Property Rehab: Fixer-Upper and Construction Talk

If you find a good contractor and one you can trust; I would like to know in dollar amounts how you compensate them. I am thinking to offer 100 to give me estimates and more if they are willing to wait until closing. Anybody can tell me how they work it? I think it is better to pay more to retain good people on your team.

If you live in Florida or if there are any other states that have a "Notice of Commencement" that has to be signed & recorded by contractors/builders to do
any work over $ 2000 BE CAREFUL!
What this does is put a lien on the property (similar to a mechanic's lien) to that the contractor can get paid for the work...But, if the contractor does not pay his supplier for the material, the supplier can come after you, place that lien on the property & even foreclose.
Jill & I have done 55 rehabs here & just had the first problem with a property we just sold mid-January.
The roofing contractor replaced the roof the November,
& we paid him in full upon completion(he did 2 roofs on

Greetings,

What type of compensation would I give to a contractor who agreed to give me estimates on some properties to wholesale?

Thanks for any info you provide.

Linda

Here's the jist.

There was a bar/club scene in a large building. This business had to leave out of town because the owner of the building is neglecting repairs to the roof. It's about to cave in!

The 2nd story building directly across from it is a hotel.

My great idea is to communicate with the owner of the caved in roof property with the owner of the hotel to create an agreement for renovations of the roof and at the same time building a 2nd story walkway between the two establishments.

In my pitch for acceptance, this would allow bar goers easy access to the hotel and potentially reduce drunk driving.

What are the rules for direct access to two separate buildings like this above ground? What are the job titles to the local individuals that can guide me?
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I have seen many homes here in Lemon Grove that have had some fire damage Should we stay far from these? or just trim the offer to suit. In other words is it hard to get rid of the smell and affects of a fire?

I just went to my first house viewing by an FSBO that I found on Craig List locally. Based on the desciption, price offered which was 1/2 of the supposed value of the home, Zillow estimate, and comps in the same neighborhood, I thought that I may have found my first good potential deal that I could potentially wholesale. I met the owner and after viewing the outside and inside complete with wood cracked, cement cracks, windows cracked, no lights, no power, no heat and work needed in every room of the house - paint, rugs, dry wall, and a dark dirty spider web infested basement - I was so depressed after viewing this house that I started to think that maybe this is not for me! My question is how can you avoid this from happening again or how do you overcome this?

If you need any exterior work to be done in Ma. I have just the guy for you. Cheap and very professional.This guy takes pride in his work. PM me or leave a comment and I will send you the info.

We have a bank owned property with pool available. They're asking $73,000. We're working with realtor to offer $37,000 due to anticipated repairs and ARV is in the range of $105,000, and want to assign it. Needs roof, a/c, has no cupboards or sink in kitchen, no sink or toilet in mstr bath, foundation may have problems, a few pool tiles need replacing, and wiring may be an issue. We're guess-timating around $30,000. Are we close?

Thank for your valuable input!

I feel it is important to know how to advertise and rank your repairs. I put them in two categories minor repairs and rehab. My minor repairs start at $0 to $4,000 and rehab starts at $4,000 on up. This lets people know how bad the conditions of the home. My minor repairs are new carpet, walls painted, and little items replaced. My rehabs are adding on to the home, pipes replaced, new wiring, and new roof. Once I feel that my own estimate is correct I call my local sub-contractors or Lowes and get at less 3 bids on my property so I can back up my findings. Now i am prepared for my buyers.

We have a bank owned property with pool available on our street. They're asking $69,000. We're working with realtor to offer $37,000 due to anticipated repairs and ARV is in the range of 100,000, and want to assign it. Does this sound like something we should take on for a first deal?

Thank for your valuable input!