All Forum Posts by: David McBrayer

Just a quick update on the project.  We have decided on a roofer who will start in a couple weeks or before.  He knows we kind of need him to do his thing to stop the leaks so we can fix the ceilings.

I have changed directions a bit and not going the cheapest route.  I know it is a rental, but a long term rental I want to build value in.  I may list it for a short time with an open house to see if it might sell?  But I will be very happy to keep it.  As I am not going to give it away or desperate to sell it.

But I am using CWS Aria Series Windows, My brothers are running tile throughout the house and rebuilding the two bathroom.  I am putting new wonder board and then tiling it.  The plumbing on the inside is going to basically all be new under the sinks, toilets pulled and re-gutted, the fence is now going to give the shop/studio it's own yard and parking spaces,  So the house can have their yard and the shop their own yard.  So if a mother in law or older teenager stays out there, they have their independence.

We are about ready to pick the AC company.  The painters and fencer are about ready to be picked.  Things are moving right along, however the windows I would like have to be built and they are 6 to 8 weeks out.  Which makes me miss my deadline.  I could have cheaper ones in next week. LOL

But if I rent it?  Or when I rent it? I want someone who will take care of it and appreciate it.  I will ask a little more rent and I can wait.  Nice things people tend to take care of.  Average things they don't.  And as my friend Munir's mom would say "I am to poor to buy cheap".

I will give another update in a week or so.

It is getting there.  Here it is without the canopy.  Lauren the Laurel Oak is working them. 

Yes sir I did mean 6 weeks.  The finger got happy I guess. LOL  That was one glorious oak though.  And my neighbor is going to hate me.  He acted like he really liked the thought of it being gone.  So he can grow a garden.  That is great.  But just wait until he feels the heat of that afternoon sun baring down on his house.  And his AC says, DANG IT GOT HOT ALL THE SUDDEN.  Like over night. LOL.

If you look at the ladder.  About 4 steps from the top of the ladder, you can see a light through the step, that is a whole through that limb.  I thought it would snap when he climbed on it and started cutting.  But it did not.  And it was a section about 2 feet long shaped like an eye.  It was just waiting to fall on that roof.  Or better yet, someone like me to come save the house.  As that limb weighs a ton.  If it had fallen on the house there would have been major damage.  And there were other limbs as well.  A Laurel Oaks does not have the life cycle of say a Live Oak.  But that one was a beauty.

If the center of the tree is not real bad?  I am planning on making a table top out of it.  Can you think of a more sturdy base?  I think it would make a great place to put a picnic table top or for working on plants or just sitting out have a cold drink.  Put a whole in the center for an umbrella.  The tree man thought that was an awesome idea.  I am sure that is because he may not have to grind it.  But I am going to try to get a few more years use out out it.  They are going to clean the roots off the top of the ground with the stump grinder to make it smooth so you don't trip over the roots. 

Thanks for the comment @Steve Vaughan, I hope it is only 6 weeks and not 66 weeks.  My wallet will not like that at all. LOL  Have a great day!!!

Hello everyone and thank you for stopping in to read this.  It is time to "Let the fun begin".  I just closed on a 3-2 concrete block home with a shop / studio rental last Friday 7/15/16  and met contractors at 5pm that day.  After I ran to the water department to get us some water cut on Monday.   Thank goodness it was only 3 blocks from closing.  The little rental out back is 12' x 24' and kind of cute on the inside.  It needs to be finished out and painted but it will rent with no problems.  I could use it when I am down there.  For an Office / Studio. 

Yesterday, 7/16/16 was the start of the first project for the house, "Tree's",.  They should be done today or tomorrow if need be.  I am having a giant Laurel Oak taken down that is in bad shape and has a HUGE limb hanging over the roof.  And a few smaller ones have already visited the flat roof a few time.  So the Laurel Oak is coming down and then the two big Live Oaks are being trimmed and some other stuff cleaning up and taken out.   But this was ONE GLORIOUS LAUREL OAK.  It was sad to see it go.  I do not like just taking them down.

On Monday there is a slew of contractors coming out to give us bids and a few on Tuesday.  Then there is one or two more the next Monday and we will make a decision.  I am just there to listen and meet them.  Scott will deal with them professionally as contractors, not me.  The fence contractor is coming next Monday and the fence is one of the last things I want to do, so the trucks and trailers can get in and out of the back yard without a problem.  It is tight back there.  The last things I want to do are the fence and painting.  But the fence could come sooner.  They can park out front.

My plans are to do the flat roof next, then windows and central ac.  While that is being done the one bathroom can be re-tiled and spruced up.   Once those are done then the painting and flooring can go down.  There is also a little electrical and drywall work as well.  What I would like to do is get the shop / studio rental finished pretty quick, as I think it will rent out pretty fast.  Some of the workers were interested in renting it and one of them is interested in renting the house.  A handy man at that.  It will have no problem renting when the fence is in place and their own parking spaces show up.  And their own gate to come in and out of.

Now time to see how long it takes and how it goes?  I am giving the project a 66 week time line.  I think that in a month, the majority of major stuff will be done.   I will help by being there for some contractors to bid on the work and I can be there on certain days to let them in the house and I can hang out.  But my GC Mr Scott Shelton will handle the contractors and making sure it is done right and up to code.  And that is worth a lot right there.

Project #1 -- The Tree's - Removal of a LARGE Laurel Oak, trimming of a few Live Oaks and a few other tree's that must be trimmed and a few bushes removed.  Most of the Laurel Oak was taken down yesterday.  Well the whole top.  Now it is the meat of the tree and it is still as tall as the house.  And Oak is some heavy wood.  Timber. LOL

More to come down the road as we go.

Well, sometimes it just takes a friend of your dad's to hear that you are looking for funding on a deal, to make things happen.  I had found a lender willing to finance the deal and we had an appraisal done and all that good stuff.  I paid for the appraisal  Well, it was getting close to deal time and I was still waiting.  They needed a few more days and the closing is tomorrow.

They want to go to a construction loan which is all fine and dandy.  But a friend of the family heard I was looking for funding on a project.  So he went by and looked at the project and he already knew the house quite well, his first investment property in the 1970's was the duplex next door.  He thought I got a very good buy and what I had planned for it would certainly do what I had thought.  And that it would make a great long term rental or a flip.  I was in it right.

So he goes to talk to his attorney to draw up some papers and low and behold it is the closing agent I am already using tomorrow.   And she knows his deals and terms.  So it was like it was meant to be.  Plus he use to golf with my dad.  And I was looking for a local lender to work with.  Now get this.  NO POINTS.  Family discount. LOL

May everyone have a deal come through this week.  Rock on.

Thank you @Thomas S. and @Ed E. for your great comments.  Keep up the great work!!!

I thought you had to have the Pro service for that?  Which you are.  So no tips on what YOU use @Account Closed?

Hello everyone and thank you for taking the time to read this. I hope your business is doing well? As a new REI, I have heard and read about several different ways to evaluate a property. I am interested in hearing them about them all from some of the members here on BP. I have found there are some very knowledgeable people here on BP that don't mind sharing some advise to help you out. And I don't mind asking. I hope someone else gets as much out of their advise as I do. It is why I ask the questions after all.

Some of the ways I have heard of figuring out the value of a property were taxes x 40, annual rent x 12 or 15 and a few other ways.  I would really like to know how some of you pro's do it?  From the quick figures to the more detailed analysis?  The first way was not how to evaluate a rental!  Just how I heard to evaluate a property or vacant land.  I did not come up with it, so if it is not right, it was not me.  I thought it sounded funny but I am not sure?

So what is your favorite way to quickly analysis a rental property?  And then how do you really dig deep to analysis a rental property if it looks good or the numbers are close and you want to dig a little deeper into it?

I greatly appreciate your answer.  I let my nephew read these answers as well as he is 23 and just about to take the real estate course and exam.  I am trying to get him to go ahead and signup and start reading and asking questions.  BP Rocks.

May you all find a good deal today and land it.  May the Lenders Lend and the Borrowers Borrow.  Let the first timer have some success and let the old timers teach their craft.  You people Rock.

Hello @Jerry Padilla, time was kind of a factor on this one. But Jay had mentioned that before. I am not that great at knowing the different options out there because I have not used them. Like Hard Money. The credit is over 700 and the DTI is very low. Thanks for the comment and suggestions!!!

@Anntonette Williams your friend sent you to the right place.  There is all kinds of info on here and people that know that info.  Even some people kind of close to you.  From properties to financing and plenty of advise, it can be found on here!!!  The best of luck on finding a good or great deal.  Make it happen.  If you have any questions?  Don't ask me, but ask the group, they will give you some great advise.  I am learning myself so I can't tell you a whole lot.  Other than your friend sent you to the right place!