All Forum Posts by: Heidi Kenefick

I’m at the stage where I need to get my finances more organized. Previously I had one property and one bank account but now I have three- one just finished a rehab and the third the rehab is underway.

Two use a PM but the third is rent by the room an a PM won’t take it.

So- now I need to organize my expenses and have looked at avail, rentredi, apartments.com, Rentastic and baselane. Does anyone have any experience with any of these platforms? It seems some do more bookkeeping/banking, and some are better for leases etc. Rentredi seems to do it all but the reviews for it say there are a lot of bugs and a lot of hidden fees.

Would appreciate honest feedback for the best way to get and stay organized!

Thanks,

Heidi

I got in contact with the local HUD VASH case manager who has a lot of clients in need of housing. I am going to rent by the room but am debating between veterans or travel nurses. Travel nurses will be better tenants but also only stay for 13 weeks at a time…

@Nick Rutkowski

Did you end up doing this? I’m also looking into this and would like some insights

@Marvin Michel

I’m not an expert by any means but I noticed a few things in the photos that might be a turn off- the carpet on the floor looks weird. I would remove the random pieces on carpet. Also, above the windows it looks like there are sticks or a birds nest or something. The small random photos and mirror on the wall looks weird. Like someone lived there and left them. Also the chair in the corner doesn’t fit. Maybe make it completely empty and re photograph?

Hope that helps

@Conner Olsen

Thank you for this advice!! I think ARV probably makes the most sense… especially if making the layout strange to create a 5th bedroom would make the home harder to sell in the future… although I plan to hold it for a long time!

@Josh Starner

Hi Josh,

Good tip on the extra room. There are very few 5 bedroom houses. Of the ones I’ve seen they are all over 2500 sq ft and new construction and this house is about 2000 sq ft so the bedrooms are obviously smaller.

My other concern is if I add the extra bedroom, should I add a half bath because imagine 5 people with only two bathrooms…… 🤔

My goal is to get most of the money back out when I refinance in Six months because I am borrowing money from my 401k for the down payment and part of the rehab, and I want to pay that off quickly.

After that, maximizing cash flow is the goal. It will be cash flow positive either way with 4 or 5 bedrooms, but 5 is obviously higher (if all the rooms stay filled).

I'm in the process of buying a very dated large house in a nice neighborhood. It's a 4 bedroom 2 bath and has a eat in kitchen, den, living room and formal dining room. As well as a sun room. I am considering adding an extra bedroom, and doing rent by the room for travel nurses or trying to get long term tenants through a program like HUD-VASH. Based on what other mid term rentals go for I should be able to get $850/room.

The house needs a lot of updating- new bathrooms, kitchen, paint, floors…I spoke to one contractor on the phone who thought it should cost about 30K for what I wanted to do. Another contractor went out to look at it and suggested taking down a wall to expand the kitchen into the dining room, not add the extra bedroom, and thinks it will be closer to 60K.

I’ve reached out to a few other contractors but haven’t heard back. Guess that means they are busy!

Guess my question is do I spend more on the kitchen and bathrooms to make the house look great, and hopefully appraise higher so I can get the money I will spend on the rehab and down payment back out, or should I add the extra bedroom, do less of a rehab in the kitchen (ie- paint instead of replace cabinets, leave the wall up), but potentially have more cash flow?

Numbers- purchase price is 230,000k with a 15% down payment (34500, + cc about 10k).

Mortgage estimate is 1500/month.

Expected for electric/water/internet/lawn/cleaning ~400/month.

Rehab costs (still figuring this out) but somewhere in the 30-60k range.

Income: Rent @ 850/month for each room = 3400

This is my first BRRR and also my first mid term rental, and it is out of state (in a place I used to live).

Any advice or encouragement on this much appreciated!!!

If you are curious to see the house the address is 2771 church St winterville, NC. It’s on realtor/Zillow etc…

@Russell Brazil

That’s good perspective

@Mike Hern

Thanks!

I have spoken to two lenders this week and interest rates are so high compared to even a couple of months ago. In October I refinanced for 3.125 on a rental, in February I got a rate of 4.125 on a rental and now I’m being quoted 6% with $12,300 for the discount points! Ouch! This is crazy. My lender said it is because the fed is doing a sell off of securities and it is causing an increase of 60-70 basis points per day.

Anyone else seeing this? It seems like no one is talking about this?