All Forum Posts by: Chris Ayers

been through this so many times, tried everything, dark colored granit is probably best (light colors stain) but expensive. I installed this for under$10 a square and has worked out well

https://www.biggerpockets.com/forums/67/topics/229...

Great link and that did look pretty cool having the 32x32 on there. I had to settle for these which are 12x12 because I was in a time crunch, but I liked what you did a lot. (Sorry but it kept flipping the image on me no matter what I did).

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I just had a terrible experience with countertops and I'd like some advice.

We ordered laminate countertops from Lowes and we're told 4-6 weeks for installation. Nothing special or unusual about them. Took them 8 weeks to come in and 4 out of 6 of them were wrong. Lowes refunded our purchase but the manager told me they have a lot of issues with their 3rd party who does the countertops but there is only 1 company who does it in the area.

Questions:

1. What do you typically install for countertops in rentals that is durable, cost effective, and can be installed in a timely manner?

2. Can anyone recommend any countertop places in the Charlotte area?

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Originally posted by @Riley Shea:

Thanks fellas. I've lived my whole life in Charlotte so I'm very familiar with the city, as well as the market. I know how crazy the market is currently, and how tough it is to find a worthwhile investment, especially close to the city.

Do y'all have any areas you're currently interested/working in?

In the burbs: Kannapolis, Concord, Gastonia.

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Welcome to the forums. Charlotte is definitely going crazy right now with housing.

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Not my style, but great job on turning something positive from an otherwise not profitable home.

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Originally posted by @Steve S.:

Originally posted by @John Murray:

My BRRR strategy is as follows single family homes only ( I have 7 homes in metro PDX). Target purchase price at least 20% below market value (just scored one almost 30% below and close tomorrow). Down payment as low as possible 20-25% depending on lender (use others money when you can before your own). Will recoup at least 10% of my initial investment in 1 year with rent profits. Tenant credit score of 700 or better. Reno will not exceed 60 days and I do most of work (I'm a journeyman level trades guy). Pets OK (I have a dog) what's good for the landlord is good for the tenant $250 security per animal.. Refinance as soon as possible to extract minimum $50K clear per house. First, last, $1K and $250 per pet to move in. Hold open house and will rent in about and hour, advertise on Zillow, Craigslist and the like . $35 per adult credit check and qualified applicants bring financial info to open house. All rent checks to be postmarked by the 1st of month to my PO Box. $25 late charge per day. Raise rent annually 5%. Welcome to $250K+ per year.

@johnmurry when you refinance, does that typically cost you about $5,000 to get your money and the ARV cash out of the house? Is that something you just factor into your cost of doing business? Seems like a lot of money to pull your own money out, but knowing it's money you created through the investment and work you put into the rehab, maybe it's an acceptable cost of doing business.

THis is the part of BRRR I haven't been able to get a good handle on since no one can seem to give mean answer from their personal experience. What's your perspective?

When I take out a conventional loan on a $130,000 property give or take, my closing costs are $5,000-6,000. If I put work into it and it's now a $210,000 property and I want to refinance, I understand it would cost $5,000-$6,000 for me to get it refinanced and get my money and the new ARV value out.

Also, how long do you typically have to wait to do the refinance? Can you do it immediately when you're done and it's reappraised?

You'll most likely have to pay closing costs. Some are cheaper for refinances but 5k is a good number to on.

Some banks do 6 months seasoning but it's common for them to wait 1 year. I've only seen a few that you could do right away.

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Originally posted by @John Murray:

Tenant credit score of 700 or better.... First, last, $1K and $250 per pet to move in.

This definitely doesn't translate to other areas. Most of mine are 600 or better. People 700 or better will be buying. That's also a lot of money down to move in.

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Originally posted by @Chris S.:

I would definitely go for the LLC option, but the type of financing changes in that case. I can get up to 10 loans with a 30 year fixed, vs if I go w/ an LLC it would have to be a 5 year fixed and 25 year term. That's a big disadvantage in my opinion considering we're at historically low interest rates.

With the loan types in mind, if nothing would happen, we'd be in a better position to keep the $2 million dollar umbrella insurance and not put the properties in an LLC.

Any advice on this aspect?

You are correct although the loans vary. Some of my LLC ones I get 10 year fixed over 20 years etc... Although I would argue that if you should be re-leveraging every 5-7 years and utilizing your equity into other investments. All the 30 year mortgages I've gotten I have refinanced out of in 5 years or less anyway to purchase other homes. YMMV though.

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Consider it a very cheap learning experience. I've heard stories of people losing 10 20 grand on something similar. Was he licensed bonded and insured?

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Nobody to recommend, but who is the contractor we should steer clear from?

Is that allowed in the forums?

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All Forum Posts by: Chris Ayers

Chris Ayers has started 10 posts and replied 122 times.

Post: Countertops for Rentals - Charlotte, NC

Post: Countertops for Rentals - Charlotte, NC

Post: Hello BP! New to the discussions

Post: Hello BP! New to the discussions

Post: BEFORE & AFTER PICS on a NEW build

Post: BRRR

Post: BRRR

Post: Umbrella insurance or LLC for rental

Post: Any affordable and dependable contractors in Concord, NC?

Post: Any affordable and dependable contractors in Concord, NC?