All Forum Posts by: Barbara G.

Sorry I did not realize there were 5 pages and that you had solved the problem on page 5.  I answered when I was on page 1.  

So it was the flappers after all.  We had the same problem in a duplex we owned and it was the flappers also.

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I would also examine all the flappers and the tanks and ask the water company to tell you exactly what to look for inside the tanks.  How old are the toilets?  Can you ask the water company to send over a rep/technician to accompany you when you look at each of the 12 tanks?

I really like your Kitchen.  Rhe house looks really good.  How old is it?  How is the eletricl and hte plumbing?    The $20,000 budget is great.  I wish we could have kept our remodeling at $25,000 instead it spireled into $50,000 but it was  duplex and we had to do  2 kitchens and 2 baths and electrical and plumbing and trees were cut down for $2,600, and the backyard gad to be expanded so we old have private space for the tenants and a retaining wall and that ended up  another $5,000 and 2 ceilings came down and new radiators etc etc.  Never again will we let that happen

Bondo  You can also buy it at a car paint supply store

You should be investigating house hacking and FHA loans

As has been suggested to up your learning curve join a few Real estate Clubs and Real Estate Meet up groups.

Could you tell me how this rhab cost $3,000??

Could you spell out your purchases and the costs associated with them so it would be more clear"?

Could you tell me about the washer and dryer enclosure .  How much did the new same washer and dryer cost?  What did the moving of the w/d cost and did a plumber do it? 

How much did the bathroom upgrade cost?  The paint cost?  Are those new closet doors and what was the utility closet before yu used it to house the w/d?  Were any changes made in the kitchen?

Thanks

Well how are you starting this?
You have the people 

No what?

I would be interested in knowing how much you have spent on rehab for this property and what upgades you are planning for this house??  We always shy away from old houses because of hidden problems.  Usually the electrical and plumbing is a cost problem

On the surface $90,000 for the property and $1,500 rent is very good.  Depending on how much you need to spend renovating.  What condition is the plumbing and roof in and the systems?  How much has the electrical upgrade cost?

It looks a little light.  It would be better probably if the price was closer to $160,000 or the rent was more. Of course you should lay out all the expenses like Renovations /and Utilities/Garbage /Insurance /Principal and Interest etc/ maintanence /and Capex etc bfore a real judgemant can be made

YOU ASK:
"When calculating up front repairs such as paint, the HVAC in this case, say new carpet, would you consider that as an upfront expense like your down payment? I would think this would affect your cash on cash return since I would have to come out of pocket right away to fix these things."

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We always add the upfront repairs that I call Renovation costs to the price of the house. So if the house cost $70,000 and my renovation costs are $20,000 the house cost me *$90.000. If that $20,000 is not part of the financing (as in BRRR) then it also is part of your down payment. It's not a future repair under your capex set aside its something you have to do immediatly to rent or sell the house. You still have to figure cappex every month to cover for your roof and systems and appliances.