All Forum Posts by: Cory O'Dell

Yeah, agree with last couple posts. Something isn't right here and it doesn't sound like we're getting the full story. Or, at least not a full/accurate story. Something is off.

The whole first page (nearly) seemed like just an argument of leverage use of money vs not leverage. Shockingly, leveraged would have a higher return. *shrug*

Update: we're back in the states as of Jan this year. We started in Europe in 2018 and ultimately were able to purchase two SFRs and one duplex while over there. Since returning we've closed on one more SFR and have another duplex under contract.

Cheers to (slowly but steady) growth!

Definitely recommend The Book on Estimating Rehab Costs. It's tough based on the pictures alone though, unless it really is just a basic rehab as in paint/flooring/fixtures etc. Our most recent rehab we estimated about $30k from our walkthrough and (later) took a contractor through it and the estimate came out to $26k. Given we try to be conservative, I was happy with our initial figure. Being conservative and analyzing the deal with that $30k budget also leaves us $4k in buffer as well for this property.

Anyway. It's not an exact science but you do get better at it as you go. We are out of state investors and came up with the budget from video walkthroughs from our assistant on the ground there.

Currently own a duplex just outside Dayton, OH that we bought for 72k, spent about 20k in rehab (over a year or so) and now rent it for $1535 per month gross. It's class C so that has its issues sometimes, but overall the juice has been worth the squeeze.

We use Tellus app. Similar to cozy but it's an app on your phone, I do everything I need to from it. They have 1 business day ACH payment processing available for rent collection and it's been great.

I would amend the lease. If you have to evict for any reason, occupants have rights even if they're not on the lease. Having them on the lease would mean you could evict in one swoop instead of dealing with essentially two evictions. Just my opinion though, requirements will vary state to state.

 Same here. The city sent us a notice saying they were going to shut it off because the tenant didn't pay a $34 bill. 

House hack!!!