All Forum Posts by: DeAnna Henson

Hey Everyone, I'm going to postpone this meet up. Frankly, I've been slacking and haven't prepared or made much progress in my REI goals. I'm working to pick things back up. Hopefully I'll have something good put together for next month.

Henry & Dustin, I completely agree. I lowered my offer to $25K so I could have a little margin and learn and the seller's response was "do the work yourself". Needless to say.. it was a no go. I even offered it to my contractor, knowing his costs were lower, and he wasn't interested!

I appreciate the responses and advice. On to the next one!

Matt, I appreciate the advice. The plan was to BRRRR out of it and rent for ~$1100. Paul, yes I had considered holding costs. That would tack on ~$1500 if I could get it turned around in less than 2 months. I'd like to buy something that I can gain experience on, but this one just doesn't seem to make sense. Owen, I appreciate the feedback. I had considered putting in a little sweat equity and then turning it around to an investor, but I'd still have to get it well below the $45K she wants. It is hard to let go after putting so much work into it, but I think it'll be the right call. Thanks for the advice everyone.

Hello Everyone! I have my first "deal" under contract after a year of education and missing out because of analysis paralysis. The property is 2/1 850 SQFT and has had a 15 year tenant that is currently being evicted. She has smoked in the house every day, every part is run down, and the list goes on. Essentially, this is a total gut and rehab. I have pulled material pricing from home depot, and walked the property with 2 contractors and multiple inspectors. We've found termite infestation and other items that were not accounted for. When I run the numbers, the cost just seems astronomical and doesn't make sense, but at the same time, this is such a small house for a ~$50,000 rehab! At this point, I'm going to go back to the seller and ask for ~$12,000 off but I doubt she'll go for it. Even then, not a great deal.. I know I could make it work if I decided to do the work myself, but that shouldn't be the default. I feel like I'm one of those people that's just "buying something" to get started. See the brief numbers below: Original Scope Cost Notes Demolition Labor Cost $4,250.00 Quoted Construction Labor Cost $15,710.00 Quoted Material Cost $12,805.00 Ref - Home Depot Permitting/Fees $2,500.00 Ref - Development Services (estimated) Additional Scope Cost Notes Subterranean Termite Treatment $1,021.88 Quoted Dry Wood Termite Fumigation $2,659.81 Quoted Carpenter Bee Treatment $161.29 Quoted Replace Misc. Termite Damaged Studs $1,000.00 Assume replace 20 EA studs Rodent Extermination $150.00 Quoted New Roof $5,750.00 Quoted - Partial re-decking at 10 sheets New Hot Water Heater $750.00 Assume $500 water heater and $250 install Replace Aluminum Electrical Wire $300.00 Assume 4 hours @ $75/HR Total Rehab Budget $47,057.98 Contingency at 10% $4,705.80 Original Purchase Price $45,000.00 All In Cost with Original Purchase $96,763.78 ARV of Home $95,000.00 Based on Comparable Additional Scope $11,792.98 New Purchase Price $33,207.02 All In Cost with New Purchase Price $84,970.80 Any advice?

@Charles J English Hey Charles! I don't broadcast any of the meet ups. Typically we have between 4-8 people and discuss the topic at hand and our current REI progress. We'd love to have you if you're in town for the next one!

Hi All!

Please join us 12/14 to discuss building codes you must follow when rehabbing a property. Location will be determined shortly and this post updated. I hope to see you all there!

@Christian Sirio

Of course! I’m not sure how many people will be attending - not a lot of response this time. Hope to see you there!

Hey Everyone!

I haven't received much feedback on this meet up. If you're interested but can't make it, please let me know and we can always reschedule.

As of now we're still on for the 26th! 

@Rick Barbato Sounds good! I'd recommend joining the Corpus Christi real estate investor Facebook pages to look for other local meet ups as well. The event with the biggest turnout I've seen is the local REIA and they meet once a month on Thursdays at 6:00, if I remember correctly.

@Rick Barbato Hey Rick! What information are you looking for? Details for the event are posted above but I know some people have issues seeing them in the app.