All Forum Posts by: Ferris Anthony

@Jim K.

1. Our new primary home is worth more than our original.

2. I did a 5% down conventional 30 year.

3. My family LOVES the move. Doubled our square footage but stayed in the same neighborhood.

4. We bought a 2,200 sq fr colonial. 4 bed 2.5 bath. Another 900 sq ft in the unfinished basement.

I just wanted to give a shout out to the Bigger Pockets community for giving me the motivation to take the plunge into my real estate investment journey.

In summer of 2020 I decided I was diving into rental investments headfirst. I closed on my first rental property in Redford, MI in November of 2020. Conventional purchase $84,000 with 15% down and the house appraised for $100,000. Lots of updates were made and the house is now appraising in the $130,000 range and was rented for $1,300 a month (starting in March).

I did a cash out refi on my primary home and had enough for another down payment for the next investment. House prices have been out of control so instead of buying another investment property, I bought a new primary home and kept my original primary home as a rental property. I am getting a signed lease this week and our old primary home will be renting for $2,200 a month.

In 5 months I’ve gone from 1 primary home to 1 primary and 2 rentals which will cash flow about $1,400 a month. I couldn’t have gotten this far, this quickly without religiously listening to the BP podcasts and audiobooks.

Hats off to all of you, especially Brandon, David, and Josh.

Ferris

Good morning, I’m looking for advice from a seasoned appraiser. I’m closing on my first investment property in the next couple weeks. What actually adds value to a home?

Can anyone give me a ballpark estimate on encapsulating a crawl space, installing a sump pump, and dehumidifier? About 1000 square feet of crawl space. In Michigan.