* Official Real Estate Forum * (4 Viewers)

Kvartalnov · Jun 29, 2006

Kind of an odd question:

Bought a townhome for 190k in August 2005. In September 2005, the developer decided to drop the prices to 170k to increase sales. I was told in September that I would receive a 20k credit to my mortgage to reflect the new price.

The development is a City project and I have been told that the developer is not obligated to give me this credit. It has been 10 months and I have not received the credit. All that I have in writing is a letter from January 2006 stating that I will receive a price reduction, but the letter does not show the amount.

In a townhome development, is he required to give me this credit? Is there anything I can do to get this credit besides hounding the developer? Could the appraiser be incorrect in valuing my home at 205k, when a month later the townhouses sold at 170k?

Any help would be appreciated. Nothing like losing 20k in less than a month on a townhouse.

Thanks

Flying V · Jun 29, 2006

Around here, unless you've done business with the GC before, you can't get one to work without at least paying for all the material first. Many make you pay $200 just to accept the contract and get put on the schedule.

RKMoney · Jun 29, 2006

I can't think that if I tell him sorry only $500 up front that he'll go for that. Heck, I wouldn't.

cosjobs · Jun 29, 2006

If you have already agreed, you are probably stuck. I think you said you checked references, so I would not really worry about it. I would try and get partof it tied to an on time completion, tho. Or offer a $500 bonus if all work completed by so and so a date. Time is money and it keeps them from draggiing them out a long time if they get other jobs. Good luck, I checked with my guys and they had not heard of him, but that means nothing- its a big town and my guys don't "network" a lot.

BassNBrew · Jun 29, 2006

This is this first step of many tales of woe.

BassNBrew · Jun 29, 2006

That works too. See you at the store and let's go shopping.Seriously people, once you pay half up front you lose your leverage. If you were really dealing with the best GC, you wouldn't be getting a great price anyway. Anyone worth his salt will be getting top dollar. Note: I'm not saying an unfair price. There are plenty of people that will pay the quoted amount no questions asked for the best to screw around with low margin jobs. If you're looking to make decent money on a flip, you should be finding that up and comer chomping for more customers but yet has some experience and references.

Flying V · Jun 29, 2006

Actually, those are the guys I was speaking of. In my area, the best and most experienced GCs are so busy with new construction that you have to wait 4-6 weeks before they get around to even getting you an estimate, and who knows how long before they finish. The demand is so great right now that even the most inexperienced GCs pretty much got you over a barrel. That's why I've been staying away from any projects that I can't handle myself. Hopefully the recent slowdown in new construction will impact my area soon so I can get some decent help without having to pay so much in advance. My cousin usually does the big stuff for me, but when he told me how much he makes off new construction, I can't blame him for putting my projects on a back burner!

Jeff Pasquino · Jun 30, 2006

If he has good references this MAY Be ok - but about 1/3 for materials is standard.On small jobs, $5K isn't much - but this is 50% of your budget.

1/3 to start, 1/3 at 50% point (define what needs to be done), 50% on completion.

They are making 30-50% profit, so the last 1/3 or so is the profit center.

You might also have to buy the materials if you want to hold back some $$.

Overall though on this kind of job (small - under $20K), 30-50% up front isn't too bad.

I'd try for less and settle at 30-40%.

Jeff Pasquino · Jun 30, 2006

Tough one - but call the person(s) regarding that letter and get something more concrete in writing.Also ask others who bought when you did if they get the letter and/or discount.

Hopefully you don't need a lawyer.

BassNBrew · Jun 30, 2006

Jeff...I'd never do this. If it's someone I'd already been doing business with, they'd trust me to pay them. Heck, most would give me 30 days net on 100%. My HVAC guy has been carrying $4000 for 4 months. Someone new, no dice. There are scammers all over my market. Ask yourself, if someone is that hard up for the cash, how good can there business be??? I understand the contractors have to make their money too. I'll go as far to pay a guy on a daily basis and buy the materials, but I will never expend more then I've received. Thus far, it works in this market. Don't forget, they can slap and lien on your stationary property, good luck finding a crook in the shadows.

Flying V · Jun 30, 2006

This is a perfect example of how different markets affect how you operate.In my market, you don't pay, you don't play. The contractors decide who they are going to work for because there is way more work than workers. That's why the choice here is you pay up front for services now or wait months for that GC that won't make you pay so much up front to get around to you.

Yeah, it's darn risky and people have gotten ripped off. Being able to do most of the work yourself is a huge advantage in my market. That's why I've been able to succeed where many have failed. In a couple of months, it could all change. I hope so...I could use a break!

RKMoney · Jun 30, 2006

Nothing "official" yet, he's sending over his final sheet breakdown that totals to his 9,900 amount.Checked and went to two different places he's worked on and they looked great.

Thanks CosJobs...by the way, I may need some info on you regarding lenders

This got me thinking about "bonus for finishing up early" topic. While I don't want him to finish late, why is finishing early a good thing? Wouldn't you be more inclined to do something sloppy if you knew that finishing early would get you more money?

I definitely want them to finish as early as possible but also want it done right. I would hate to pay more money and get it done a few weeks early only to find out they took corners.

RKMoney · Jun 30, 2006

The job is fixing up a 310 square foot garage, convert into apartment. While I agree if it was a bigger job on not throwing out half upfront, this is a small job and est time of 6 weeks completion. $500 upfront won't even buy many materials he's going to need upfront to start.

RKMoney · Jun 30, 2006

I actually like that, thanks Jeff.

RKMoney · Jun 30, 2006

By the way, I simply asked him and he's been flexible to this point so I'll see what other options I can take with him in regards to pay installments.I don't want to penny out daily and have him go get the materials, that's too time consuming and frankly this is such a small job I don't see this as necessary.

They can slap a lien so they have the power there, I'll ask him what other payment options he is willing to take and then report back. Never hurts to ask and I already know that giving him a little less upfront won't kill the deal.

Jeff Pasquino · Jun 30, 2006

In Maryland getting good help and managing it is the hardest part by far.

I'd love to see contractors more hungry for work - but that isn't the case around here right now.

I'd far prefer BnB's approach (and still try to hold back as much $$ as I can) but you have to pay (some) to play.

Jeff Pasquino · Jun 30, 2006

H2H

RKMoney · Jun 30, 2006

Mike Anderson · Jun 30, 2006

I do Draws based on work output for Jobs over a few hundred bucks. If it's under say $300.00, then I expect that the person I am hiring has some reserves, they can do the work, and get paid.As an Example, I have my Electrician doing a $3K breakout and upgrade right now. We did a Grand draw to get started, and I have paid two $500.00 draws as we have gone along with me seeing forward progress. We are in the final stages, and I am holding the last Grand for completion.

I have a CHEAP but great part time painter that is just flat out FAST. $200.00 a Unit to paint out. I expect him to do the work, then we will settle up.

Given that you are not known in the market, Your GC is protecting himself by asking for 50% up front. I WOULD get some references from past customers, and look at some of his work. If he is any good, at least one past customer will be willing to help him out.

Contractors get burned every day of the week by doing work for someone who won't, or doesn't have the ability to pay them. He's doing a CYA.

I would still prefer a Weekly draw over the 6 weeks, where you see ongoing progress that is in line with the completion date, but you might not be able to swing that.

Mike Anderson · Jun 30, 2006

Without some solid references, this is the advice you should follow.I'll never forget the bum my own mother hired off the street to do some carpentry work on one of her first rentals. I was SHOCKED the first day when I heard about it!

Anyway, I also remember tracking down his home address, driving over into the bad part of town, harassing his Mother who he lived with (and the guy was in his 40's) into telling me the bar he was in, going to that Dive bar, and making him understand that one doesn't take advantage of my mother. I personally took him to the property and worked there for the next 3 days on various little things to keep an eye on him, as he had already spent everything, blown off work for two days, and was honestly never going to come back.

It happens. And yes, absolutely insane on my part, but when your mother is upset like you have never seen, demoralized, depressed, and beating herself up, you do unusual things.

CYA applies to you as well.

Mike Anderson · Jun 30, 2006

I would first update your Profile to include where you are operating.Secondly, I would talk to a Lawyer. A few bucks for some real advice when talking about $20K is a drop in the bucket.

Mike Anderson · Jun 30, 2006

It's like Bass can upload my thoughts. :eek:

Mike Anderson · Jul 1, 2006

My HVAC guy also runs 30 day Net with me. The Electrician will do total rewire jobs if I buy the Materials, and carry me on the labor for months if needed with a tight rehab. My Appliance guy will carry 45 day net. My carpet installers are 30 day net, the carpet cleaner is 30 day net, my Painter is 15 day net.However, I have been the market awhile, and get rock bottom rates and top priority service as I work in Volume. My Electrician puts $10K NET in his pocket from me alone every year, and I throw him Countless referrals.

Just starting out, you might have to put a chunk up front. The GC is going to be as worried that you won't pay as you are that he won't do the work. Trust and your reputation are built over time.

Mike Anderson · Jul 1, 2006

This needed it's own bolding. :thumbup:

Mike Anderson · Jul 1, 2006

flyingv,I might suggest that your operation is larger than the average little bears, and that if you started to be more aggressive with Subs, you might be surprised.

Same rule with Contractors as with Tenants. The LL is in charge, period.

Mike Anderson · Jul 1, 2006

RKMoney,Don't make me read back and remember. Put your Area of operation in your profile. Also, remind me, I seem to think you have a Garage unit that you are fixing up for $10K, will rent out for $400-500 a month, and be repaid in a Year. Right?

About the time issue, if my givens are correct:

Best case: The GC piddles around for at least a week with the holiday, finishes in say 5 weeks, and you have a shot to have a renter by September. Maybe a little late for a College student, but maybe.

Worst case: The GC piddles around for a couple of weeks, runs the 6 weeks, then runs over a Month sending you to the point of break down, and MAYBE, just MAYBE you could rent it by November.

I don't have a "Way Back" Machine, and can't go back in time 2 months. Once those two months have past, you can never go back. Two months rent at $500.00 a month is a Grand that you have lost, and there is absolutely zero way to recapture it.

Would a $300.00 bonus be worth $500.00 with a shot at $1,000.00 to you? It would be worth it to me.

I could give a half dozen personal examples of a Contractor or Sub putting me back a couple of months just off the top of my head were I lost up to a Grand on each one of them. So off the top of my head, I could recount some $6K that I lost and will never be able to recapture.

I'll let some other seasoned investors add their own examples. Any of them are going to tell you that Time is Money. I would bet that Bass and Jeff have some killer stories to tell on this subject.

Jeff Pasquino · Jul 1, 2006

Mike,Explain "X Days Net" like we were 10, if you would.....

Mike Anderson · Jul 1, 2006

300 sqft unit? What in god's green earth is he doing for $10K?? :confused:

A 15x20 Efficiency Unit is going to run you $10K? Are they starting from scratch?

For the record, ANY time you can recoup whatever it may cost you in a Year or less, it is a slam dunk, but I can't begin to fathom how a 15x20 unit is going to cost you $10K?

Could you please post the scope of the work, or fax his proposal to 260-426-RENT, I would very much like to see what he is doing in this space.

NOT saying you are getting shafted at all, it might be an absolutely solid bid, I just can't wrap my mind around it.

Mike Anderson · Jul 1, 2006

Don't let that get in your mind. This is most likely the biggest job to date in your experience. The GC should understand that although this may be routine to him, this is HUGE to you, and you have solid expectations.

Homer J Simpson · Jul 1, 2006

I assumed that x days net means that when the job is done, Pete the Electrician sends a bill that says $1300 is due in x days.Basically, Mikey gets his #### done on credit. :thumbup:

Mike Anderson · Jul 1, 2006

There are some things I won't do. Major electric is one of them. Running a 220 Stove or Dryer line is an easy thing, rewiring a House? ForgetaboutitI can't seam carpet decently at all, so that gets hired out. Roofing SUCKS. I WILL do a little porch roof, or small extension off the FIRST floor. I will do a NOT steep Garage, but Roofing SUCKS! Certainly nothing on the second floor. Outside of that, I will pay for things that I don't want to do, or where I can get a Price that it's just stupid for me to do it. For example, I get carpet professionally cleaned for $35.00 a UNIT (Not room, UNIT). I would be stupid to do that work myself. But I throw the guy 5 units a month, and fill in the down time. I've got a Painter who will paint out the inside of a Unit for $200.00 where I supply the paint only. I'd be dumb to do the painting when I can concentrate on other things that would cost so much more.

But outside of that, I do most everything myself. Plumbing, Siding, carpentry, Ceramic, Sheet good flooring, Drywall, most everything.

If you want to save monstrous amounts of money, pick up a tool, and figure some things out on your own. I could not have survived in RE in the beginning without learning how to do tons of things.

I have a hard time relating to an investor who's only tools are a Pen and a Cell phone. We can be fantastic Friends, I just can't relate.

Mike Anderson · Jul 1, 2006

Correct. This was Huge when I was running Country Clubs back in the day. Buy a load of produce, and based on how well you have paid in the past, the more time to pay you get. Nothing is worse than being basically C.O.D. I could standardly buy lettuce, and have 30 days from the time the bill was put in my hand.So it's actually Mike the Electrician, or Stewart the Carpet Cleaner, or Masters Heating and Cooling.

I call Masters and tell them I want a New High efficiency Furnace installed. They come out, do the work, Mail me the bill, and I have 30 days from the date they mailed it to me/generated the bill to pay them.

I actually write all my checks around the 23rd of each month, and that's when most people get paid. They all understand that they will get a check in the mail a few days before the 1st.

The only person really working on draws anymore is the Electrician, but the price of materials has SKYROCKETED!!! Have you seen what 2-10 wire is going for lately??? :eek:

Mike Anderson · Jul 1, 2006

But just so I am being fair, I've been in the game for a Decade, and as a real player for say 6 years. I have my "goto" guys that get every bit of my work in that area.

My Electrician might work a total of 10 weeks a year for me and makes $10K take home a year from me alone. I also send anyone and everyone his way, and I'll bet he makes another $5-10K a year take home off my referrals. So he makes up wards $20K a year off of me.

At this point, I call him late at night at home if I have to, and he will do a $5K job for $3K for me.

I also don't push him hard unless I need to, so he can do work for others and fit me in as long as he goes at a good pace. He mostly does Split outs with a total rewire on brand new purchases as I am still tearing down walls, drywalling, painting, whatever, so he can work at night when he wants to, leaving the day open to do other jobs.

He carries one of my Master Contractor Keys, and I use LandLordLocks.com, and can re-key locks in about 30 seconds, so I just change the lock to his key on a new place, and he can come and go as he wants to. I also keep a Garage just for Electrical and plumbing that he has a key to. I buy deals in bulk when I can, and he can go over and see if he can't find what he needs. I have two extra Two gang meter bases for a duplex split-out sitting in there now that I got for nothing really. His next two projects for me will be splitting out two Duplexes.

By the way, if you have a few rentals, ask me in this thread about my Locks, and how I use them. I have a great system. I don't want to get off on a tangent if there is no interest.

So anyway, on the subject of tangents, the point of this post was supposed to be that I've been around for awhile, and use my "goto" people who I give volume to to help them fill out the dead spots. I get great rates, and pretty much dictate my terms in every way.

Trying to remember back, It wasn't always that way. Sometimes, certainly in a Busy market (I doubt I could find a Contractor to follow my way or the Highway in even Indy, much less something like AZ) you might have to accept what you can get in the beginning.

I am far more of the line of reasoning Bass has laid out on this subject, but I can understand that it could be different for someone's first project.

All in All, Bass has this spelled out.

Mike Anderson · Jul 1, 2006

JoeT has a Thread going that has some legs about selling with an Agent, or doing a FiSBO.

Pros and Cons with using a real estate agent, when buying a house

Here is what I posted over there, and I thought it would be solid to add it to the Official FBG RE Thread:

JoeT,

Although I am an Agent, I don't practice. My Wife is a Practicing Agent.

That said, it is just going to depend on your market, and who you are selling to.

If you are in a Hot market, I can't see recommending that you have an Agent. The house will sell anyway, why pay the commission? I wouldn't. If you are in a Slow market, an Agent can market better than you could dream to.

As for who you are selling to: If you are selling conventionally, the buyer is using a Mortgage company, everything is normal, as a FBG (With what, 250 IQ, a trophy wife, and a $500K a year job like any other average FGB) you will be fine over 99% of the time without an agent. There are some pitfalls and risks, but they are so rare, I wouldn't worry about it.

If you are getting creative, Land Contract, first time buyer, FHA buyer, rent-to-own, anything outside of the norm, there are pitfalls either way. The Land contract/Rent-to-own is a Nightmare, and yes, I have sold properties that way, never again. For the FHA/First time buyer, there are requirements that could make you pull your hair out, and honestly, just expect that this way a Negative Home inspection comes back with things you then fix, and the deal still falls apart. If it is going this way, you need to say that you will make no repairs until you get a complete copy of the home inspection, so that when it falls apart, you have it in hand, and have made some repairs. Let the buyer spend the $300.00 and then you get the work product for free. Always ask/demand a copy of any home inspection where the buyer paid for it. Free is good.

All in all, as a Licensed Agent, I would say that in a Hot market with a conventional buyer, don't worry about an agent.

Without that combination, consider an Agent.

However it works, Interview any agent you are looking at.

Go to Realtor.com - do a search similar to the property that needs to be Sold - and see which agents have similar properties for sale. This means that they are "working" that area or price range - and have the maximum amount of buyer calls coming in. Another opportunity to check out their web sites.

When looking at their web site - I would want to see an extensive "About Me" page - and it needs to say the Right Things - plenty of Testimonials - and I want to see Listings - with eloquent descriptions - and Virtual Tours. I want to see their Listings pop up easily - and I want to see lengthy information - lots of photos - and it needs to be easy access - no "signing in" for information. If I spend more than one minute, trying to access a list of listings - I'm gone.

I would take the top picks and send them an email, and check for response times. If Joe Schmoe responds to me, within two hours - good sign.

Compile List - Start Calling - it's a Weekend - will be interesting to see Who works Weekends.

Brief Chat - just tell them the basics - very brief - and somewhat vague - - and ask them to send a Marketing Package - with samples of Marketing and a Marketing Plan. A Good Agent will have this already in place - and will Overnight it or drop it off same day. A Good Agent won't have to run around and prepare one - they already have one prepared - because this is Routine for them.

They also need to send a sample listing agreement - so the Seller (YOU) can study it - and be ready to ask questions. Read The Contract!

I wouldn't "Interview" them, on this phone call. I want to see if they take a phone call, seriously - or if they blow off a phone caller that is vague and hesitant - - - because Most ARE, when calling an agent. I want to hear the agent Finesse the call, in order to loosen me up - get my information - - - that's how you befriend a Buyer, as well. I want to see Personality - and a Willingness to Help - and I would want to get a handle on whether they are Genuine or Full of BS.

Then - we wait for emails all weekend - and packets to arrive early next week - and then look over their marketing plan and examples of advertising - - - they should have included a Resume - a list of References - Sales Volume for the last three years - Background - Philosophies - Selling Tips - you name it.

An Agent who is Organized - and makes a great presentation, quickly - will most likely be giving the same type of presentations on your property that is for sale - - - not always, though - some like to schmooze to get the listing, and put more effort into that, than selling - so you need to check their sales totals, and actual examples of marketing on a property - and call their references.

Here's the list of Questions I would ask any agent you might be thinking of hiring.:

How long have you had your Real Estate License?What did you do before RE?What are your basic philosophies about buying and selling and working with clients?How long have you been with this company?What are the advantages to being with this company?How many hours a week do you work?How many listings do you have? How many are under contract? How many do you typically carry?Do you work nights and weekends?What was your sales volume for the last two years?How far away is your office and home from this property?What type of marketing/advertising will you do to sell this property?What kind of money do you spend each month on advertising?Where do you get most of your buyer leads from?What do you think the average days on market for this property is?What type of activity do you expect to see on this property?Please fax The Marketing Plan to me.Please fax References to me.Please fax listing agreement in advance, for preview.What type of cancellation clause is in the listing agreement?How long do you typically set the listing time period?Let's talk Commission.My Wife (and I) would be prepared to handle this kind of customer. If you are going to pay an Agent thousands and thousands, get your monies worth. So many agents just want a listing, any listing.I have on numerous occasions advised my Wife to dump or not take a seller who didn't understand what was going on. She is in the business of selling houses, not spinning her wheels. If you take on an Agent, get a great one, sell your home, and feel good about it.

But to be clear, I am a real my way or the Highway type of guy, and if you can save the thousands and thousands, and you feel comfortable marketing and showing your house, and are in a Hot market, there is no way I would take on an agent.

The best RE Agents are used to working with High End, picky, ball busters. If you do take on an agent, be one of those.

Mike Anderson · Jul 1, 2006

Oh my goodness, I just realized/understood that the question in that thread that I posted about above is someone asking about having an Agent as a BUYER! :wall:

Anyway, here is the updated response (Nothing to see here, move along):

Wow, I missed that as well. However it works, the advice in my last post stands for a Seller. I am an Agent, my Wife is a Practicing agent, and I own some 48 Properties that I rent out, where the vast majority of them are Multiple family properties. I will cross 100 Rental Units within the next couple of years.

As a Buyer, don't be a Moron, it will cost you well..... NOTHING. Get an agent. I wish I understood how easy this question was before I spent all the time to post all of that info as if you were a seller. Which would be a real question.

Go read:

*** Official Real Estate Forum ***, Real Estate Investor at Your Service

All 29 pages at this point. However it works, get an agent as a Buyer, any other course of action for someone with limited knowledge (which you are proving) would be moronic. Why would a Buyer even ask this question as a RE Agent would cost them absolutely nothing, so I made an ### out of myself assuming that you must be a Seller. If you take the time to read that thread, it will be apparent. I can't believe I spent that much time on this, I really thought you were a seller. :wall:

As a Buyer, to even ask this question, you need an agent. Why wouldn't you want a free service that protects you at zero cost?

I am the moron here for not understanding the question up front.

The answer you are looking for is: :droolsonself: "Duh, of course you have an agent as a Buyer." Don't get stupid here. :wall:

Nothing at all to lose, and everything to gain.

This most likely comes across as harsh, it is supposed to. This is a Non question that has reached 4 pages. Sorry to attack, but come on.

Jeff Pasquino · Jul 1, 2006

Despite Mike's misinterpretation of the "should I get an agent" question, this is an outstanding :goodposting:

of how to pick an agent on the sell side.

I'm even going to use this.

BassNBrew · Jul 1, 2006

Jeff, we need to talk...I think I can save you some money...somewhere around 16% per job.

Jeff Pasquino · Jul 1, 2006

You know how to reach me.

Norman Einstein · Jul 2, 2006

jeff, just look at the math...

Jeff Pasquino · Jul 2, 2006

It is supposed to read:

1/3 to start

1/3 when 50% of work is done

1/3 when job is finished.

RKMoney · Jul 2, 2006

Contacted references and seen his work, very nice stuff. I'll see how flexible or not he is in regards to payment (so far has been very flexible about everything else up to this point) but to be honest, I don't want to nickel and dime him upfront and create any ill will. Again, I want good vibes going into the later part of this week and don't want him thinking "If this guy is trying to job me down, will I get paid going forward?" Then again, if he has no problem giving up a little and perhaps getting some in the middle (instead of 50% at end) then we will both come out ahead.

RKMoney · Jul 2, 2006

You could also look at it as "If the client is trying to take a measly 1k or so out of me upfront, will I have problems getting $$ at the end?"I think I'll divide up the 9900 three ways and pay three installements; one upfront, midway point and end. Throw in a $300 incentive to finish early but if he's more than a week late, will want a reduction in final payment. Time is money and willing to spend a little more for someone else to do it but also willing to yank some off the table if you end up costing me more time than you said it would take.

RKMoney · Jul 2, 2006

Good stuff and I definitely want to become a bigger player in this city but first things first, I've got to get my own house in order. I am also looking for rehab and total redo houses and if this smaller job with this GC works well, hopefully it will lead to bigger things. I've seen people get off on the wrong foot when one side is trying to always lower everything and not flexible. At worst I throw down 50% upfront but think I can get it to spread out a bit smoother over the 6 weeks.

RKMoney · Jul 2, 2006

Sorry about all that MA, i will update my info, recap:1. Will spend 9900 to fix up garage apartment

2. Should be able now to get ~600 - 700 a month for it

Austin Texas - downtown and near University of Texas

This really is a no brainer. With my location being golden, it would be a crime not to rent it out.

Time is DEFINITELY money for me. I will shoot him an early $300 amount if he can get it done earlier, I want it all down and someone to move in no worse than September. In the same token though if he's more than a week late, I would want to recoup some costs having to wait longer to rent.

RKMoney · Jul 2, 2006

Foundation is there, starting from scratch on everything else. You name it, it needs fixed. This also includes a french drain around 75% of the structure and the place is actually about 330 square feet. I am getting a stainless steel fridge, stove, etc.Here's a breakdown, one in more detail should arrive by e-mail sometime tonight or tomorrow and he was the cheapest (in fact someone I know pretty well here who has fixed up over 20 houses thought it was about as cheap as I could get):

Description of work to be performed:

--Dig and install french drain on north and east side

of building

--Cut hole in small piece of wood at side to run drain

pipe to correct drainage problem

--seal cracks in water proofing along bottom of

building

--Install new rain gutters on East and South side of

building

--Install new down spouts where needed

--Demo old flashing on top of patio cover

--Install new flashing on top of patio cover and caulk

and water proof

--Prep Exterior wood

--Paint Exterior wood

--Remove 3 windows

--Install 3 new windows and trim out

--Demo remaining wall paneling

--Remove old electrical wiring,plugs and switches

--Install new electrical wiring ,plugs and switches

--Repair hole in east wall

--Install new insulation in exterior walls

--Sheetrock walls with 1/2" Sheetrock

--Tape,float and sand walls

--Scrape popcorn ceiling

--Prep ceiling

--Spray texture on walls and ceilings

--Paint ceilings and walls

--Install new baseboards throughout interior and paint

--Install new door trim, window sills and paint

--Demo old shower and cabinets

--Install new water resistance Sheetrock in shower

area

--Install new 6x9 ceramic tile in shower

--Grout and seal ceramic tile in shower

--Install new shower fixtures

--Install new bathroom accessories (towel bar,tp

holder,small vanity mirror

--Install new toilet

--Install new vanity in bathroom

--Install new sink and fixtures in bathroom

--Install new light fixtures throughout interior

--Install new ceiling fan

--Clean floor and repair cracks and holes

--Stain floor

--Install 1 new sink base cabinet

--Install new sink, plumbing and fixtures

--Install 3 new wall cabinets

--Install new stainless steel fridge

--Install new mini electric stainless steel stove

--Install new vent less microwave range hood

--Install new window a/c/heater unit

--Final clean and walk through

--Remove all trash created by this job

--Remove all trash already on the job

RKMoney · Jul 2, 2006

Interesting and my limited take is that it's a crap shoot. While some people must have a pool some do NOT want them. My wife and I with having a kid < 1 and another on the way specifically did not want a pool. Plus, why put up with maintenance and we have plenty of parks around us with pools. Opposite, I know someone who specifically wanted a pool.I think if you have a place, spending a bunch putting in a pool is a waste of money or if your place has one, why spend the money covering it up?

Jeff Pasquino · Jul 2, 2006

It is a crapshoot.I have little kids - I didn't want a pool. Other families want other things.

You want to get the most amount of POSSIBLE buyers when you resell.

Do the minimal amount of work to keep it in the "either or" case to attract either buyer. Allow $15K towards EITHER filling it in (THIS SOUNDS VERY HIGH) or repairing it.

In the interim, cover it and leave it that way when you want to sell it. That way it will have minimal impact on the buyer (they won't see a big hole that looks like crap in the backyard). They WILL see a nice cover and $15K.

Jeff Pasquino · Jul 3, 2006

Happy 4th all.

(AKA Bump)

Wu-banger · Jul 5, 2006

What is the standard commision for a Real Estate agent representing the buyer.....?????????

Im in NJ, AC area if it matters.

I have another more important question.. but dont have the time now...TIA

Jeff Pasquino · Jul 5, 2006

As a buyer, you don't care.They get 1/2 of the commission paid by the seller (typically).

Usually 50% of 6%, or 3%.

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