All Forum Posts by: Evan Parker

Honestly, right now. 

There is never a bad time to look at properties, drive by properties, or analyze properties. Especially when doing it for the first time. Start looking now, and once you and your wife actually buy one and begin house hacking it, still keep looking at and learning about the properties around you/in your area.

Best of luck!

Recently pulled the trigger on beginning the cash out refi process on my rental and have been blown away by the projections from it and the opportunity that will come as a result.

This entire experience & work that I'm putting into investing beginning to pay off is honestly fairly validating and even more motivation for me to continue grinding/working my plan. Kind of like working out for what feels like forever, with "no progress", and then one day you look in the mirror and see that ab starting to poke out and reveal itself!

So, I guess I'd say I'm proud of myself for believing in myself and working my plan. To anyone else who is struggling to see the results or the exact next path forward I will just give the words of advice -- keep going. Iterate and improve on your process, but keep going, things will pay off. 

@C-Dell J.

I stand corrected, I just re-ran some numbers and a refi looks very possible in the near future lol. I had a grave misunderstanding beforehand that almost caused me to miss out on this

@Wendy S. I should actually be even more clear, within that $19k is holding costs/bills as well, so it isn't just purely rehab

@Wendy S. Sorry I'll need to go back in and correct that number, $19k was just the renovations, the home was acquired through traditional financing at 20% down

@C-Dell J. I haven't gotten it officially appraised after the rehab, but given the pre-rehab appraisal, it's likely somewhere between $160-170k now if I were to guess.

And no, I dont I plan refinancing anytime soon, if ever honestly.

@Steve W. Thanks, Steve! And yes I agree in the photos the before pictures dont look too bad but trust me the walls were a complete no go and the flooring used to be a light colored carpet and let's just say that that floor definitely saw its fair share of muddy shoes lol.

The decision to renovate really was just to bring it up to speed and to set the home up to get top market rent easily.

The rehab, while cosmetic, was a whole home type of thing so the costs added up due to the size of the property

@Bill Hampton thanks, Bill!

My advice would be to still buy, just buy smart. In the market I'm in, Atlanta, there is no shortage of people needing a place to stay. Given the times we're in does it mean that rates won't INCREASE as much as they would've otherwise? Maybe. But a decrease is not really likely so long as you're in anything close to a major city or suburb area. 

I can only imagine there is a decline in rental rates in a area where there is a decline in a general desire to live. 

The after photos are the ones shown at the top of the post with a few of the before photos at the end. The home needed fresh painting and flooring throughout as well as minor touch-ups here and there.