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All Forum Posts by: Derek Woods

Derek Woods has started 7 posts and replied 77 times.

Post: Investing in vacation rentals in Mexico

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

@Mike Lambert I’m specifically interested in Isla Mujeres.  As I’m here now, looking around the island shows a lot of room for growth/investment.

Post: Investing in vacation rentals in Mexico

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

Hey guys, I’m a little late to the conversation but I would love some more details on purchasing rentals in the Yucatán, as stated it’s a paradise.

Post: Off Market Property

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

I did, turns out the guy was in the middle of a divorce and the 165k is what they needed to sell it for for amicable divorce.  I stepped away from the mess all together.  However, today I think it would have been a good buy and I probably should have pursued it.  Hind sight 20-20 and I have had some great deals since, so no regrets.

Post: Cracks in Plaster throughout the house...

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

I have been rehabbing 1920’s apartments with great success.  I usually do FULL rehabs, electric plumbing and HVAC.  In doing so I create a lot of wholes in the old plaster.  I tend to be very strategic with the holes.  I have been trying to keep them in the ceiling or in certain walls.  In doing so, I always Sheetrock the ceilings with 1/2in and I never texture them (smooth ceilings look more modern). Any walls that are severely cracked, I will cover the entire wall with 90min Dura bond and 48in wide window screen for stability.  By doing so he wall is rock solid.  I will use mesh tape on all minor cracks with durabond and then feather that wide with regular mud.

This strategy seems to work very well on this type of property.  

Post: Alarm system for vacant flip

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

I’m very interested in this topic as well. I’ve been rehabbing rentals over he past 6mos and Inam very tired of packing my tools into my 4Runner everyday.

Post: Backsplash Poll -Help me decide.

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

I like the lighter tile.  Something I have used that turned out great and rediculously cheap is Brushed Aluminum flashing for roofs glued on the wall tacked with roofing nails below countertop and behind the bottom of the top cabinets.  Turned out great, has went through 2 tenants,  and less than $50.

Post: My First DIY Tiling Job: Floor Preparation

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

My rentals are all also 1920's era so my floors look surprisingly similar to yours.  I have on a few jobs that I was concerned about the subfloor, sheeted it with 1/2in plywood (not OSB) then used 1/4in durock.  Results ended up the same.  

Post: My First DIY Tiling Job: Floor Preparation

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

I lay tile in all my rentals, a flip here and there and my own home.  I have never used thin set underneath Durock.  I usually screw the 3x5 boards down on a six inch grid, yes it over kill but it works well.  Then I mix my mortar to a thickness I like (peanut butter consistency) and depending on tile size I will use a 3/8in or 1/2in notch trowel.  I have never had a tile come loose or break on me once set.  I use the smallest spacers I can find as well.  if i am tiling a shower I don't even use spacers.

YOUR first time tiling keep a bucket of water, scraper, sponge, and a towel handy to keep the excess mortar in check, do not allow it to dry in your grout line or on the top/edges of the tile.  You WILL regret it later. 

No one taught me how to do it I watched some videos and went at it head strong, I will say I've learned a lot along the way but it really is a simple process.  Also, doing a brick pattern with floor tile allows a little bit more error as a crooked grout line isn't as noticeable when they are spaced apart.

Post: How to get my 3rd Property?!

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

@Casey Kooiman

This can be done on any property.  Whether a realtor has it listed or not.  I have come to find out it is much more common then people think.  Atleast, it is in my area.  You really should talk to your lender about this.  My current lender is all commercial.  Meaning they do not even ask where the DP is coming from.  They do like to see cash reserves but that's all.  It sounds like most of the loans your pursuing are regular conventional loans.  They have to fit in much more stringent guide lines then commercial.  

Post: How to get my 3rd Property?!

Derek WoodsPosted
  • Investor
  • Ashland, KY
  • Posts 77
  • Votes 12

@Casey Kooiman

When I mentioned seller financing I was just intending seller financing the down payment.  I would definitely concern myself with your debt-to-income ratio though.  If you look at your credit report their may be some things on it that you can pay off or refinance to help that ratio.  In my case specifically I owe a small amount on my Harley, but it's affecting my debt to income quite a bit because the payment is high.  IF I needed too, I would just pay it off and that would drastically help my debt ratio.

My lender now(after 2yrs) is no longer looking at debt to income.  She looks more at the property itself.