All Forum Posts by: Andrew Tetrick

@Melissa Roybal

I was hoping to find the same thing. I was going through the "recruitment" process but became increasingly uncomfortable with how much time they wanted me to put in for prep work before they would talk to me about the cost of the program (1 hour 45 minutes worth of calls with their team which includes time to review notes from the phone calland an hour long video). I'd love to know what the bottom line cost is, they refused to tell me and when I said I wasn't comfortable moving forward without knowing (I wanted to save us all the hassle if I couldn't afford it) they said okay we'll cancel your appointment. It felt like a sales pitch, but who knows.. maybe I shot myself in the foot by not listening. Im on the third R in my first BRRRR and am really looking for help with financing more multi units. I'm not averse to hard work, and am willing to pay for education, but it felt weird and I just don't have the time to commit to it without knowing it's a financial possibility for me. I will say everyone I spoke to was very polite and respectful. I would love to know if anyone has been through the course, and how much it costs? I guess I'd still like to do it someday when the time is right. I really like Palek and her story.

@Mike McCarthy thanks for the response! I am reading Brandon’s book, and ran the figures manually. Our capex came to $180, and 5% for vacancy and repairs came to 160 each. It covers those things but there won’t be a whole lot left over - at all. My fear with putting the 15% down is that I won’t get an adequate cash on cash return... maybe this just isn’t the right deal??

We sold our house 6 months ago to get our equity (about 190k) out so we could begin investing. Our area is VERY expensive for rental units right now. We are considering a duplex at 400k and will house hack it for 1 year. Rental income would be around $3200 a month.

We are considering conventional or FHA loans for financing.

FHA would be 17k out of pocket, mortgage at $2500 a month.

Conventional would be 63k our of pocket, 2k mortgage payment.

Any suggestions?? We are currently in a rental at $2500 a month.

@Jack Isberner we are in WA, and that’s how we are approaching it - get rid of it and do it right and as soon as possible. Abatement just came back at 28k after taxes, plus the cost to put rock, insulation, mud, texture etc back up. It appears it will be close to 40k all said and done. I’m just concerned that even though the abatement will be done professionally, people will still be Leary.

@John Warren hi john, my biggest concern with encapsulating it would be the disclosure, and the fear it would cause potential buyers. We have some money set aside for the sale of our first home, and I’m hoping to use it to leverage a career change into real estate (I’m currently a 911 dispatcher, and am tired of working nights/weekends/holidays when I don’t want to). I’d be terrified the house wouldn’t sell and then I’d still be left with a 40k abatement and repair bill.

@Jose Linares - thank you for the response.

The ceiling appears in fair condition. Some of our renovations would likely disturb the material. There are a few small walls that would need to go, and we were considering adding a few skylights (we obviously don’t NEED to do that though). The ceilings are throughout the entire home, so there are 3 bathrooms and a kitchen that could potentially leak and cause failure above the ceilings.

As far as my insurance company, I’ll have to check into that. My concern is that we’ve had an asbestos inspection done already (the results are still pending) so I don’t know what the insurance company would say in terms of a required remedy upon purchase or insuring the house knowing for sure the condition exists. I’ll look into this though, thank you!

We are under contract for a house that I suspect has asbestos popcorn ceilings. I know there are a few ways to deal with this without testing and abatement, but I’m new to this and want to make sure I’m doing things the right way - and the healthiest way for my family and I (we will likely be living there for at least part of the remodel) and any future inhabitants.  

My biggest fear is that when I go to sell, people will see in the disclosure that it *used* to have asbestos in the ceilings and will still be weary even with the abatement having been done professionally.  I know it won’t scare away everyone, but all it takes is scaring away the right one.

I’d love any advice anyone has based on buyer comments and feelings in similar situations.