All Forum Posts by: Craig Parsons

I know this is a 5 month old question, but I would be interested to know as well.

@Greg Scott.  Thanks the appraisal is a great idea. I like the thought of higher potential future resale.  I did go into the one local rental agency  and they would not talk to me as they said " I would be in direct competition with them" and they didn't want to divulge any information  LOL . The only other data I can get is from Craigslist adds that's where I get the $900/month number.   There are also a lot of people looking for rentals in the area and almost no inventory that I can go look at and compare.   Thanks  you very helpful!  

Ok so we bought a 3 bedroom 1 bath house that we originally  intended on flipping. We bought this before ever hearing of Bigger Pockets.  After learning a ton of great ideas here , we have decided to BURRR this house instead of selling it. Originally we intended to make this a 4 bedroom 3 bath house. to do this we would need to add on and spend an additional 30k  for rehab. What I soon realized was that if we do not sell the house the max rent I would get is about $900.00 per month weather or not we spend the additional 30k.  So we decided to scale back not add on and keep the house in its original footprint.   Last night after my umpteenth revision of the floor plan I realized there was  still some wasted space that we could make into a 4th bedroom  so now we would have a 4 bedroom 2 bath house with rooms that average 10ft by 10 ft with maybe the master bedroom being slightly larger.  If we do a 3 bedroom plan the rooms would be 11ft by 12ft. plus have some bonus space that could be used for an office or a reading room or something else.   So my question is  am I going to regret having 4 smaller rooms versus 3 larger rooms.  Will the 4 rooms bring me more rent in the long run  even if I can not right now get more than $900.00 per month.   Will people walk in and see the smaller rooms and say no thank you?   Thoughts please? and thanks in advance for taking the time to read this.

I agree with @Eric Schultz.  I would not pay this guy another dime until he completes the job in a satisfactory matter.   Be reasonable though require a high standard  but do not be overly nit picky either.    I would definitely call him out and find out why he picked and installed products without your approval.  You still have half his money, I hope, and that can be a  huge tool to insure he remedies bad work. It probably is not worth your while to make him change things but it is your house and you should at least get what you asked for. If you have questions about weather or not you are being reasonable feel free to pm me with instances and I would be glad to give my opinion of weather or not you should stand your ground.  I worked  on finishing homes in the San Francisco bay area for 30 plus years and nothing irritates me more than hearing people have contractors run them over doing what they want to do not what the customer wants.

@Kevin H.

Why not do both. I am actually here because I wanted to take some of my crypto profits and invest in something that is less volatile and more likely to still be around in 100 years. Crypto has been a great investment for me bringing me over 25x my initial investment since 2016. The problem that scares me is the VHS/Beta MAX conundrum. At any time bitcoin may be set aside for a newer faster cheaper crypto currency. Until the class has matured it's all a crap shoot.

My recommendation would be to invest a small percentage of your REI profits into a variety of crypto's that have a real world usage.

@Codey Fabian. Do you have to have an electrical or plumbing license if working on your own property? Even if you do plan on selling it.

@Codey Fabian

Following because I too am a Dave Ramsey fan. And would not of even thought about starting this had I not been debt free. Not to criticize anybody's style or plan but managing 100 doors to get a few bucks a month sounds like a lot of hassels. I'm wondering how to get say 10 paid off properties that could cash flow the same as 100 houses with debt.

I am in Orofino working on my first flip. Would be glad to meet up as well.