All Forum Posts by: Aretha Wallace

@Scott Harper: MLS. I usually looked for bank owned or estate sale and close quickly at sometimes a lower price.

This is my first upcoming project for 2017 and I'm wondering what are your thoughts on these kitchen designs. Which kitchen design should I go for?

I'll be removing the to create an open concept kitchen and living area. I love both kitchen designs and am just curious as to which of the kitchen designs below most people like best?

As one year draws close another one is about to start. I like to take time to celebrate and reflect on a few wins. In this real estate business, it's almost like we face new challenges on a daily basis, so I like to celebrate along the way by sharing a few past projects along with lessons learned.......  

Purchase price: $175,000

Sold price: $282,000

Estimated gross profit: $107,000

Profit margin: approx 35%

Lesson learned: Timing can be everything, if a good deal comes along and I'm in the position to purchase, do so because it may take a while before another one comes around.

When designing a home for resale, I do so with the  intended buyer in mind not my personal preferences. I like to survey the neighborhood and design the house base on what existing homeowners may need and want. Small design touches like crown molding or backsplash could go a long way to wooo that potential buyer.

*** Stay tuned as I'll be posting an upcoming project and would like your opinion on which kitchen design to select ****

@Carolyn Baek: Ask the listing Realtor if the sellers are the first owners of the property.  Did your Realtor pull all past listing of the property to verify if the square footage was ever noted? Alternatively knocking on a few doors on the same street that has the same model, you may find an original owner that has the builder plans. For the future to get a feel as to square footage you could view several homes and condos on the weekends at open houses and take notes. With time and experience you can get an idea as to the estimated square footage of a home. Try also picking up a copy of the book "floor plans" In terms of rehab by sq/ft it's a good starting point but not to be relied on solely as materials change, prices go up and down, items get back order, out of stock, discontinued etc.......

@Willow T. Congrats, you're a rock star!

@Min Han: Welcome to BP! In terms of finding out what rehabs will be sufficient to attract renters; try reviewing local rental rates and property conditions.  Review your local MLS, renters guides and do online searches. Make notes as to the different amenities and fair market rents. In terms of rehab cost, the only short cut is knowing a honest, reliable, affordable and professional general contractor. The alternative is to get quotes from a bunch of contractors, go thru them and assign parts of the rehab to individuals. A word of caution...... sub contracting may require you to act as a project manager or hire a project manager. I hope this all helps you! If you're crunched for time or would like 

a copy of our rental report for your area with rates and rental property conditions, let me know.

~ Cheers ~

Aretha

@Jack Gibson: Could you please send me contact details for: Shawn Huss - Talmer Bank in Cincy.

~Warm Regards ~

Aretha

I'm new here to BiggerPockets and looking to learn and share as much as possible.

My goal was to acquire a new rental property before the year ends. This goal was looking gloomy as the days pass, but luckily I was able to find a bank foreclosure 3bed, 2bath detach a few days ago. The aim is to renovate, rent and refinance. I'll be posting blogs in late December and early January with my progress. I'm looking forward to interacting and meeting some of the people in this community.

Cheers!

~ Aretha ~

@Matthew Koch: This question is common to most real estate investors. A good starting point is to get some comparable sold properties to see where previous sellers sent money on rehabbing. Once you've reviewed comparable properties, this can be a bench mark or guide for you. If you need additional help, you can email me the comps along with a detailed description of your property and pictures so that I can provide specific suggestions.

Cheers!

~ Aretha ~

@George P. 

Congrats! Before you know it, you'll blow number #50 away!

Cheers!

~ Aretha ~