All Forum Posts by: Cecilia Constantine

 Hi Brandon, would you mind sending that PDF my way as well? Sounds like a comprehensive base

Update: Hired a handyman to do some work I was uncomfortable with and they uncovered and fixed other issues (old water damage, uncovered AC leak, etc.) Repainted/reglazed the bathroom, kitchen cabinets/counters, fixed damaged drywall and baseboards, fixed damaged tiles, replaced doors/rotten doorframes, and removed with permit dead trees and such. Under $6k. Final stretch is to paint and deep clean like you mentioned, which I and some family will put some sweat equity into asap. Really glad I got a handyman involved because I certainly didn't have the time to do all that they did with work and school.

 Thanks for the input John, this definitely sounds like a reasonable  way to go! Making a list of screening requirements as I type. 

Thanks for the response @Shadonna N.! The older tenant damaged bedroom doors and replaced them with solid wood, unfinished version without doorknobs. At least she hung them... And the baseboards are broken and painted over in place. I do agree with the work being under a week. One of the PMs I contacted said they wouldn't handle my own incoming tenants, basically all or nothing. After reading your response, I'm also leaning toward getting a handyman as well.

I asked similar questions when I purchased my property. The answer I received from the home insurance agent was to get insurance on the entire property and to get an additional 1 million dollar umbrella insurance policy on top of that.

Hi BP, newbie here reaching out for some seasoned advice,

TL;DR, The numbers: Rehab finances fell through on house-hacked multifamily and previous 10 year tenant has left the unit needing tons of TLC. Unit is vacant while searching for financing. Rent in current state: 12-1300. Upgraded unit comps: 1600+. Total monthly payment: 2900. No equity. Refinancing down to 2600 in the meantime.

The Question: Should I take the hit and enter into an annual PM contract (75-100% first months rent + 8-10% monthly fee + cost of materials) so they can get it cosmetically rent ready (not a full renovation just handyman work) and use their own tenants...

Or should I go it alone (hire handyman + cost of materials + get attorney + umbrella insurance) to keep as much of the rental income as possible to immediately rent to a couple, until I acquire the funds to fully renovate it for that rent bump?

For context:
Original plan, was to self-manage the other unit (duplex), allowing me to pick up connections, skills, and experience while house hacking. Somehow entered a short bidding war with a cash investor buying all the units in the area and got this "deal". I know, I know. Created an LLC, working on creating leases, and umbrella insurance. I acquired some business credit cards but have been denied left and right for home renovation and personal loans.

Unit is old (think pink & blue bathroom and 8x7 kitchen with floral countertops). I finally had enough footing the entire mortgage payment while searching for financing and decided to list the property on my own for a week just to see (for 1250 first and security) and got quite a few bites.

Ended up showing the unit and though I was embarrased at its state, a couple expressed high interest in moving by the first, provided it gets some cosmetic attention and a deep clean. As in replace doors, doorframes, fixtures, baseboards, cracked drywall, repair/paint kitchen cabinets, and a fresh coat of paint. See the question above.

Hi BP, newbie here reaching out for some seasoned advice,

TL;DR, The numbers: Rehab finances fell through on house-hacked multifamily and previous 10 year tenant has left the unit needing tons of TLC. Unit is vacant while searching for financing. Rent in current state: 12-1300. Upgraded unit comps: 1600+. Total monthly payment: 2900. No equity. Refinancing down to 2600 in the meantime.

The Question: Should I take the hit and enter into an annual PM contract (75-100% first months rent + 8-10% monthly fee + cost of materials) so they can get it cosmetically rent ready (not a full renovation just handyman work) and use their own tenants...

Or should I go it alone (hire handyman + cost of materials + get attorney + umbrella insurance) to keep as much of the rental income as possible to immediately rent to a couple, until I acquire the funds to fully renovate it for that rent bump?

For context:
Original plan, was to self-manage the other unit (duplex), allowing me to pick up connections, skills, and experience while house hacking. Somehow entered a short bidding war with a cash investor buying all the units in the area and got this "deal". I know, I know. Created an LLC, working on creating leases, and umbrella insurance. I acquired some business credit cards but have been denied left and right for home renovation and personal loans.

Unit is old (think pink & blue bathroom and 8x7 kitchen with floral countertops). I finally had enough footing the entire mortgage payment while searching for financing and decided to list the property on my own for a week just to see (for 1250 first and security) and got quite a few bites.

Ended up showing the unit and though I was embarrased at its state, a couple expressed high interest in moving by the first, provided it gets some cosmetic attention and a deep clean. As in replace doors, doorframes, fixtures, baseboards, cracked drywall, repair/paint kitchen cabinets, and a fresh coat of paint. See the question above.

Pardon for bumping an old thread, but can you guys update on what your experience has been so far? How many deals have you purchased with their guidance and what kind of profit have you collected (they have said they'll provide the capital at 50% stake of profits)? I find it just as suspicious that NO negative reviews have been found.

Interesting in checking out this meetup. Is it still active? @Mitchell T.

@Johnny Situ Just finished reviewing my booklist for last year and Angela's Grit was definitely eye-opening. Congrats on your progress so far, you're definitely on your way to becoming one of the examples in her book! As a web developer and aspiring investor, this post is pure inspo. I'd recommend Stephen Covey's "7 Habits of Highly Effective People" as well.