All Forum Posts by: Andrew R. Lucas

@Luke Petrozza is this still available?  Is it 2 bed 1 bath per side? 

Need some advice...

1200 sq ft original home in up and coming neighborhood.  Homeowner added 1800 sq ft out the rear and in the attic of original home.  All additions are still in "roughed in" state, i.e studs, electrical runs, and plumbing runs, but no outlets or valves.  Sub-floor down and no Sheetrock.   

NO permits or inspections were ever done.  Should I run, or work it out?  Has anyone ever successfully completed a project where you need retroactive permits?  

ARV = $230k

Purchase = $65k

Repair = $60k - $100k depending on if it has to be reconstructed to meet code. 

@Will Gaston I've got the tree guy and painter's for you.  Shoot me an email or message for more info.  

Site won't allow me to put a phone number here.

Welcome to BP @Franklin McGuire!  

There is a ton of information on this site and plenty of knowledgeable people to help with any questions. 

Cons for using Short term rentals (air b'n'b):  You have to clean every new rent.  You can't do background checks.  You cannot be "picky" about who is staying right next to your family.  

I would be selective and find a long term tenant that will take care of the place and be a good neighbor.  

Just my opinion. 

@Chad Phillips not all profits are in the cash flow. Every month that tenant is paying down your principal. It may not be cash in your pocket, but I'm guessing you are getting at least $4,000 a year in principal paid by someone else. If you can afford to keep the rental then you are already 1 home into a portfolio for retirement. Use a HELOC to continue investing.

Great intro @Jay J.

@Mathew Hipp, listen to Jay's advice.  BP has so much to offer the beginner And seasoned investor.  I would certainly download the beginners guide and get started with the podcasts.

I'm local in Columbia, so feel free to reach out with anything.

Welcome to the site @Bradley Bladon!  There is a Ton of good info to be found on BP.  Just keep looking and asking questions.  

I'm in Columbia and as well.  Feel free to ask any questions you have.  I've been doing a little investing for a few years now.  

Good luck!

Andrew

Don't forget about the Olympia area.  I bought my first home there after graduation and have been renting it out 8 years with cash flow and practically Zero vacancy. 

@Jake Ross has it correct.  Make absolutely sure you post the proper notices on the door.  I would even take a photo for your records. 

You can still be kind to the occupants, but remember if you don't start the eviction process now then it will just get harder and more costly for you and them. 

There are plenty of success And failure stories with mobile homes.  Do your homework!  I would warn you that Columbia has seen a surge of apartment complexes.  We have seen thousands of rooms added to the market.  So be aware of where those homes are located and what potential impact they could see from the downtown building boom.