All Forum Posts by: Steve S.

I keep listening to all these podcasts of someone starting out with $10,000 and 2-3 years later owning 50 properties in their portfolio through BRRR.

As someone with well more than $10,000 I'm struggling to make these numbers work.

When you BRRR, don't you typically pay about $5,000 for the initial purchase and then ANOTHER $5,000 to re-finance to get your money out? Are the numbers so compelling that, even with $10,000 total to get money into and out of the deal one can consider to grow their portfolio?

As someone that is generally purchasing properties in the $110k - $150k range and putting down $30,000-$37,000 down on a rental, I'm not understanding how I could significantly leverage my money to significantly expand my portfolio.

Can anyone help me understand?  I'm plodding along locking up $30,000 at a time in a rental that cash flows at > 10%.

Thanks!

The rental I purchased has a broken dishwasher. 

How much would you typically spend on a new one?

I'm assuming leaving it broken wouldn't be acceptable for a prospective tenant

As part of building my team, my brother and sister in law live in the area where the rentals i'm acquiring are.  

They will be doing odds and ends types of things to help prep the house for rental.  Things like:

- Painting

- Installing sinks

- Patching small picture type holes in the wall

- visiting the house to do a pre signing walk through

- visiting house to evaluate it as far as a rental prospect

- etc

Any good suggestions on how I should determine what to pay them?  They are willing to do it for less than I could hire, ore example, a painter to do the work, but I'm trying to determine a formula for easily coming up with fair payment terms.

I would appreciate any other thoughts from the community on my approach so far. Am I doing anything obviously wrong or inefficiently?

Wouldn't that cost about $5,000 to get to that money?

i saw an ad for bathfitter.com

Have any of you used this or heard of it?  Maybe it's a viable option?  Seems totally janky though.

I have acquired 2 SFH

Both cash flow at least 10% cash on cash roi 

1 loan at 3.75. Another 4.125. Both 30 year

Each one required about $35,000 due at closing (including closing costs) for 25% down

Put about $5,000 into each

What should I be doing different?

How do I reduce down payment to reduce up front costs?

Anyone have any good suggestions?  I am of course trying to maximize value of the rental but want to spend only as much as will look professional and be functional at the same time. 

I'll be doing the kitchen counter (no island in this 1984 home) and the bathroom counters (2 bathrooms).

What would you expect this to cost?  I'm thinking i can do it all for < $2,500

I have 2 bathtubs in a rental that need to be re-finished.  The house is about 30 years old so obviously some wear and tear.   Is this something you have done yourself?

If you've paid someone, what was the all in cost?

For a rental?

That's what I've typically done, but am curious if I'm making the right choice here financially.  That certainly makes for less out of pocket expense on the investment, but raises the cost of the loan a bit.

Thoughts / recommendations?