i just finished rehabbing a house. does anyone recommend covering the new carpets with plastic? i am in new jersey and it has been pretty wet and snowy
I always put down plastic after the new carpet goes down and is vacuumed. I run it from the front door, and "connect" all the rooms together by the plastic. It will surprise you when you go back after alot of traffic has gone through the house because of your marketing efforts how much dirt and foliage is tracked into the house and sitting on the platic and not on your carpet.
If you have never done a rehab, then I would pass on this one.
If you did want to proceed then you would need to get estimates locally to find out what dollar amount there is in damages............including both a pest control inspection as well as an home inspection by a licensed professional.
I suspect there is also a miosture problem that you are not aware of............anyone that knows termites know that the two go together.
Thank you all esp. to jblackwell and NC_Yank for your great advise. I agree, if this is too much for a newbie like me, then the prudent thing for me is to not do the rehab. However, I do think there is still money in this some other way than a straight buy - fix - sell.
Will need to get some creative juices flowing again and check out the numbers.
You can also use the yellow pages, the bulletin boards at stores and search online using your city in the search. Once you find one good guy you can ask him for recommendations.
In regards to a Waiver for Workers Comp in Ohio, it is my understanding the only waiver is for self employed religious communities..........such as the Amish.
There is an exclusion for them but they must submit a gov form every 6 months.
There is not a minimum exclusion employee amount as found in some states.
As others have said.............anytime you use someone that does not have insurance, YOU risk the liability and responsponsibility if things go amiss.
This information is more enlightening if you read between the lines.
How many rehabs would really be doable deals if they were not done with some sort of un-insured handyman or other liabilty exposing practices? Huh? Think about it!
I think there is a lot of people doing deals with dangerous consequences due to only being able to make the numbers work with hiring practices that are exposing them to great financial consequences.
Quote:
On 2005-02-10 09:42, The-Rehabinator wrote:
This information is more enlightening if you read between the lines.
How many rehabs would really be doable deals if they were not done with some sort of un-insured handyman or other liabilty exposing practices? Huh? Think about it!
I think there is a lot of people doing deals with dangerous consequences due to only being able to make the numbers work with hiring practices that are exposing them to great financial consequences.
Rehabinator,
You are absolutely right!
There is a great deal of good input and sharing available here at TCI, and too much bad, or inadequate, advice that too often is unchallenged.
[addsig]
so what are you saying is the correct way to do it? if im hireing out licsensed subs to do different parts of the rehabb ex. roof, bathroom, windows. i should make sure they carry what forms of insurance? and your saying that i should also get a 5000 General Liability policy. lets the say the work is under 15k total.
It would be interesting if Joel conducted a survey about how many rehabbers use unlicensed and uninsured workers on rehabs that should warrant such.
Im not talking about your rare cosmetic fixer upper.......but ones that need roofs replaced (great liability there) as with structural and other issues.
I suspect that the answer would be over 70%.
And as we recognize.......................if the deal / profit can only be made in this manner.........then that speaks volumes in and of itself.
Zin,
In answering the question about insurance needed.
Look, just contact your insurance agent and have them explain to you what you need and what are the liabilities involved if you failed to get it.
This topic constantly comes up........yet so many will not heed to the advice given..............too many are looking at dollar signs instead of warning signs.
Say, if you had a job and your gross income is 5K/month, then the minimum you would expect from your rehab profit would be $30K for 6 months. basically, you would like to earn as much or more rehabbing as compared to your job.
Maybe a few runners, but not all the carpet.
good idea-thanks
I always put down plastic after the new carpet goes down and is vacuumed. I run it from the front door, and "connect" all the rooms together by the plastic. It will surprise you when you go back after alot of traffic has gone through the house because of your marketing efforts how much dirt and foliage is tracked into the house and sitting on the platic and not on your carpet.
If you have never done a rehab, then I would pass on this one.
If you did want to proceed then you would need to get estimates locally to find out what dollar amount there is in damages............including both a pest control inspection as well as an home inspection by a licensed professional.
I suspect there is also a miosture problem that you are not aware of............anyone that knows termites know that the two go together.
NC_Yank
NC_Yank,
Could you explain why you would pass on something with a $125k spread? I just want to get a better understanding. Thanks!
Thank you all esp. to jblackwell and NC_Yank for your great advise. I agree, if this is too much for a newbie like me, then the prudent thing for me is to not do the rehab. However, I do think there is still money in this some other way than a straight buy - fix - sell.
Will need to get some creative juices flowing again and check out the numbers.
Thanks again!!!. You guys are great!
You can also use the yellow pages, the bulletin boards at stores and search online using your city in the search. Once you find one good guy you can ask him for recommendations.
In regards to a Waiver for Workers Comp in Ohio, it is my understanding the only waiver is for self employed religious communities..........such as the Amish.
There is an exclusion for them but they must submit a gov form every 6 months.
There is not a minimum exclusion employee amount as found in some states.
As others have said.............anytime you use someone that does not have insurance, YOU risk the liability and responsponsibility if things go amiss.
NC
This information is more enlightening if you read between the lines.
How many rehabs would really be doable deals if they were not done with some sort of un-insured handyman or other liabilty exposing practices? Huh? Think about it!
I think there is a lot of people doing deals with dangerous consequences due to only being able to make the numbers work with hiring practices that are exposing them to great financial consequences.
Quote:
On 2005-02-10 09:42, The-Rehabinator wrote:
This information is more enlightening if you read between the lines.
How many rehabs would really be doable deals if they were not done with some sort of un-insured handyman or other liabilty exposing practices? Huh? Think about it!
I think there is a lot of people doing deals with dangerous consequences due to only being able to make the numbers work with hiring practices that are exposing them to great financial consequences.
Rehabinator,
You are absolutely right!
There is a great deal of good input and sharing available here at TCI, and too much bad, or inadequate, advice that too often is unchallenged.
[addsig]
so what are you saying is the correct way to do it? if im hireing out licsensed subs to do different parts of the rehabb ex. roof, bathroom, windows. i should make sure they carry what forms of insurance? and your saying that i should also get a 5000 General Liability policy. lets the say the work is under 15k total.
Rehab, Mike,
It would be interesting if Joel conducted a survey about how many rehabbers use unlicensed and uninsured workers on rehabs that should warrant such.
Im not talking about your rare cosmetic fixer upper.......but ones that need roofs replaced (great liability there) as with structural and other issues.
I suspect that the answer would be over 70%.
And as we recognize.......................if the deal / profit can only be made in this manner.........then that speaks volumes in and of itself.
Zin,
In answering the question about insurance needed.
Look, just contact your insurance agent and have them explain to you what you need and what are the liabilities involved if you failed to get it.
This topic constantly comes up........yet so many will not heed to the advice given..............too many are looking at dollar signs instead of warning signs.
NC
Wow, a lot of good discussion here. Thanks to everyone that replied.
-Tim
[ Edited by murph0511 on Date 02/12/2005 ]
I did see that. I say if you plan to get rich slowly you will be farther ahead then 99% of everybody trying to get rich quickly.
Say, if you had a job and your gross income is 5K/month, then the minimum you would expect from your rehab profit would be $30K for 6 months. basically, you would like to earn as much or more rehabbing as compared to your job.
I figure in about $30K profit for a rehab...
[addsig]
Fael,
Thanks for the great feedback. With so many different factors it is hard to have a concrete figure that would apply to every property.
I guess I need to figure what I want to make a year and set my expectations that way.