All Forum Posts by: Carson P.

If you can add another bathroom for under 10k, it seems like a no brainer to me based on raising ARV 20-60k. That's 100% ROI. Just make sure your comps are good.

We have struggled with this in the past. We now do a blended version of this to not waste time. When we post a new listing, we require a specific showing time. However, we give this showing time to multiple prospects. Say we have 6 people reach out for a showing. Our typically showing schedule will look like this: prospect 1&2 at 5pm. Prospect 3&4 at 5:15. Prospect 5&6 at 5:30. We then tell people when they get there that we are just holding an open house as we have so much demand for the unit, which is normally true. 

We find this weeds out a lot of people that are just wasting time and makes people commit to a time. It helps us though because we never have a wasted slot and creates a sense of competition too. Don’t get me wrong, we still have no shows but not nearly as much time wasted as before. 

I self manage and self perform most maintenance requests. I probably spend about about an hour a month on book keeping and maintenance. Some months it’s a few hours and some months there is literally nothing to do. We also rehab most our properties prior to leasing. Prepare to spend 5-10 hours on lease up and equal that for making the unit rent ready though. 

I can no longer find it in the App Store…

@Joe Splitrock

Jason Hartmans classic “ Inflation induced debt destruction” and just another reason why buy and hold is so powerful.

@Nicolas Gaspari

Not recommending this but if it truly is your friend, leave your mailing address the same and have him move in and collect your mail? Once again, not advising you on how to commit mortgage fraud.

The more preferred route would be to email your mortgage company and inform them of your change in lifestyle plans and see what they say. Make sure to get it in writing though. I can’t imagine you are the first person to buy a house and then have second thoughts if you want to occupy it for a year or not!

We are doing this currently with a house we bought. We got a good deal and received an awesome interest rate too because we are owner occupiers. However, the house isn’t perfect for our situation so I am looking again. If we find a Different house to buy I can’t imagine the lender saying you can’t do that. I will email them if and when the time comes. Happy investing!

@Daniel Lin

I would talk to a realtor like mentioned above. I also look at it a few ways: are you going to be living there as it's your primary? If so, is the remodel something you want and will enjoy for some time? I feel sometimes people get too caught up in ROI and maximize the dollar. Enjoy it as well!

That said, typically kitchens and bathrooms have the best ROI as well when selling a house. We always update ours when we do a remodel. We perform all our own work but for renters, they love seeing the new fixtures and same for buyers. It's intimidating for your average home owner to go through the remodel process so having it done usually will net more or at least sell the house faster.

10k doesn’t get you much now a days. Granted I haven’t got a quote because we self perform, I don’t think 10k is unreasonable. If I was doing a bathroom remodel with a tile shower, I would be charging about that if not more. If it was just flooring,vanity, toilet and a light fixture that should be a lot less. Bathrooms are small but they are a lot of work to remodel. I found this out on my last gutted bathroom.

Lastly, consider the materials that were quoted. An all tile shower will be more extensive than a tub with tile surround and same with a real wood vanity compared to the particle board version. Just my 2 cents.

I would also increase your earnest money. Sellers like to see higher EM deposit as it shows seriousness of the buyer.

I went through this same thought process about three months ago. I will be relocating in spring/summer of next year for work so I have roughly 9-12 months in my current house left.

The way I saw it, was that if I can refinance and break even, it would be cheap insurance incase the sky falls next year. I basically used it to hedge against forcing me to sell if the market does slow down. The refinance allowed me to save almost $175/month and only cost $1900 to do. I break even in 11 months.

If I move and have to rent out my current house rather than sell, the refi is essentially going to now be my cash flow. Everyone situation is different but mine was more so allowing to have more exit strategies for the future.

I am from Plover. What issues are you running into? PM if you'd like.