All Forum Posts by: Chris F.

Hi!

What are your thoughts on web generated leads? Worthless?

Web generated leads such as: Zillow/Realtor, Google Ads, Facebook Ads, etc etc.

@Account Closed - Property has now been converted from SFH to multi-family - it's three stories high and a total interior of 5000sqft

Thank you to this community for helping me out. I am glad that you exist.

Update:

The roof had three layers (Original 1924, another from the ~1960s, and the final from ~2000), the flashing was non-existent, and the style of home (Tudor revival) has steep pitches (basically vertical).

After internalizing your feedback, I got another five quotes, and things started to normalize around $50k. A few weeks ago I decided on one, and last week the roof was ripped it off and a new one installed. No more leaky roof solved several issues near dormers and protected investment for another X0 years.

Thanks again, BP!

Hi,

First time getting roof repairs done, the house was built in 1924, had a roof replaced in 2005 but has leaks currently (we think.)

I had a roofing company come out and estimate the cost to repair/replace the roof, immediately the salesperson started stating that the roof was incorrectly installed and that he could see there were three layers (cedar shake, then some asphalt, and finally the current top we can see)

He said regardless of what we do; we have to pull it back, lay plywood down and then put the new roof on and that there is about $70k of work. Finally, the top we wanted to put on was about $27k (it is a "higher-end" finish).

Also note: this is a pointy Tudor house, so the roof has a steep pitch.

I am getting other quotes this week, but for a house of this age given the information I have provided, does this seem right?

Thanks,
Chris.

@Mike McCarthy thanks for the information - this makes sense.

Will make sure we verify.

Hi BP!

We’re a bit confused - buying a property (haven’t been able to get inside due to COVID) it states that the property is 4 bed 3 bath.

We couldn’t find the last bedroom in any videos, photos, or floor plans - when I questioned the agent - he said that there are 4 beds and one of them is a permitted bedroom (used mainly as a guest room).

Any idea what a permitted bedroom? All photos and videos were taken only a few weeks ago, so I can’t see they have done any work.

I was under the assumption a bedroom must have a wall, door, and windows that open to be considered a bedroom?

@Chris Fentiman I would also add, this is an addition to everything you still need from your team.

@Madhav Thaker, I am new to the US market In general, and BRRR has been something that has caught my attention due to the fact it is much easier for me to do that in this country.

Coming from Australia where in my area the average house price was >$1m I started looking out of state (I’m glad I purchased my first property locally and not OOS)

As many have pointed out on these forums, it is easier to get into the game locally because you can learn more from the nuances of running a rental with hands-on experience.

As much as I would love to dive deep in other markets, being at a disadvantage of not knowing the area like a local will be hard.

If you must here is something I have started doing, but you might go in a different direction:

1. Identify your area (whatever your criteria)

2. survey locals (this can be done online, I have started surveying people in the transport industry Uber, Taxi, Bus, as well potential tenants) - You’re looking to acquire as much local knowledge as possible. You want to know where people do and don’t like and what is coming up. (This is why it is sometimes easier to start locally, you’re at an advantage.)

3. Visit the place and spend time there. Nothing beats physically seeing areas, and I have gone to places that just immediately gave me the creeps.

@Drew Sygit thanks! Will be looking forward to being a part of this great community.

@Dylan Tanaka that is the plan!

Will look forward to meeting you at one of them! Thanks for the interest.