All Forum Posts by: Aaron Ingram

BP Community,

I’m looking for a contractor for a master bedroom / bathroom project and wondering if anyone had good recommendations. It’s my primary house located in downtown Montgomery, TX. Happy to get any and all leads. Thanks

Thanks all for the help - went with the architect with a great final result and product and they took care of stamps and all requirements. I'd say it was worth the money but I appreciate the perspectives and have learned about the process.

I am being told it would cost extra to do "expedited permitting" which is apparently anything faster than 6 weeks. This is our first go looking at doing a project without a contractor but I know the city can be slow with staffing vs demand

Thats for the design and stamping and permitting. I don't believe Engineering service are needed

BP Community,

I have a quote for $7500 for architectural drawings on a rehab we are doing. It's a 1300 sq ft house, we are enclosing the garage and we are also doing a drawing to add a carpoint aside the house. Wondering if this is a reasonable price as I have not had much experience with architectural drawings and their cost. Thank you for any advice/info

Aaron

I'm sure i'm not alone here but I recently closed on a house in Round Rock and I am looking for a contractor that would be available soon to enclose a garage space into living space. Since i'm new to this market the hardest thing is to find someone I can trust to do a job like this so I am open to any and all recommendations!

Aaron

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $215,000
Cash invested: $53,000

4 Unit property Purchased in summer of 2020. Took $1700 gross cashflow to $2600 within three months, executed one eviction. Completed renovation of two units that were needing updates and expended CAPEX for A/C units. Property will be stable and cashflowing nearly $1800/mo by the end of 2021

What made you interested in investing in this type of deal?

Wanted to purchase multifamily

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional financing

How did you add value to the deal?

One necessary eviction took place allowing renovation and rental at market rate for that unit, completing additional renovation on a second unit - negotiating with the tenant to offer incentive for them to allow the short renovation. Increased rents to market

What was the outcome?

Went from $1700 gross rent to $2600 gross rent in 3 months.

Lessons learned? Challenges?

Eviction process was costly and took time

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes please PM me for details

@Jordan Moorhead thanks for the info. I'm looking at VA so not sure FHA limits would apply. I'm wondering if I can still be a competitive offer considering all the cash over asking offers

Looking to gain insight on house hacking in Austin, TX. I have 6 rental properties currently (4 unit and two SFH) in another market but moving to Austin with my family and wanting a 2-4 unit, budget is what rents can support but I realize I'll be looking most likely at AirBnB model. I'll be working downtown and trying to stay relatively close if possible. I know the market is crazy but wondering if anyone is doing this successfully and had advice. Looking for at least one of the units to be over 1000 sq ft to fit my family. Thanks in advance also open to multi or investor friendly realtor recommendations

-Aaron

Investment Info:

Single-family residence buy & hold investment in Harvest.

Purchase price: $107,750
Cash invested: $9,000

First Deal in new market; Huntsville, AL. PITI ~700/mo rent 1100/mo

What made you interested in investing in this type of deal?

Cash return, growing market with potential

How did you find this deal and how did you negotiate it?

MLS, purchases near list with small inspection concession

How did you finance this deal?

“Second Home Loan”

How did you add value to the deal?

Painted and cleaned, professional photos and listed for rent

What was the outcome?

Rented in two weeks @ asking rent

Lessons learned? Challenges?

Get organized, communicate regularly and often and say the obvious amongst your team (make no assumptions!)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! Leah and Jonathan Waldrop