All Forum Posts by: Bryan H.

Thanks, @Michael Smythe. It seems like you have all the right answers. I will absolutely do that!

I know the Pros and Cons of both Fix and Flip and LTR. I was wondering if anyone has dabbled or knows anything about a hybrid option. I know on flips it is considered traditional income due to being classified as a dealer (someone who buys for the profit of the sale) and not an investor (someone who buys for the profit from rental or other forms of income) but what if you bought and renovated a property and held it for one or two 12-month leases? Wouldn't this property now qualify for the 1031 program and defer your income taxes? If so why are there not more flippers doing this?

@Dillon Cook It very well could have been me. I installed it myself and got the cheapest option from Home Depot on clearance. It looked great when it went in but over time it has been getting worse. I had little to no money at the time and I was being recalled back to MI from NM by the Air Force so there was a time crunch too. It probably was me and the cheapness of the product. I was able to floor the entire house 1,000 sqft house for $1500 including underlayment. It was a wood composite with a vinyl top layer with texture. I have seen products that are 100% vinyl and I think in the future that is the option I will be going for. I love the idea of tile and will need to use it in the future but it is not common for it to be in bedrooms so we will just need to use 2 flooring systems. 

@Andrew Dowling you would be willing to put in new hardwood? I feel like its a pretty expensive option for the durability. I was wondering about countertops. I have heard of staining issues with concrete and other stone counters. I have seen some realistic-looking laminate with stone coloring. I have white laminate in all my houses currently and I think it definitely dates the kitchen but I have not had problems with durability so far. I would like to hear what your experience is with those counter options. 

@Michael Smythe That's great news. I was told by my realtor it is yearly so that makes it a ton easier. How long does it take from scheduling an inspection to getting the city out? I was told because there was a backlog it takes months. I am starting to question what these realtors say lol. I appreciate your time to respond and your knowledge of the area.

@Dillon Cook Ya I always remove carpet, I was thinking maybe Stickdown vinyl since it is water proof and is attached to the subflooring. I purchased an old rental house for my primary and tile is super scratch proof but there are so many cracks in the tiling it is crazy. I was told by the neighbors that the tile is only 5 years old.

I was wondering what everyone's thoughts were on different ways to tenant-proof a house and the best materials to do so. When I renovate a property I try my best to tenant-proof the property as best as possible without sacrificing cash flow. I wanted to know what you do to get the most cash flow but reduce your maintenance bills as much as possible for B-D class rentals. Let me know what you do religiously that is worth the extra cost and what to avoid. 

I always replace toilets, shut off valves, water fixtures, add frostproof water spigots with additional isolation valves for winterizing, switches, light fixtures, Add ceiling fans to every bedroom, GFCI outlets, regular outlets, smoke detectors with 10-year or hard-wired-in, use a quality one coat semi-gloss paint, basic white washer/dryer and Exterior door locks with touchpads (key free). 

I need to find a better solution for both concrete paint/coating for high-traffic areas and flooring (I have had tons of issues with LVP with water from entrances and separation and unlocking), and I want to know if it is worth spending the extra money on metal roofing due to its durability.

I look forward to hearing about your experiences!

Thank you to everyone who responded to the post. I will be using the plumbing as a point of negotiation. I think learning how to run PEX will be smart and it will be maintenance-free for hopefully the next 10 years. I like trying to update, replace or repair Major maintenance items like every shutoff valve, every outlet, replace all gaskets under sinks etc. I will be doing the same here. @Michael Smythe it is interesting that you mention that. I just learned that there is no CofO requirements in the city either. It seems like they would rather SOMEONE fix up the properties instead of them rotting so they may be more lenient. I was told that it could take 6+ months to get a rental permit from the city as well which worries me and makes me think I should apply once I hold title after the sale. I am looking to BRRRR the property with section 8 and do not want to sit on it for months and risk a break-in. Do you have any experience with the city in that way?

Exactly, assume the worst but hope for the best. The seller nor the realtor has ever set foot in the house so they don't know the condition. Once the renters left the property management changed the locks and put a lock box on the meter so I am thinking there might be pushback until they see the condition.

@Bob Stevens sounds like a great plan. I want to learn how to run new piping anyway.