Laura J's Journal

Hi Laura!

I have to spend more time here and see what you have been up to, I cannot wait to read your progress which seems at a glance to be firing on all cylinders!

(I do not think that you can erase a double or triple posting but I think if you are the author you can go back and edit them, I would delete the contents two of them, I think that they still post but they will be blank !!

Thanks, and yes - I am on that great high of having active deals! Also thanks for the advice on deleting my duplicate posts too. I tried to delete the contents but it cant be blank...at least I got rid of the long duplication and just put a little blurb in. GOod idea

Today I met with the contractor doing the drawings for the front of the house. Really exciting to see my ideas come alive on paper! So now all drawings and permit applications are complete and as soon as I close on Tuesday I will go directly to the building department and drop them off. Woohoo! Let the rehab begin!

I was calling around yesterday for dumpster costs and found a guy who had a special dumpster license that required him to do the actual work as opposed to just dropping one off. He explained that while dumpster companies charge you by the size of the dumpster with a weight limit - that no one ever maxes out that limit. When they go to the yard to dump - they are then charged by the ton. So our local dump is $80.00/ton. If I pay $400 for a 10 yard dumpster with a 2 ton limit (lowest local rate here) and I only put 1 ton of debris - that company just made $320.00. He can save me money by doing the work himself and hauling it away. Knowing my budgeted cost for a dumpster and labor I met with him this morning to get a price. Well, he came in at 600 for the whole deal! So guess what - he's hired! He just saved me $300.00! On top of that, he has a contracting/building business and gave me money saving quotes on flooring and the addition I'm putting on. So I am going to spend a couple hours with him and he is going to show me his work on other job sites because I stressed that I'm all for saving money but not at the expense of QUALITY. So I'm pretty excited that I may have just found a really important team member in my rehab business!
My survey should be in tomorrow so I can drop the plans off at the town, then closing on Tuesday and Wednesday its go time!

That is awsome Laura. You just keep rolling along. I am truly inspired by your journey.
best wishes.
Richie.

I really love this business! Love the people I meet and all the challenges presented to learn and overcome. It really makes me feel alive and excited about conquering every day. EVEN THOUGH my first contractor, who quoted me 7,000 or under on my addition just called to say it ran up to 11,000! OMG! Well, I told him I want to pay him for his drawings for my permit, and that I am getting other quotes like I do on every phase of work and to make sure thats his best price. The sticky part is that its my fiance/partner Steve's brother!!!! But business is business, and thank goodness I've dealt with him just like any other professional on a professional level so bottom line hopefully there wont be hard feelings. Heck - Steve is just getting used to the idea that I'm subbing out some of HIS work at better prices (the demo for instance) When we met with the dumpster guy mentioned above he was SO skeptical...but they ended up talking for nearly an hour. So he's coming to realize that we can get it done for less, he doesnt have to bust his butt on that part of the job, and in the end its more profit for both of us. He does awesome work, but as a one man home improvement guy his whole life he doesnt "think" like a rehabber - but hes learning haha

WOW ! Did he say why the quote went up 4k? I would think there should be no hard feelings,Like you said business is business. He can't expect you to spend more because he is your future inlaw. If you get a lower price give him the chance to match it. No one can say you weren't fair then.
Good luck Laura.

I will definitely give him the opportunity to match my lowest bid. I am going over it in detail with him tomorrow so I will find out where the difference came in. In the meantime, my new contact doing the demo came back and gave me a verbal of 7500.00. I told him to write it in detail and send it to me, and I have another recommended builder coming Friday. My rule is 3 quotes on each major part of my jobs. I'll keep posting as things go along!

Finally! Closing today and work starts tomorrow. I'm pumped!!!
Yesterday I met with two replacement window companies. One came in at 225 per window with $25 trade-in, the other came in at 175 with $75 trade in. Once again proves the value of taking the time to get estimates. Major savings right there. So I'm off to the bank to get a certified check (buying cash), get my hair done (gotta look good haha)go to closing, then call gas co. for gas line hook up (they wouldnt talk to me until I was the actual owner)drop off plans with survey at town hall for permits and then celebrate!

Congratulation Laura, or should i say good luck, lol. I'm happy for you and it shows when you do your research and due dilligence it's comes back in one fold. Now, go get your hair done and make yourself look good because you derserve it. Don't forget a pedicure and medicure too while your at it, lol.

Lloyd

I miss hanging out with you! Now I know why you said 'go close a deal' in your other post You are a great friend and a great inspiration to me. Keep your eye on those employees haha. With a boss like you I cant imagine them not being inspired to maximize their potential!

Just came back from closing! Yay!!!
AND got a phone call from my Wisconsin realtor that the rehab on that house is finally done. Inspection is this Friday and closing next Thursday! Holy Cow! I wont make that on such short notice but hope to go out right after and visit the property, see Rina, and maybe get a tenant in place!
I'll be keeping a rehab journal on this Jersey house as it goes, and will add pictures along the way. (For anyone who missed them there are some pics of its current condition earlier in this post if you want to take a look-posts 45 & 46)

Trees gone!
ivy removed from house & roof
Interior trim all removed
Outlets updated to three prong to meet code
Met with other window guy - waste of time
Met with HVAC guy - will call with quote tomorrow.
Met with neighbors - all so glad to see house being taken care of, a few had friends who are interested in the neighborhood!
Time for dinner

Way to go, Laura!!! I'll bet the neighbors are LOVIN' you! You'll make that eyesore into a thing of beauty. And you'll probably end up with some great leads for renters. (Friends and relatives of neighbors have always been a positive in my experience).

Can't wait to see you! And to see pics of the progress on your Jersey house! Sounds awesome!!!

Love ya, sis!

Rina

P.S. I'll e-mail you some pics of 6118 tomorrow night.

You ladies ROCK! Its nice to see fellow DG members team up and accomplish such a great deal together. I like the fact that you used and/assign. That may be a sign that the banks are lowering their demands. Good luck going forward.
Richie.

Congratulations on your recent deal and good luck on your project. I enjoy reading your daily journal and I can not believe how much you have going on. I find that sometimes friends do not understand the passion and commitment it takes to make everything work in a real estate business. Thus, it is great to hear about other motivated and ambitious people such as yourself. Keep up the good work and best of luck on all you future deals. Believe and Achieve! Indiana-Joe

Way to go Laura! You rock and roller you, lol! Congratulation on your latest closing!

Now close on a another one, lol

Lloyd

Thanks everyone! I missed getting back on here yesterday....you guys are all the best and I'm where I am cuz of all of your support! Its great sharing each others experiences through here!
Day 2:
Worked 'real' job 6am-3pm, but snuck in a ton of phone calls and emails with contractors and township people.
Made 4 more appts for next week for estimates
Steve (my fiance/partner) got waterheater out of kitchen and up in the attic and reran all lines
He also finished all the electrical needed before the inspector comes in for C/O (We like to get as much elec/plumbing done as possible before they come thru)
Day worker finished getting all ivy off house and yard, put up smoke detectors and insulated in crawl space- poor guy
I got out of work and went to site and met with 3rd contractor for addition estimate, then helped Steve with some plumbing, swept up and put all the tools away. Gee I felt so important haha.
Talked with neighbors for about 20 minutes (this is becoming a bit of a problem - they REALLY like to gab and we're trying to work)
Also emailed and made phone calls on Wisconsin house!
The fabulous Rina is going in today to check it out and bring prospective tenant through for me - thanks girlfriend
Inspector goes through for final time today - and closing set for next Thursday! Hooray - its been a long time comin!
I plan to go out there either first or 3rd week of June to see the house, secure a tenant and party with Rina!!!
Well - gotta get back to work (snuck on again)
Wishing everyone a fabulous holiday weekend!

Met with more contractors for addition estimates. Got referrals from them for Heating/AC guys.
Called them and made appts for next week.
After that I will definitely have enough to choose one from!
Set up meeting with gas co. to get the conversion in the works.
Browsed around Home Depot and found a kitchen sink on sale for $43.00. Had $100-120 budgeted in for that so yeeha! Oh - the little things in life that make me happy now
Taking it easy the rest of today and tomorrow as I hope everyone else is too! Happy Memorial Day!

Yesterday was the inspection - finally - after all the work had been done from the broken pipes!
I am soooo grateful that the fabulous Rina and her husband (what a team!) represented me there yesterday at my inpsection.
When the inspector called me he had a long list of things, some really major (needs new roof asap, broken rafters, bad hot water heater) in addition to lots of little electrical and misc. stuff. When I hung up I was so disheartened. I would never have the money to close AND do all that work.
As timing had it I didnt speak to Rina and Jon until today. So last night was not too restful!
But with their information and Jons construction knowledge they assured me that the work necessary to put a tenant in is not that much, and that once the rafters are shored up the roof will stand up for at least another Wisconsin winter So I gave a big sigh of relief and plan to go ahead with closing as planned! I'm so happy - been waiting to seal this deal for months now. The inspector was only doing his job in protecting me as the buyer - but if it hadnt been for them being my long distance eyes I would have crumbled, and lost a great investment property.
Dinners on me when I come out Rina - and breakfast, and lunch........

heres the start of the picture commentary on my rehab. As work progresses I'll do more.

http://s618.photobucket.com/albums/tt267/laurajohnson49/union%20ave%20ud...

Great before and after photos of the home. People could not see the home through the trees It sures makes a big difference and adds curb appeal. Good luck on your rehab. Believe and Achieve! - Joe

Just came back from meeting a few workers there...yes, even on memorial day! I cant wait to show the interior transformation as we go along. I really love taking old ugly houses and making them a beautiful home for someone! I'll be getting all permit applications into the town tomrrow and then the work can really get started!
have a great day!
Laura

Talk about a BIG improvement! It's nice to actually SEE the house now.
It's almost like magic! I can't wait to see the pictures of the inside when you're finished.

I think we should get together when you come to WI, it's only like a 6 hour drive for me! I'd love to chat with you & Rina "live". I'll buy the first round!

Dawn

Sounds like a plan girl!
The Wisconsin assignment house finally closed this morning-long time coming!
Work on the Jersey house is coming along - waiting anxiously for the town to approve my zoning permit for the addition.
Got estimates for new furnace and AC actually within $800 of my budgeted amount! I really had no idea so that was a truly lucky guess for me. The first few came in a few thousand OVER, so I was scared but it all worked out.
I powerwashed the entire house (one of my most favorite jobs- so gratifying!)and it not only took off the dirt and moss, but removed all the millions of clinging ivy roots - so now we are able to paint it without having to reside - another lucky break that I was secretly counting on in my budget haha. Love that power of faith and positive thinking

I can just see you with that power washer now! You have many talents huh?
It must feel good to be so close on your budget, you're getting really good at that, great negotiating skills my friend! Have you decided on a color? Be sure to post the pictures when you get it done, I can't wait to see you in your overalls covered in paint. (that's what I look like when I paint, I really get INTO it!) Glad to hear it's going so well for you, congrats again!

Tell Rina...get those drinks set up!

Dawn

Sounds like things are really progressing on your projects. It will be fun to look back in a few years when we are all full time investors and remember how it all began and when we all were part time investors with full time jobs. Hard work creates opportunities and it appears your opportunities are continue to grow all around you. Good luck on you deals. Believe and Achieve! - Joe

It seems like from when you were so frustrated(and I remember reading about your frustrations) that you still pushed and pulled your way through and now have so many things going on...So the persistence pays off I would say...It is amazing how far you have come from those post, to now where you are now...So good job sticking with it and I am sure you will keep having many successes.

Havent been checking in too much lately - its hard to find the time. Between regular job and rehabbing and all the phone time it takes coordinating estimates, workers, etc I dont find much time for the computer. And yes, REI has many highs and lows, as everything in life - but as long you have a dream and goals and lots of support anything is possible! Big thanks to everyone here for the support I always find when I need it!

Laura,you are just moving along. I see the confidence building in you.
I am happy to see you get rolling one flip after the other.
Very inspiring to see where you started and where you are now.
Good luck on your future deals.
Richie.