All Forum Posts by: Chirag Shah

Looking for a few conferences to attend this year, and was wondering if anyone had booked any of interest and high-quality. I am not looking for a sales pitch, but an educational experience where I can network and take home some useful strategies. I'm just starting (2 props under the belt), so my mind is pretty green and open to new ideas. 

So, where are you going this year? Any suggestions? I'm currently holding a duplex and fourplex, and hope to continue in the small multi-family, but over time expand into small commercial. 

All advice/suggestions are appreciated. 

Hey @Marcia Maynard, thanks for checking in. You can see my new listing here. It was hard to take new photos of the exterior as its winter and not very green. Instead, I chose to focus on my high ceilings and renovated kitchen. I think its a lot better, but not perfect. What do you think?

I've had 6 showings, but no applications. I think it's due to the rental price, which I will keep reducing week over week. 

Thanks for the tip on the rental agreement, I will need to keep that on hand if they have more questions. 

Curious to see your numbers, primarily the HML component. As @Cody Zucker mentioned, a link to your calculator would be great. 

Happy new year everyone!

I wanted to reach out to ask if any member in Austin, TX who has BRRRed in the past and is doing so now would be open to having coffee or lunch in the very near future (my treat). I have two rental properties, but the amount down has definitely affected my momentum in investing. I'm hoping to BRRR a property in the near future and would really appreciate some tips, best practices, etc. I've done a fair amount of research, but real-life experience tends to trump academic knowledge.

PM if interested in meeting up.

Thanks, 

Chirag

Hey everyone, 

I was hoping to get some feedback on my BRRR calculator. I like to build my own so I understand variables and concepts better. I'm hoping to pursue this strategy this year and moving forward as traditional 20% is definitely difficult.

I broke the calc down into two parts:

Buy/rehab : includes ARV calculation, and HML finance fees.

Rent/refinance: include my cash flow criteria and common rental analysis figures. 

My concerns are:

1. Is my HML financing off when calculating MAO? How do we integrate third-party financing of a rehab deal? I might be completely off here as I have been a buy and hold through the expensive, traditional path for the past year.

Here is the link to the calculator.

Thanks!

@Kevin Sobilo very good point, rookie mistake. I have a few showings this weekend, planning on a reduction mid next week after a re-evaluation if they bear no fruit. 

@Dennis M. thanks - I have two showings this weekend, so hope it goes well. 

@Thomas S. - thinking the same thing, won't drop until mid Jan.

@Nick Sheveland - thanks. I think hiding certain items would definitely improve picture quality. Planning on placing those away this weekend and for all showings. 

@Marc Winter and @Marcia Maynard thanks for the very direct feedback and suggestions. Based on your comments, I am going to:

• Cut the shrub & grass
• Pressure washer certain parts of the front as the shrub is covering some exterior discoloring 
• Depersonalize throughout the house, while also reducing some of the furnishings 
• Take new pics & likely reduce my price 

Hope I can get through everything this weekend!

Also, @Marc Winter , thanks for the strategy - where do you suggest I post there will be an open house? Moreover, how did you calculate the $1,175, are using the price per sq ft method?  

@James Ma - I viewed each property via Zillow I am competing with, and will likely drive by before I make changes in price. But, I think my property is superior (of course, I'm biased!) 

Happy new year everyone!

I am in the process of finding a tenant for a unit within my duplex (currently house hacking it), and wanted to ask for the community's feedback on my listing and anything I can do to guarantee I find a tenant before I move. I have not gone through this process before as I inherited tenants in both my properties (duplex, fourplex), and fortunately, haven't had a need to evict and re-rent (though, they are not perfect).

I will break down my thinking to provide context in how I came to my rental listing and requested rent amount.

Listing Analysis:

• Conducted an analysis using rentometer, the analysis considered properties within <3 mile radius, only duplex units, posted within the past 3 months. 
• The average rents for comparable properties was $1,368
• The average sq ft was ~1100
• Most properties were 2/1's; most did not have a backyard
• All properties had to mid-level rehab, some are very high-end and could be considered outliers
• Analysis can be found at this spreadsheet. 

My Listing:

• Rent: $1,375
• Sq Ft: 948
• Makeup: 2/2; very large backyard
• Mid-high level rehab (stainless appliances, refinished cabinets and countertops, laminate throughout, updated fixtures)

Listing Channels:

• My listing can be found  here on zillow.
• It has been posted for 11 days
• The channels:
  • Zillow
  • Realtor.com
  • Trulia
  • Hotpads
  • Apartments.com
  • Craigslist
  • Facebook
  • Forrent

Listing Performance:

• 20+ leads on Facebook
  • 19+ - no responses to request for pre-screen call
  • 1 qualified - did not show up to showing time
• 2 leads on Craiglist
  • 2 qualified - both interested, but did not meet timeline
• 1 lead on realtor.com 
  • No response to request for pre-screen call
• 8 views on zillow.com - ranking 2/8 in zip code
  • No applications yet

My questions:

1. Should I take better photos? Based on my observations, I have more pictures than my competitors, but they are not the highest quality.
2. Should I update my listing copy? I could write more, but I am aware people scan in the modern world, so not sure if that will help. 
3. Are the holidays to blame? I posted this on the 22nd, right before the heart of the holidays, so that might be what is delaying interest.

All feedback is welcome!

Thanks in advance.  

Thanks @Brendon Woirhaye . 

@Costin I. exactly the list I was looking for. I wasn't sure if annual pest inspection was a must, but it seems that in multi-family one tenants lack of cleanliness, can impact anothers. In my lease, maybe I should consider writing that tenants are responsible.

Referring to your HVAC annual inspection - is the $140 for an SFR? I've been quoted for $260 for the same service for a duplex. Seems like the cost is similar.

I think it would be wise to begin developing a check-list. As you know, I am house hacking and will likely keep doing so with the next property. But once I am out, it's a must have. Do you have any references?