All Forum Posts by: Chevis Rebstock

@Allen L. - 

Allen, great points to consider and I wish the minimum time wasn’t a thing, or at least shorted. I know there are other ways around this like doing a portfolio or commercial as you mentioned. Can you elaborate on other options you’ve run across or things to consider if I go commercial on future projects? Thanks in advance Sir and what areas of Kansas are you investing in if you don’t mind my asking?

@Danielle Jackson
Danielle, Thank you and it really is a good feeling. I feel very fortunate my duplex house hack worked out as well as it did this summer. I remember about 5 years ago when I sold my condo in OKC, the buyer paid cash and I was amazed that someone could pay cash in full for a property. Fast forward and that memory very much hit me when I was sitting at the closing table having just paid $72k for a house with ample room left for the reno work. This project has been a fun one too and numbers seem to work out both ways. Thanks for the advice and looking forward to future projects.

@Mark Beeson - 

Mark – thank you Sir and I would agree. I think for some added inputs in my reply to Billy just now, I’m leaning on selling this one for the cash infusion to help target a little nicer $100k+ properties. Thanks and glad to see a fellow Wichita resident on here too 😊

@Billy Davidson
Billy – good points to consider. Ran back through numbers this weekend with an additional set of experienced eyes and both ways still work. It does actually make a little more sense to just hold this one, but I was hoping to BRRRR it and pull the money back out to do another fairly quick. It only took us 3 weeks to rehab this property, so I'd have to wait a while to qualify for a conventional cash our refi. If I sell, I'll use the proceeds to 1031 so after realtor and any closing fees, I'm still looking to clear a little over $30k. This would help increase my cash position and allow me to target homes closer to the $125k mark vs the 80-90 mark. I think for this particular project, I'll list to sell solely for the cash infusion and then work on building up the long-term portfolio. Thank you for the extra thoughts to consider and advice – really do appreciate it and trying to take in as much info as I can right now!

Sold my primary residence (live in duplex where I had rehabbed both sides) earlier this year for a $147k profit. Took part of that money and paid cash for a SFR 3bd/1ba here in town (Wichita, KS). Initially I was planning to BRRRR this and use a rental but with the market still hot here, am considering selling. This would be my first stand alone Flip or rental that I'm not living next door. Long term goal is to have a 20+ door portfolio but a $40k shot in the arm (after 1.5 months) is very appealing. Both options seem good but because I'm still in the newbie phase, seeking advice. Thanks in advance!

Bought - $72K
All in - $81K
ARV - $125K

Could easily get $850 for rent, but would shoot for $915
Monthly Cash flow - $178