All Forum Posts by: Daniel I.

If the comps don't support the numbers, it's unlikely you'll find someone else who wants to take on a significant rehab without enough margin. It sounds like you might be better dropping this house and losing your EMD, unfortunately.

 I like to pretend that never happened. 

Have you looked into Neat Receipts? I prefer to keep as much as possible digital, because I tend to lose paper. The software will analyze the receipts for you and help you keep everything categorized.

If you already know a GC, it's not a bad idea to check it out with him/her. However, if you document what needs doing (kitchen, bathrooms, carpet, paint, windows, foundation, mechanicals, roof, etc) you can get some rough numbers together. You can always bring a GC by during the inspection period in the contract to get a bid. Also, reach out to an investor-friendly real estate agent and have them pull comps for you so you can get a more accurate picture than that which Zillow provides.

I don't understand why most people like carpet (at least in bedrooms). I'm all about those hardwood floors throughout, baby! Never goes out of style. 

I've really enjoyed listening to your podcast. I love the narrative, Serial-esque style you use. It makes for an enjoyable vehicle that breaks the mold from other REI podcasts. There's definitely lots of value for new investors here. I'll definitely be following along your journey.

Hi @Wendell De Guzman, I'm not having luck registered at the website provided. I'd like to register for gotoMeeting. Thanks! 

I think you may have calculated CapX at 25%, not 3%. 3% would be $378/year, which I find a little low. I'd do 5% at minimum, even after a fresh rehab to have in reserves for when something big goes wrong.

Also, I'd have to agree with Brandon. $17k seems wayyy too low for the amount of work judging from the photos. I would expect it to be $30k at least. 

Good luck to you!

@Danny Woodson Well, I am not a lawyer, but I would think there is nothing illegal about accompanying an owner to their own home. 

Gotta love how you dive in and take action. As long as you're learning a lot along the way and not repeating any mistakes, I think you'll be destined for REI greatness. Hats off to you.