All Forum Posts by: Chris B.

only 3 rentals currently. and mine are very easily managed on my own. Just looking for an example application form and a site that does the credit/background checks cheaply. Thanks for responding. Will look at those sites...

I have a few rental properties and always used an agent to do credit checks and rent them out. One property, a boyfriend and girlfriend signed a 1 yr lease. Then he moved out and she found a roommate and signed a 6 month lease (ends May 31st). My agent did me a favor for free and did the credit check on the new roommate when she moved in. Now she's moving out and she found another new roommate. I don't want to ask my agent for another favor to do the check on this new person. My question is. Is there a standard application I can use for this new tenant to fill out available, and any recommendation of site to use for background/credit check? Thanks so much, Chris

I have a few rental properties that after rehabbing, They usually cost me about $100,000 to 120,000. I then refinance them and am getting about 1500 a month. The current house in question is bigger (3 bedroom) and costing more.I purchased for 58,500 and when done, will be in around $180,000. My agent wants to list it at 254,900. I am hoping to walk away with $50.000 profit. Last night, my wife suggests refinancing it and getting most of our money back and net over $500 a month from the rental. Plus the tax benefits, principal pay down and hopefully more appreciation in 10 years time. Yada yada.. I maintain the properties myself. Everything is brand new, so should be easy to maintain. Any suggestions on best route forward? Thanks.

@Terrell Garren  Even in a house your not looking to rent,  but sell?   no carpet?

@Christopher Phillips Thanks for responding. The house was purchased for $58 K. I will be all in around 170K once completed. It's ARV should fall between 229K and 249K. All working class home owners live in this small lake community. The property is worthy of granite countertops and a decent floor. Kitchen floors were tiled. I am installing plush carpeting into the 3 bedrooms. This is just for the living, dining, hallway and a bonus front room. There was some releveling of the floors that needed to get done so had to rip out half of the original wood floors. They are all plywood now...

This Lifeproof LVF by Home Depot looks good. Just wanted to see if someone uses a different brand that is less than $3 sq ft. and would recommend...  Thanks again...

Thanks again...

Hi All,

Am in the middle of renovating my first flip property in NJ. I have 3 rental properties, but this one has become to expensive to rent out. I am ready to put the floors down. I am leaning towards vinyl flooring and wanted to ask the experts which is the best brand to use, best price,  etc.  Or have a better suggestion that they always use?

I am thinking something like this...

https://www.homedepot.com/p/LifeProof-Heirloom-Pine-8-7-in-x-47-6-in-Luxury-Vinyl-Plank-Flooring-20-06-sq-ft-case-I969104L/300461609

Unless someone has a better suggestion that they always use and it comes out great?

Thanks so much in advance...

Chris

Hi All, I am building my portfolio using the BRRRR strategy. The last property I refinanced, after purchase and rehab, I was all in at just under 105 K. The bank appraised it @ 190K.

The bank would have given me up to 75% value.  142.5K @ 5.5 %.  With the taxes and insurance.  I would just break even with the $1550 I receive in rental.  

I ended up taking a 60% value and got 114K return.  I just wanted to be conservative and getting a few hundred in return every month. In case the s&^7t hits the fan so I was taught by bigger pockets podcasts.

  Is this the right way to build the portfolio?

So what do you all think?  Take a bigger profit up front and reinvest (75% and have no monthly profit any more until loan is paid off) ?  Or stay conservative? So many decisions...  Looking for some experienced investors that have been here and done that to share some knowledge on this.

Any advice would be greatly appreciated.   Closing on a new property next week and trying to get one more under contract this month, but learning as I go...

Ready, fire , aim...   lol.. 

Thanks. 

 Chris  

Hey....  This conversation has come back to life...  Just a quick update.   I just put an offer in on my 4th investment property today...   They are asking 74900.  I offered 54000.  Think this is a good starting point....   Let you know if I get it...    I know.  I know,  should invest in multi family....   Will get there soon.  Just loving the equity building strategy I am currently using...   At least my wife isn't mad at me about it...  Happy wife....  Happy life...

@ I am bored.  But analyzing more deals and hope to close on one more by the end of this quarter.

Hi Joel,

Just saw this post. I know it’s a month old now.  Any action on the property in West Milford?  I have 4 doors there... Connect with me if there’s still anything happening up here.

Thanks,

Chris