my best choice is to get better educated at this late time in my life and “buy” the ones not needing repair. Spend more time finding them rather than fixin um…Again many thanks to all…what a great site…Wilton
Re: How do I get the repairs done ? - Posted by Rita_mo
Posted by Rita_mo on March 12, 2000 at 14:49:06:
Wilton,
Call some local churches, ask if they have any members looking for the work you need done,usually I find good hard working repairmen this way who work hard for a reasonable price. Also if you have any pawn shops, they post repairmen on a board sometimes, an investor here found some good crews this way,and what about the newspaper,there are alot of guys just starting out, that do a good job, and for a good price.
rita
You may not like my answer - Posted by Bud Branstetter
Posted by Bud Branstetter on March 12, 2000 at 09:08:31:
Find some other vehicle to make money. Real estate for sure. L/O nice houses that don’t need repair. Your situation is that you probably like to do the work. Adjust you criteria so that you buy for cash at 60% of ARV and can afford to hire the work done that you no longer can do. You could team up with a young handyman for a share of the profits. You probably don’t know JP or Terry Vaughn that own and run this site. She is an ex-attorney and Terry is a would be commedian and enthusiologist. I can’t see either of them swinging a hammer or under a sink. Yet they invest in real estate, have fun at it and make money.