All Forum Posts by: Cam Jimmy

@Priya Thomas I originally had it listed for $1695... But I lowered it after the first week to $1595/mo. Its tough to rent in the dead of winter... But I have received my first couple of applications. Hopefully they pass my minimum requirements :)

@Jamie Rose Thanks!

@Geoff Chan Well Most of the contractors (The good ones at least) Post signs in the front yards of houses they worked on. So some of the bids I received from contractors were from yard signs...like the siding company I used. Also word of mouth, and past experiences. Ask around, people will tell you they either love or hate a company, and for what reason. One good thing Ive learned over the years is how much the labor is worth to me. I've shingled shed roofs and stuff, and I absolutely hate it.. Since ive done the work and know what it entails... I had no problem paying the $4100 for the company to do the roof. That work is back and knee breaking...and its dangerous. I hope this helps.

@Sean Harrison Most banks typically want you to just own it for 6 months.. and if your debt to income ratio doesn't qualify.. they would need to see a signed rental lease. doesn't matter how long your lease has been in affect. You should start shopping around now since you have already met most banks minimums.

I just wanted to say thank you to everyone that has commented. I never knew I'd get so many people saying encouraging words. I feel like a celebrity lol :). I wanted to point out that this was all possible for me because of THIS website. Bigger Pockets is the sole reason I was able to do this BRRRR and my first duplex. I love the podcasts, both the REI Podcast, and the Money Show. I love all of the books. And I love these forums. Thank you @Joshua Dorkin @Brandon Turner @Mindy Jensen @Scott Trench @David Greene And all of the other employees...You guys are awesome!

@Joshuam R. Since I already Messaged someone about this, I'll just copy and paste it here.

As far as reno costs.. I can really only ESTIMATE the costs of the work that I did, because I bought so many different things throughout the entire process. for example, I bought the toilet in the first month because lowes had an excellent sale on toilets that week. Anyways I can however give you exact numbers for the contracted items. keep in mind this was only a 750 sq ft house too.

Contracted Items:

Roof: $4,100

Steel high quality Siding from ABC seamless (3 sides only): $6000

New paved driveway with retaining wall: $4,400

New furnace and some duct work: $4300

New gypcrete poured on entire Slab to level floor: $2,300

Gutters were included in the siding job

Tape, Putty and Patch work on the entire interior: $2000

New blown-in insulation and baffles: $1,100

My work (materials Only (give or take)):

Windows $2500

Laminate flooring from Costco: $1200

floor Tiles on sale at Lowes: only $50!

The entire kitchen, Cabinets, appliances, counters, etc..: $6,500-$7,000

Entire electrical Revamp : $4000 (This would have been 10k+ if i hadnt done the work)

New pex Plumbing - $1000

Entire Bathroom - $3000

Trim and doors - $ 1500

There were also so many misc items that I cannot remember. Also about $5000 in holding costs. Please Give or take some of these numbers... I do not have my actual spreadsheet where I am.. so if the numbers dont add up exactly.. this is why. I may even double dipped on some of these items.. like flooring in the bathroom/kitchen. I hope this helps! good luck!

@Kent Lau Well my strategy at first was to get all of the exterior items done first, before it snows. Then after that, You must do all of your in-wall and in-attic items like plumbing, bathroom, electrical, etc. Then close up walls, putty, prime, paint. Then finish out electric and plumbing. Then you can start doing finish items like cabinets, flooring, hanging doors, trim, then paint trim, and touch up items. Sorry for the quick explaination.. but you basically have to think what needs to be done as a whole, and you can easily figure out what needs done first. Example: no point in painting the place before you do plumbing, becasue youre going to have to rip out walls, etc.

@Bill Goodland Absolutely yes to you last question. Brand new "in-stock" lowes Cabinets are super cheap and add a TON of value and beauty. Especially when you add nice knobs and handles. I was amazed how cheap the "in-stock" cabinets were. Also if you spend more than $1,500 at lowes, talk to the prodesk, and have them submit your items through QSP ( Home depot version is called the "bid room"). QSP allows you to get the best price on all the items... usuall %5-%15 off of everything. Only as long as your order is $1,500 or more though. Also Costco is THE best place to find nice good priced LED light fixtures...and other items too!

@Leanne J. I definitely considered all options. I've personally lived in 3 houses exactly like this in the same neighborhood. only 750 Sq. Ft. Once you put your Kitchen table in the middle of the room, this is the best it gets in these houses. You should see some of the crazy dumb layouts people do in these houses lol. This is the best, trust me.

@Skyler Mckinney lol I must have fooled you guys... The only "high-end" finish.. would be the backsplash and kitchen sink. Everything else is builder grade, low-mid priced appliances, or I got on sale for super cheap :) I guess, That is another thing I learned... How to make things look good for cheap.

@Jeremy Mangen At the start of the project I was looking around for the correct lenders.. and found the one I wanted about a month into the project.. Just waited until 3 month mark to get paperwork started.

@Blake Elder 20-year loan

@Kevin Christensen It takes about a month. Most places want you to have it for 6 months, but keep searching smaller banks/credit unions. you may find one that only requires 3 months :)

@Max Miller Yes the kitchen is split, with the idea of the kitchen table to sit right in the middle. Old toilet was disgusting, anyways even if it wasn't, if youre doing a rehab a new toilet is only $100-$200. Definetly get a new toilet. The old bathroom vanity and sink was sold on craigslist for $80!

@Caleb Coats too late I already refi :( but, now my HELOC is open again to use :) and I get to keep the rental, or flip it later, or whatever. It's a good problem to have.

Wow, Thanks everyone!

@Brian Dennis I paid labor costs on big ticket items listed in my original post only. If I was to guess the amount of labor I would have paid for what I did..I'd say $20,000 more. In that case, flipping would have been the way to go with this one instead of the BRRRR

@Lien Vuong Thank you.. and Excellent LLC name By the way :)

@Rafael Zavala Definetly Man, Keep thinking of the end game!

@Bill Goodland I hear you man... If I was to sell at appraisal amount, I'd have to pay $20k just to realtors and closing costs. and on top of that, I'd have to pay taxes on the 47K in profit after that. Since my wife and I work full-time I'm sure we would have to pay a crap ton in taxes.  I'd rather rent the place out for a year and 1031 exchange this house into a fixer upper duplex/tri/4-plex. This is my reasoning for renting...at least for now. However ive been brainstorming this for the last week or so. There are just so many paths I can go with this. Thank you for the feed back. Much appreciated.

@Alvin L. Thank you. I went through an apprenticeship and was around other trades. picking peoples brains, and Youtube. Also trial and error lol. Yes it is very rewarding...but very hard work.

Thank you everyone! I'm sorry if I missed a question, I had no clue I'd be getting this kind of feed back lol!

@James Yang Thanks! Yes it was kind of difficult, but my debt to income is excellent as I have no consumer, school loans,  or credit card debt of any kind. With mine and my wifes income, we were able to qualify with no tenant. 

@Raquel MoralesThe biggest lesson I learned would be, Not to do most of the work myself. It was very hard on my body, and is not scale-able.

@Chris Rosenberg Thanks. No bath fitter. I have a brand new tub from Lowes, Along with the "sturdi-fit" tub surround from home depot. Then simple caulking the joints. I did not hire this out.

@Nadia Last Thanks! Feel free to contact me Via PM here on biggerpockets!

@Gloria Sheridan Thank you, Id say low end ones in this neighborhood would rent for $1200, and higher end/new remodels go for 1600-1700.

@Brian Dennis I used a local banks portfolio loan program, Thats how I was able to refinance before the 6 month mark

@Bartosz Rosol Thank you. I went through a local apprenticeship for low voltage electrical work (telecommunications), where I worked side by side with electricians, and other trades. I would pick their brains all the time when I would do my own projects, and just learned a lot over the last 10 years. Also Youtube is an excellent teaching tool! 10 years ago I wouldn't have been able to tell the difference between a wood screw and a sheet metal screw... and now I'd say I'm pretty good at everything construction. The biggest thing I need to learn how to do is to hire people out though. This really takes a toll on your body especially while you are working another full-time job.

 Thanks!