All Forum Posts by: Tyler Willson

Hi all,

I'm posting two links because I don't know how to post a slew of photos on the forum. The first link is pre-rehab and the second link is the zillow page with all the rehab pictures. Thank you for all the encouragement and interest in updates!

https://drive.google.com/drive/folders/1TIETzJhIZs...

https://www.zillow.com/homes/1306-Evert-Ave-Richmond,-VA,-23224_rb/?

Hi all,

Sorry for taking forever to post a follow up to this. The project ended up taking about a year because I could only work on weekends with the help of friends and family. That being said, we ended up making what I would say is a great profit for our first rehab project. We did end up flipping as opposed to BRRRing. The project was financed completely through my family for which I paid 8% APY when the house sold.

Purchase price - $10,000 (got a great deal because of family and it was in terrible shape)

Rehab costs - $65,575

This was the cost for gutting most of the house and upgrading fixtures. HVAC and electric were hired out. The house didn't have central air originally. It was also using knob and tube wiring, so all that had to go. All of the plumbing was redone. This also includes costs paid to family for their help.

Sale price less realtor fees and closing costs - $144,620

Profit before taxes - $69,045

Profit per partner - $34,522.50

I learned a lot during this experience, and I am grateful that I have such an amazing family that helped me along the way. I could not have done it without them. I have old pictures that I can put up, and I believe the Zillow page has up to date pictures. Is it ok to put the address of the property and all that though? I'm not sure what the policy is on that.

@Andrew Kerr Thank you for the recommendation! I will check them out.

Hello everyone, I am think about purchasing an upper/lower duplex in my area. The upper unit has pretty much been gutted (there is still some flooring left but studs otherwise), and I was wondering if it is worth doing any sort of noise reduction with the upper unit to possibly avoid future issues between tenants. 

What I have heard so far is that I could insulate in between the floor joists and use a thicker underlayment underneath laminate flooring in order to achieve noise reduction from above. The thicker underlayment is certainly more expensive, so I wanted to get some other folks experience before shelling out the cash for this.

Thanks!

How do you feel about the area around Melrose Ave, so lower Northwest? It seems that the rents there aren't much lower than the rest of Roanoke, but the housing prices are certainly lower. 

@Shaun C. This is some amazing work you all have done! I hope that it sells soon and you get that nice long vacation. Would you recommend a certain architecture/design software for people who do not have a lot of design experience and really just need it for more basic building permit proposals?

Thank you all for the advice! I will meet with a CPA very soon in order to nail down specifics for myself.

@Sonia Spangenberg Thank you so much for all of this great info! I definitely have plenty to read and learn. I will keep in touch.

Hello everyone,

We are nearing the end of our first rehab and flip project, and I was wondering how we go about writing off expenses for taxes. I was getting fairly clear on how to do it for rentals with division into repairs vs capex, but now I am not sure how to do it for rehabs. I know I should talk to a CPA, and I will, but I wanted to get some info before then.

So in short, what expenses for the rehab can I deduct for the rehab? Please give me a little more than the IRS line that goes like - anything necessary for the daily function of the business.

Thank you!

@Sonia Spangenberg Thank you very much for the advice! Your med students really shouldn't have stolen nurses' lunches; you all tend to be the ones who actually run the hospital and get things done. Thank you for your service in healthcare!

I definitely agree with seeking out a MF which needs a little less work. One of my current ideas is just to do some driving for dollars in a neighborhood that I would want to live and then send out letters to owners who have MF property in the area. Any thoughts on that idea? I know direct mail usually needs a lot of mail sent out to get any results, but if I specifically want to be in a certain area could this work?