Rehab tips and suggestions - Posted by Michael Strickland (MD)

Posted by Mark (WV) on February 01, 2002 at 07:56:19:

There is nothing wrong with doing it yourself, some say the time is better spent looking for more deals but what if you don’t want more deals? I am prob. a little closer to your dads age and don’t need to go out looking for more.

The very reason I got onto r/e was to have a better life, I don’t want to replace one job with another.When it gets to the point that I have to go on a dead run every day searching for more deals then it will be time to quit.

I know what your dad is thinking when he is helping you as I work with my son also,and let me tell ya it’s pretty rewarding. Each of us has to "keep the boat ah float " and we all have to make the choice as to where to stop so we can enjoy life at it’s fullest.

Best wishs for you & dad
Mark (WV)

Rehab tips and suggestions - Posted by Michael Strickland (MD)

Posted by Michael Strickland (MD) on January 30, 2002 at 21:30:41:

Does anyone know of a good site with home rehab tips and tricks?
Also do you think this site could use a board that deals with “do it yourself” home repair? I think that might be a good discussion board for us newbies wanting to save some dough doing repair work ourselves.
Just a suggestion for the owners of this site.
Thanks

Re: Rehab tips and suggestions book and website - Posted by dave (bal’mer)

Posted by dave (bal’mer) on January 31, 2002 at 11:20:04:

Michael,
Here is an earlier post with two of my suggestions.

Also I have found a lot of the other boards do not get nearly the number of responses that you get on the main board. So you would probably end up wanting to post on the mainboard even if there was another more specific one. Just my opinion.

here is the link i mentioned:(check the whole thread for a few other links)

http://www.creonline.com/wwwboard/messages/arc_2001/arc_62/62104.html

Happy rehabbin’

dave (bal’mer MD)

Re: Rehab tips and suggestions - Posted by John Watts (PA)

Posted by John Watts (PA) on January 31, 2002 at 09:53:54:

Michael,

Try www.michaelholigan.com. They have tons of good information.

Good hunting.

John

Re: Rehab tips and suggestions - Posted by Jim (MN)

Posted by Jim (MN) on January 31, 2002 at 24:45:00:

I agree with Phamtastic, but it would still help to get an idea of what can be done inexpensively to properties to dramatically increase their value. It would help me to better judge a property and make better offers. I’m assuming this is a big part of flipping properties, no?

Re: Rehab tips and suggestions - Posted by Phamtastic

Posted by Phamtastic on January 31, 2002 at 24:17:42:

You may want to consider all your questions and tips from this valuable board and others like it. People here really do share secrets and I believe they can share secrets on repairs also.

But, most successful people like myself will not want to do $10.00/hr jobs. Consider painting for example, you and anyone out there can pick up a paintbrush and take a whole day to paint a room to make it look great. But that saved you about $400 for example from hiring someone because you did it yourself.

The only thing is in one full day of focus…marketing, structuring deals, networking, or making offers…things that pay alot more. You could have a deal,…make about $17K. Also, the $400 you saved by painting the room yourself can be priced into the rehab cost of the deal or you can even save that time you spent and tell the tenant buyer (if it’s a L/O deal) to paint it themselves and you give them some credits towards the sales price when they decide to exercise their option.

What it boils down to is that being creative you can get other people to do the $10.00/hr. jobs while you do YOUR job?.the $10K per hour job (or hobby).

Good luck to you my friend.

Phamtastic

Re: Rehab tips and suggestions - Posted by Jeremy FL

Posted by Jeremy FL on January 31, 2002 at 07:13:06:

I am always surprised when people respond the way you have. I understand the concept, but I still disagree. When I first started I did everything myself. I wanted to learn how to fix things so contractors can’t run me over. I may be doing a $10 per hour job, but I am getting paid $500.00/hr to do it. These days I hardly do any work but that is because I now have the contacts. Also I am not a high volume operation. I don’t like to have more than 2 rehab projects going at once. Which means that I don’t need to spend all my time house hunting. I guess I could sit on the couch all day. You should go get your hands dirty once in a while, it gives your brain a break, your body a workout, and can be very rewarding and educational.
My $00.02

Re: Rehab tips and suggestions - Posted by Carl

Posted by Carl on January 31, 2002 at 09:18:16:

We do a lot of work ourselves because I get so impatient waiting for some d@mn contractors to just show up. By the time I call the contractor, meet him, get the estimate, answer questions, and clean up his less than perfect work - I could have done it myself…so I do. I believe I’m actually saving time, maybe I’m nuts.

Re: Rehab tips and suggestions - Posted by Marcos

Posted by Marcos on January 31, 2002 at 08:12:01:

Well, it really comes down to a few choices.

  1. I could pick up that paintbrush. $10 an hour.
  2. I could sit on the couch and let someone else pick up that paintbrush. -$10 an hour.
  3. I could go find a different type of deal, pay someone else to pick up that paintbrush. $10,000.

Why are you only doing 2 rehab projects at once right now? Why are you limiting yourself? Could you not go out and get a few L/O’s. Could you not find yourself another house that needed rehabbing and wholesale it? You could go L/O a house. There are 100 different activities that are more productive and pay a hell of a lot better than painting a house. But, of course sitting on the couch isn’t one of them as I’m sure you know.

I know you say you understand the concept, but do you really? If you did, you wouldn’t say this. Ask Steve Cook, the last time he painted a house, ask Ron Guy, or JT-IN, or Ron LeGrand the last time they did any work on a house. I know it’s tempting. I know I can paint this inside of a house for $200. Rather than pay someone $800 for it. But, the reward just isn’t there. After a few days of painting a house, I have a clean wall. After a few days of looking at houses, making offers, I have the potential of a pile of cash.

Marcos

Get a different contractor!! (nt) - Posted by Jim Kennedy - Houston, TX

Posted by Jim Kennedy - Houston, TX on January 31, 2002 at 09:31:27:

.

Re: Rehab tips and suggestions - Posted by Jeremy FL

Posted by Jeremy FL on February 01, 2002 at 07:34:15:

Believe meee I really understand the concept. Sorry, but I would never reccommend that every newbie should run out there and buy 5-6 rehabs and hire a contractor to fix them up. It takes years to build up some contacts that you can trust and rely on. Secondly, I do not rehab in war zones like some, so carrying a side arm while I work is not an issue. Just cause I am painting doesn’t mean I am not working on other stuff. In fact, I have sold 2 of my rehabs while I was out working on them. (People stop by all the time and ask about the house). Now the reason I am only doing 2 @ a time is so I can enjoy my life and do things outside of RE. Am I limiting myself? You guys would die if you saw my 58 year old Dad out there helping me. He loves it. And believe me, he is in the top tax bracket. I think it gives his mind a break. My $00.02

Amen - Posted by Luke

Posted by Luke on January 31, 2002 at 16:42:22:

Take it from someone who has spent the nights and weekends of the last six months rehabbing a property (rather extensive…completely new kitchen and baths, new electrical, new plumbing, new doors & windows, new porch): This was a nice learning experience, but I would have rather done 2-3 other, less pervasive and expensive deals to equal the profit on just this one.

It’s about over now and I’ll start to market it (aside from the lawn sign I’ve had up since day 1), but I’ll never pick up a hammer with the intent of rehabbing in mind…I’ll let a solid contractor do that.

If you want to get your hands dirty, find a nice restoration to do…like an old Victorian, something you can take your time with and have fun. If you need to make a buck, spend your time on knowing how to do deals.

Luke

Never hire a contractor! - Posted by GL(ON)

Posted by GL(ON) on January 31, 2002 at 10:28:56:

At least not if you can help it. Painting etc. should be done by a handyman, or a student you trained.

Contractors are easier to hire and require less knowlege and supervision on your part (you hope) but a lot more expensive.