All Forum Posts by: Adam Hurst

Hello all! My name is Adam and I live in Norman, Oklahoma. I have been investing locally since about 2008. At that time I was working 60-65 hours per week for a local restaurant management group. I saw REI as a way to build some sort of retirement for myself since I was not offered much viable from my W2 job. I didn't know it would lead to more freedom and time and even give me the chance to work for myself some day. I purchased my first rental in 2008. I paced about 1 property per year for the most part for many years after that. I would save up the 20% and pay for any rehabs out of pocket. It was a slow, arduous process. Once I started having children I slowed for a few years because I just couldn't afford the time.

I discovered BP in 2018 and it invigorated my passion for REI. I started at the very beginning and just started listening while I was working out, working in the yard and driving in the car. I learned so much from this site and podcast.

In December 2020 I was able to resign from the restaurant business in order to spend more time with my wife and 3 kids. I left a job that was going to pay me $130,000 and was able, because of rental income, to take a new position in a new industry for less. I didn't know how beneficial this move would prove to be for me. I was hired as a commercial lender at a local community bank. I think my knowledge of REI got me the job, because a guy with a German degree and 20 years in the restaurant business somehow became a banker. This new position offered me more time to seek out deals, has led me to many more connections with other investors and offered me a better knowledge of the lending side of investing. I learned about many new ways to structure deals that I wouldn't have known about had I never got the job.

This year I have added 4 new properties to my portfolio with the last 2 costing me nothing out of pocket. BRRRR Properties. It's been a great year and I expect things to stay on pace for 2022.

What I am looking for are more people like me in the area. Please reach out and connect if you are in the area. I would love to talk about REI, banking, commercial opportunities, BP or anything else.

I want to meet wholesalers, investors, realtors or people trying to get started.

Good luck to all in 2022!

I am most proud of the knowledge and confidence I have built over the last year. I am purchasing my 4th property this year (#12 total). This will be my second BRRRR. FULL STEAM AHEAD!

I have been approached by 2 passive investors who want to merely put capital into real estate deals. I will be seeking the deals, securing the financing, managing the projects and managing the properties. I would like the option to put capital in as well on certain deals. What would this look like in a 3 way? Does anyone have any examples they could share?

Thanks!

Thanks for the ideas!

I got this application. I can’t imagine an adoption subsidy that is $10k per month. Can I ask for proof? A few other red flags but this is the main one. It puts this applicant at 6.7x rent. Rent is $2150.

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*This link comes directly from our calculators, based on information input by the member who posted.

I finally found a BRRRR in Norman!

The market I am in, as with most markets right now, is a sellers market. It is growing difficult to acquire houses with numbers that make sense. I had a different idea that may apply to a few of my properties. Let me know what you think.

Property #1

Currently a 3 bed 2 bath in a campus neighborhood with 1700 Square Feet. I could convert this property to a four bed for under $2500(probably even less) by adding a wall, door and a closet to an extra space upstairs. It would put 2 bedrooms upstairs with a bathroom and still have 2 bedrooms downstairs with a bathroom plus a bonus room (loft) and an extra living area. Rentometer puts 3 beds in the area at the rent that I receive ($1425), but it puts 4 beds at $1650! Wouldn't make sense to invest $2000 - $2500 to get an additional 10% ROI?

Property #2

Currently a 3 bed 1 bath house that has 1300 square feet. There is a wasted area on the back of the house that could be converted into a master bathroom/closet. This one would cost a lot more to do and the gains are hard to measure. I know 3 bed/2 bath houses are more desirable but its hard to measure where my rent would go from the current $1125 I get now. It is a great location right on a park, next to a library, coffee shop and brewery. Has anyone added a bathroom to increase rents in a property?

Property #3

This one is my newest purchase. It is currently a 3 bed 1 bath with 1200 square feet of space. I will be asking $1250 as it is getting renovated on the inside. I will probably have to settle for $1195. It has a double car garage with the laundry in the garage. I am considering doing a conversion with one of the garages into an extra living space with a bathroom/laundry combo or another bedroom with a bathroom. Laundry would get pushed into a closet in the living room. Again, this would be an expensive project. Probably somewhere in the $15K - $20K range but it would be adding 200 square feet to the property, a possible bed room with bathroom and laundry that would no longer be accessible by going outside. Rentometer shows a 3 bed in this area at around $1100, but a 4 bed as high as $1450.

I have more but they are similar in nature. I just wanted to get some thoughts on these. I feel the first one is a no brainer, but the others are debatable. Thanks!

The market I am in, as with most markets right now, is a sellers market. It is growing difficult to acquire houses with numbers that make sense. I had a different idea that may apply to a few of my properties. Let me know what you think.

Property #1

Currently a 3 bed 2 bath in a campus neighborhood with 1700 Square Feet. I could convert this property to a four bed for under $2500(probably even less) by adding a wall, door and a closet to an extra space upstairs. It would put 2 bedrooms upstairs with a bathroom and still have 2 bedrooms downstairs with a bathroom plus a bonus room (loft) and an extra living area. Rentometer puts 3 beds in the area at the rent that I receive ($1425), but it puts 4 beds at $1650! Wouldn't make sense to invest $2000 - $2500 to get an additional 10% ROI?

Property #2

Currently a 3 bed 1 bath house that has 1300 square feet. There is a wasted area on the back of the house that could be converted into a master bathroom/closet. This one would cost a lot more to do and the gains are hard to measure. I know 3 bed/2 bath houses are more desirable but its hard to measure where my rent would go from the current $1125 I get now. It is a great location right on a park, next to a library, coffee shop and brewery. Has anyone added a bathroom to increase rents in a property?

Property #3

This one is my newest purchase. It is currently a 3 bed 1 bath with 1200 square feet of space. I will be asking $1250 as it is getting renovated on the inside. I will probably have to settle for $1195. It has a double car garage with the laundry in the garage. I am considering doing a conversion with one of the garages into an extra living space with a bathroom/laundry combo or another bedroom with a bathroom. Laundry would get pushed into a closet in the living room. Again, this would be an expensive project. Probably somewhere in the $15K - $20K range but it would be adding 200 square feet to the property, a possible bed room with bathroom and laundry that would no longer be accessible by going outside. Rentometer shows a 3 bed in this area at around $1100, but a 4 bed as high as $1450.

I have more but they are similar in nature. I just wanted to get some thoughts on these. I feel the first one is a no brainer, but the others are debatable. Thanks!

Backstory - bought a property in which the owner left behind all appliances. They left a washer and dryer combo. I never supply washer and dryers as I know the issues that can come up with these appliances. My intention was to adjust this on the lease and say that they were left, but I would not be responsible for them. I made a mistake and forgot when drafting my lease. Of course, 2 months into the lease the washer and dryer combo is down and beyond repair. The lease binds me to replace which I will do. I tried to pitch the idea of them buying units and me providing a rebate for doing so, but they want me to purchase units. Ok, I am big enough to know I made the mistake (losing 3 months cashflow) and they I need to replace. My next question is, when the lease is up and if they renew, can I renegotiate the terms of the lease? Can I pull the units from the house and have them provide them for themselves? I do not want to be stuck servicing washers and dryers. BTW - lesson learned.