All Forum Posts by: Brittney Yang

Thank you! I will look into this, looks like there is one in Charlotte. I’ll check them outz

Hi! Closing on a condo next week. 2 bed 1.5 bath 1100 sqft. Curious to know what you would suggest for durability and longevity for a long term rental. Specifically flooring and tile options. I’ve never done remodeling and we are replacing the carpet with wood floor. I see that flooring with backing is an option, waterproof, scratch resistant, etc. What have you found is worth the money and what isn’t? If you don’t mind sharing, I’d love the advice!  
Thank you!

@Ben Trageser those are excellent points, thank you for the perspective!

My former boss and I have discussed partnering on flips. He has extensive experience with hotels and renovations. I have run numbers for LTRs on a set of duplexes that seem to cash flow well. I'd like to bring him in to assist with the renovation expertise as well as access he has offered to his labor pool. I am looking for suggestions on how to structure a partnership (short term) that will benefit him but allow me to be dissolve our partnership after a couple years as he isn't interested in long term holds. 

Asking price is $998,000

2 duplex units on 1 acre in good location.

It's been on the market for a while, so I believe we could offer slightly above $900,000 and be considered.
I would increase the rent after updating each unit. All are perfectly functional now, but could pull higher rent with replacing the flooring, and updating the kitchen.

My current financing setup for this deal would be $235,000 from the HELOC I already have secured. Primary residence is paid off.

Then the rents would cover that payment plus the mortgage with cash left over. I also have some cash reserves that I plan to dump into a contingency fund for each unit. 

This deal looks really solid to me, but I have only been looking at rental properties as high as $600,000 in discussion with my lender. I'm assuming I won't have that high of purchasing power, and therefore I believe partnering with my former boss would provide the "backing" i would need. 

My overall goal is to obtain these units and have them long term into my retirement for cash flow. I would like to be in the partnership for the least amount of time possible but want to be sure I can present this offer as worth his time, which is very valuable. 
What would you do?

Thank you!

I will be obtaining half acre of family land this year. I would like to build a duplex on it for long term rental income. I am wondering if prefab or stick built would be the way to go. I'd love to hear anyone's experience in the construction of a duplex on land. Nothing very large or over the top. I'm thinking 2 bed / 2 bath. First time investor, hoping to obtain my first duplex soon, and this family land purchase is on the horizon as well. Looking to construct a duplex at a reasonable cost but also quality for long term durability.

Thank you!

Brittney

I'm trying to analyze my first property and not sure how to set it up to run the number using the calculator tools here. 2 of the units are successful Airbnb short term rentals, and the other two units are month to month rentals to existing tenants. I believe we would maintain this setup if we purchase the property. 

This is my first post, just looking for guidance, not sure what I need to provide, but I'm sure someone may have experience with this.

Thank you!