All Forum Posts by: Brandon Kelly

Is that price installed? If not check Lowe’s. I am pretty sure it’s 3 bundles to a square and Lowe’s has them for $25-$30 a bundle. The price you mentioned doesn’t seem worth buying out of a truck.

First off Tyler I am new myself so no guarantees I am doing it right. The house is on Indiana st in Salem. I am under contract for 83k. It was recently remodeled inside and rents for $800/month. In the back is a 700 sqft garage with alley access. I plan to separate the garage from the house lease and rent separately for $120-$150. With 20% down, once I rent the garage I should be around 9-10% coc and profiting 160ish. That's with 10% management, 10% vacancies, 5% repairs, 10% capex for reserves. The house is two blocks from the valley dale plant that was recently bought by a group of investors which I hope is going to revitalize the area. If your interested let me know and I can give you the details as I go.

I just got a house under contract in Salem Va.  Does anyone know a good home inspector in the area?  If I end up just picking one offline which certification is better (ASHI, NAHI, NACHI ect.......)?  Thanks in advance.

Thanks Shawn Crawley. I fly in on Wednesday and out early the next Thursday, so hopefully I can make it.

Thanks for all the help. I will be in town next week are there any regular real estate meet ups?

Hi,

I am currently stationed in Yuma, AZ but I would like to start investing in small multi-families in my hometown of Roanoke, VA. In order to get moving in the correct direction, I am trying to establish a team in the Roanoke area. Anyone have recommendations for investor friendly real estate agents, property managers or real estate attorneys in the the Roanoke area?

Thanks for the recommendations,

Brandon

How much are you planning to set aside for capex, repairs,vacancy and PM? Are those included in the expenses shown? Also, I think your mortgage rate might be low. It would be worth digging into more before moving to far.

I am in the middle of my first turn over with a new property manager and it is not going real smooth. Among other issues, I just got a bill for $253.46 for rekeying the house. In a list of other items that need to be completed it was originally quoted at $145.  The PM explained the increase as their mistake of quoting the job for 2 doors not the actual 3.

I called two different locksmiths in the area and they quoted $50 to come out and $10 a lock.

I would love to know how everyone manages the manager when it comes to ensuring you’re not getting gouged on all the work the PM coordinates for you.

Below is the rest of the work the PM recommends.

Re-key Door Locks - $145.00

Carpet Cleaning - $175.00

House Cleaning - $175.00

Trash Out - $50.00

Paint Entire Inside - $1,950.00 (includes materials)

Repair popcorn ceiling throughout the home that is peeling away - $225.00

Landscaping - $150.00 (Estimated 3 cuts @$50.00 prior to tenant move-in on June 1, 2017)

Punch list items to include ($75):

- All light fixtures hall include light bulbs. When replacing burnt out light bulbs, all light bulbs within the fixture shall be replaced. Light bulbs shall match within each light fixture.

- All batteries shall be replaced in all existing smoke detectors/carbon monoxide alarms

- Missing door stops shall be installed on all interior doors

- Provide 3 Glade Pug-In's per home

- Broken, painted or mismatched outlet cover plates and switch cover plates shall be replaced

- Check all wet areas for leaks

- Caulk all sinks and tubs as needed

- Replace A/C Filter

ESTIMATED TOTAL - $2,945.00

The house is located in Winston-Salem, NC.

Thanks for the advice.

@Account Closed, my experience with Roofstock has been excellent.  The customer service is top notch.  Their team walked me through the whole process and answered all my questions. I especially liked that every Roofstock phone number I had was to a certain person.  I don't know how a company could walk you through a long distance, site unseen, purchase better than Roofstock.

With that said remember you are paying a premium for this service.  Most the houses on the site are at or just below the 1% rule, leaving little wiggle room.  I would also suggest running your own numbers.  The numbers provided are optimistic.  As for me I knew I was not getting a great deal upfront but was willing to pay for some guidance through the system.  

Buy first multiplex