All Forum Posts by: Bobby Hermosillo

I am looking for a solid contractor/remodeler for a fix in flip in Tampa in the Ybor area. Any recommendations would be appreciated. 

@Nicolas Boesch yes the basement is the same sq footage and is a walkout with private entrance no access from the upstairs unit and it would be a 3 bed 2ba.

@Jaysen Medhurst thank you for the feedback, this is a single family that has a partially finished basement with private entrance so my plan is to convert it to 2 units (each renting for $2500 per month). The vacancy rate where I live has been at 0% for the last 10 years that’s why I had input 1%, but I agree I should increase that to be on the safe side. Cap ex is low because we are going to have fully renovate the home it will have new roof, siding, windows, deck, and new everything inside, what # do you think I need to increase to? The comps here support a price range between $495k - $525k after renovation. I’m a little nervous as this would be my first investment. Any additional advice would be greatly appreciated!

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@Brent Paul

Thank you I am going to adjust the numbers, I assumed that the calculator was asking for monthly numbers on the insurance not annual. This will be my first purchase and I am looking to buy and hold. Thanks for the advice. 

@Jaysen Medhurst

Thank you for your response, this is why I posted in the forums, to seek advice and help. To answer some of your questions, I ran comps for the property and based on the comps, this property could be listed between $405k-$415k and with some minor cosmetic upgrades, paint, counters and finishing the other side basement, that is where I came up with the value add and increased ARV. As for the vacancy, this part of Colorado had a 1.20% vacancy rate in 2016, 0% in 2018 and is trending the same in 2019, but it makes sense that I should be more conservative in my analysis. Thanks again for the help.

Thank you much appreciated. 

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*This link comes directly from our calculators, based on information input by the member who posted.