All Forum Posts by: Derek Duplechin

I know, it's been months since I've updated this post, sorry just been busy hacking away at this house and the W2, and a family etc, you know the drill. So onto the update...

I've really just been working on the house all weekend every weekend the last 3 months, I've tried to get in a few weekday nights in when I can but its difficult and my timeline has really gotten away from me. Thankfully carrying cost aren't too bad at about 150 a month. I've now got all of the flooring installed, all the doors installed, 95% of the trimwork is done. My wife and installed the kitchen cabs about 6 weeks ago and we installed the countertops 2 weeks ago, still need to install the disposal and plumbing under the sink. My wife is a deal hunter and got us about 30' of laminate countertops from HD for $125! I used the extra pieces as shelving in the hall and master bathroom closets. She also got some killer deals on appliances, a free Samsung Convection oven(wifes favorite saying is "free is always in the budget", this probably saved me $500, got a Kenmore microwave for $40, Dishwasher for $125, and a fridge for $300, obviously all used but in great condition. Just bought my water heater(new) and will install soon. My conctractor friend is installing my outside AC unit this week. This weekend I painted the exterior and boy does that make a difference in curb appeal! It's really coming together nicely but it's been a LONG journey, not one I'll make again, this gut to the studs kinda house just has taken way too much of my time and money. Speaking of money, yeah I'm over budget, I'll come in at right at 60K all in, houses in the neighborhood sell for around mid 60's per square foot so the ARV should be somewhere in the high 80's, still planning to do a cashout refi in the next year or so. Timeline is way out of whack also, almost 8 months in now, hoping to be done now in mid june and hope to have it tenented by mid July at $900 a month

Updated pix

Latest update on my seemingly never ending project, yes this is getting to me now and I'm ready to put this baby to bed. My plumber came in a finished up the last wekend in january so we now have water! In the last 2 weeks I had the real sheetrock crew come in and finish hanging/floating/texture the house. This past weekend my dad and I shot 35 gallons of paint and got all of the paint work done. This week my electrician is finishing up putting in all the breakers in the panel/outlets/switches. The I'll need to get Energy out to switch over to my my meter pan for the new panel. Once I've got electricity I'll be able to work at night during the week. Doors/Trim/ Kitchen install will be next on my list for me to do. Last couple pix are of the flooring we'll be putting in, tile in both bathrooms and laundry room, wood laminate everywhere else. Looking like I'll be about a month behind my scheduled finish of end of Feb....I can almost see the finish line...

Maintenance should be extremely low for the first couple years since the unit will be practically new. I think I have 8% vacancy baked in. My plan is to not take any of the cashflow for personal use but let it snowball as a savings for the next unit.

Not sure where you got the 67K from but I should be all in at about 53-55K, 17K aquisition and the rest is rehab. I'm hoping at appraises for around 85K, which is in line with sold comps $ per sq ft. in the neighborhood. I want to pull 60K out to pay back my dad and my 401K loan.

OK OK don't beat me up too badly for not keeping up with this diary. I worked 6 day weeks at the W2 for 6 weeks, put some time in at the house then took a few R&R days. My dad and I got back to work insulating the exterior walls(house never had wall insualtion) and hanging about 35 sheets of sheetrock. My plumber buddy is getting all of my repipe done this weekend(in the rain it looks like) so hopefully come Monday we'll have that completed. Then my GC is having his real sheetrock guys come in and finish up the hang/float/texture work. Then it'll be onto paint/doors/trim. Here's some pix of the rock work my dad and I did. I think the soffit we built in the living room for the AC ductwork & electricity came out great and looks appropriate for the space. In the interim I scored a free Samsung electric range from a local facebook swap meet page so that'll save me an easy $400 on appliances! Like my wife says "free is always in the budget" 

Originally posted by @Michael Anderson:

how long do you anticipate the date of completion of full rehab, you seem to be on a journey that has taken you to bigger and better places, what do you plan on doing next for your project & don't stop now my redstick neighbors you just getting your feet wet, keep posting but most of all keep sharing

 Well it's a moving target at the moment, really going to try to finish up by the end of February but may go into March. Next project will be a duplex in Ruston LA as I will have a daughter in college at LA Tech as of this fall. I'll let her experience on campus dorm life the first year then buy a property there for her to live rent free while the tenants pay the bills :) 

Welcome to BP! I'm from Ponchatoula and have my first BRRR project going in Hammond. Tons of great free info here on BP and definitely listen to the podcast on your commute to your W2 job! Good luck to you!

I'm BRRRing this one I'm working on now, purchased for 17 will be all in around 53k when I'm done, hoping it appraises for around 85 so I can pull 60k out. I'm not really interested in flipping I'm going the long play of buy and hold. I will manage them all myself, want to acquire 10 over the next 10 years then pay off prior to retiring in 22 years, they should produce 10k a month when free and clear. I have a realtor friend in Hammond who is also an investor if you guys want any help in acquisitions or questions about areas, lmk and I can connect you.

Hi and welcome to BP forums! I'm in Ponchatoula also and I am rehabbing my first deal now, a SFR in Hammond. Your numbers look good on this deal, good luck to you! Derek

Welcome! I'm into my first deal now and I'm local to you. Tons of great info here on BP, digest everything you can. Good luck in your investing!

Ryan if you have a 401k just take a loan on it for the rehab, the interest paid on the loan is to yourself(at least that's how my 401k loan works). Then pay the 401k loan off in 2 years and you have a rehabbed property with major cash flow to start saving for your next one