Military couple jumping into a live in flip (PICS)- also COZY.CO?

Military couple jumping into a live in flip (PICS)- also COZY.CO?

Member since 2019 · 1 post · 1 vote

To give some backstory, my wife recently medically retired out of the Navy, and I am still active duty USMC. We met in Norfolk, Virginia, and now live in Jacksonville, NC. Before our marriage, my wife bought her first property in FL close to family. It's a new construction home that she got under market value that shes renting out. Now, we are using the rest of her VA Loan to buy a house where I'm stationed. It needs work. But luckily, the sellers were also retired military and gave us a great price at 145k, with 10k concession to use towards closing costs and updates, with a 2.75 APR. It's a 3 bed, 2 baths, 1340 sq.ft., on a 0.25 yard. Using the 6-7k (after paying closing costs), we plan on starting some remodels. Below I'll post a link to pictures.

https://photos.app.goo.gl/Djiu...

What do you guys think we should prioritize first? We’re thinking the kitchen- knocking down that wall where the fridge is at atleast halfway to add a tall barstool area and open it up a bit. Then update cabinets, countertops, the good stuff. Move the fridge to the other side and add a pantry to the right of it. We’re trying to make a decent list of contractors in the area we can speak to on Monday to get some estimates. Also really wanting to update the floors, not too sure if we’re going to go vinyl or tile, vinyl is a lot more cost effective obviously, but not sure how it will hold up with tenants in the future- any good/bad experience in this department? When it comes to painting, we want to get rid of all the wallpaper and paint through a neutral gray tone that should match with any furniture we (and future tenants) decide. Landscaping is another hurdle because we want a blank slate to do what we want. 

We’re young but like to learn from others mistakes and take advice to heart. Any recommendations will be appreciated. Also, side question, what property management software do you use? The wife is looking towards cozy.co, but we saw its merging with apartments.com and not too sure how that’ll change the current layout and usage. Is the background checks useful? Is it a good tool to collect rent?

Again, thank you for any input.

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  • Dustin MorrisPro Member
    Rental Property Investor · Salem, VA · Member since 2017 · 113 posts · 39 votes
    6y

    @Sandro Monteiro I’ve used cozy for rent collection and application screening and it works well for both. No cost to the user and they make money off providing tenants other services and fees. People can put in maintenance requests also. The screening portion is pretty good for background and credit screening. Shows delinquency and any background issues

  • Rental Property Investor · Craven County, NC · Member since 2016 · 146 posts · 61 votes
    6y

    @Account Closed I have also used Cozy. It's pretty intuitive for both tenant and landlord. Highly recommended. In regards to the remodel/flip, I would talk to a savvy, local agent. I would'nt want to find out after the fact that the improvements might be more expensive than the equity gained. An agent can pull comps of the properties listed and sold around you and give you a better idea of what is selling and why. 

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