All Forum Posts by: Hieu Bui

@Greg Dickerson I plan to contract out the exterior and DIY the interior. I'll get bids for sure. Is it common to ask for bids before locking in contracts? Or contractors only give me bids if I own the place? 

Can someone check my rehab estimate on this duplex?

https://youtu.be/7eoE9oaDEzM
This is a 2Br/1bd per side duplex, 1848 sqft.

The interior of one unit is very bad, but the other unit is fine. Each unit is 924 sqft.

From what I can see in the video, it needs new roof. The soffit, fascia, and some of the siding needs to be replaced. Exterior paint and interior paint. Vinyl Flooring. New vanity for bath room. Cleaning.

+Soffit and fascia + Siding replace: 3000

+Roof Replace: 5000

+Exterior Paint: 2500

+Interior Paint (1 unit): 1000

+Vinyl Flooring (1 unit): 2000

+Bathroom Vanity: 250

+Cleaning (1 unit): 200

Total Rehab Cost: ~14k

P/s: I'm in North East of Atlanta, GA

@Michael Goldsmith I’ll be doing inspection next week. Thanks for the advice

HOUSE HACK: DEAL OR NO DEAL????

Hey guys,

I'm about to pull the trigger on my first property. The seller has counter offer so now it's up to me to accept it or not. The place is in livable condition and only needs cosmetic rehab like repainting interior, changing doors, putting in washer/dryer.

I'll be living in one unit while renting out the other. The rent will be $700 per unit at market rate. However, current tenants are paying $500/month because they have been living there for years. The lease is on month-to-month though.

1. Kick one tenant out, move in one unit, rehab it myself while living there to learn the job and also reduce cost.
2. After my unit is rehab, kick the tenant on the other unit out. Move in to the other unit.
3. Put new tenant in the rehabbed unit at market rate $700/month
4. Rehab the other unit.

I'll be managing the property myself, so my CoC ROI is 15.2% without PM fees. However, If I do hire a PM later on, my CoC ROI will be 10%, assuming 10% PM fees.

With the above plan, is this a deal or no deal??? I've been learning Real estate for 6 months and this is as close as getting to a deal as I've ever been!!!! I'm really nervous so any advice is highly appreciated.

 Hey Sorry, this is in Athens, GA, USA.

Hello Everyone,

I'm currently based in Norcross but will move to Athens in September. I'm planning to purchase my first rental property/house hack there. I'm looking forward to connecting with RE agents/investors/contractors/PM in the area! I have about $58k in cash and was pre-approved for $300k conventional loan.

Right now I'm really looking for an investor-friendly agent who can help me find/bid on deals. Anyone who has recommendations please feel free to let me know!

My strategy is to buy a duplex in $100k range and live in 1 unit. Or buy a 3/1 SFH and rented out a room. There're recently a few duplexes that on sale for around 110k on the East side, which on paper the CoC ROI turns out to be 8-10%, not too bad?

Is there any neighborhood/part of town that I absolutely need to avoid?

Thank you all!!!

Hello Everyone on BP forums,

This is my first post so my apology for any mistakes that I'm not aware....

I was driving around... Found a vacant duplex having broken windows and tall grass violation notice posted on the front door. I was able to search for the owner contact information online.

She called me today. She said she's currently fixing the floor for 1 unit and used the other unit as storage area. She's interested in selling it AS-IS. Based on how abandoned this place look and the fact that the lady is 71 years old, I'd think that she is very motivated to sell. I also found out that she and her husband owns 4 duplexes total in this area, and their primary residence is 45 minutes away. Obviously they're investors, but why would they leave a unit vacant like this???

I'm scheduled to meet her at the duplex this Saturday to check out the place. This makes me both nervous and exciting since this is the first time I'm buying a house. I'd appreciate any advice or suggestions you guys have for this meeting. I have questions about the following issue:

1. The house will need rehab. I have no clue how to estimate the rehab cost. Should I bring a contractor to this meeting to get a quote of the rehab?

2. Should I bring an RE agent to a meeting? If so, what role would they serve?

3. I know that the ARV of this property is around $110-120k. And the rental income is around $1400/month. Should I wait until I know the rehab cost to make her an offer?

4. Assume my rehab cost is around $20k and I offer $60k for the place. Assuming putting 20% down at 4.5% interest, My CoC ROI is conservatively 9% and my equity would be $72k. The attached photo shows how I calculated the number. Would this be a good deal?

Thank you guys so much for reading and helping.