All Forum Posts by: Brian Jackson

So I got my first deal (other than my "house-hacked" home) under contract.  It is 2 separate properties side-by-side.  One house was ravaged by a fire and the plan is to just tear it down and hold the lot (the area is in the beginning stages of revitalization).  The second home is currently split as an awkward duplex, but was originally built as a sfh (3/2).  Keeping it in it's current floor plan won't produce enough rental income to make my numbers work.  The end game is buy and hold but am not opposed to flipping.

The way I see it after running my numbers, I have 2 options from which to choose:

Purchase price - $80000 (LOC @ 5% interest only payments)

Option 1 - Revert the home back to a 3/2. Flip it. Go on my way. ARV is 170-180k. Rehab Cost - 35K (Net Profit 30K)

Option 2 - Same as option 1 but hold the property and rebuild a 2 car garage w/ ADU above. ARV 180-190k. Rehab Cost 50K. Rental Income 20400. (Cash Flow 400+/- per month)

I think both options look attractive for my first deal, however, I guess my question is to what your opinions might be.  Would it be smarter to grow my nest egg quicker or wait for the appreciation (which should probably take about 5 years to be in full swing)?

By the by,  I'll be holding the second plot free & clear after all is said and done.  Very excited for this amazing adventure on which I've embarked!!!

I think it's time for a new pm.  And make sure you look over their tenant lease before signing on.

you have the keys right? tell them when the showing will be as long as you give them sufficient notice, they have no recourse.

Hey Louisville investors,

I was curious as to what your opinion of the Smoketown neighborhood would be.  It seems as though it has potential, but is it a little too fringe to the west side?

TIA!

It's taken almost a year since I first made the decision to start working towards a passive income lifestyle.  My wife and I got the news today that our loan request was approved and we're ready to get the show on the road.  I've just concluded "Long-Distance Real Estate Investing" by David Greene and I must say that the principles set forth in the book have given me the courage as I embark on this journey.

I've come here today looking for words of encouragement, small pieces of advice you wish you had known when starting out, or perhaps just some funny anecdotal stories that weren't so amusing at the time.

I'm encouraged. I'm hopeful. I'm ready!

copy and paste.

Good day BP Kansas City!

The soon-to-be misses and I will be driving through Kansas City on Monday and stopping for the night on the way to our pending nuptial ceremonies next weekend.  Being green investors and being in a very expensive market (Denver and Colorado in general), we are looking for another market in which to start our investing.  That being said, we're going to take a driving tour of a few neighborhoods/areas that might be options and I would like to ask your suggestions.  We're mainly looking for deals that are sub 100 for flips and buy/holds, preferably multi unit but not against a sfr either.

Any help would be much appreciated! 

 (I know this is vague, but wondering if we should stay close to the city center, go north/south, MO vs KS, etc...)

The link isn't working.  I would be interested in learning more about this property.  I'll be in the area next week.

Using mailboxes for anything but mail is technically illegal, but I doubt anybody would do anything about it. However if you have a note in the box and Mr. or Ms. Postman goes to deliver the mail, they will either pull it out and trash it or they may just pile everything on top (depends on their work ethic).

We recently did a full rehab on our kitchen and considered this exact situation. You definitely want to vent because the yellowing is not avoidable and cleaning it off is no fun! As for the pop-up vents, they are extremely expensive with many moving parts (many more things to break, thus more maintenance especially if tenants aren't familiar with their proper use.) And many reviews out there say they are loud and mostly ineffective. If possible, I would move the stove, this would prevent grease splatter on your guest while cooking (ouch!), unless you build your breakfast bar up above the stove a few inches. Possibly see if you can reroute the gas line from where it currently protrudes from the slab by running it along the wall through the studs or along the interior back of the cabinets. This is what we did but we only moved the stove over a foot from it's original location.