All Forum Posts by: Isaac Swan

@Jeff Bridges

As always great advice! I will let you know how it goes!

@Anthony Palmiotto

@Derek Carroll

Thanks for the advice i have made adjustments. This is the another analysis I did on this property! Let me know what you think!

@Anthony Hornbeck

Your totally fine on here! The more people talking and bouncing idea's off each other the better. I have four 2 bed / 1 bath units. That flooring thing is insane I have never heard of such a think. Makes me nervous to rip up my flooring heh.

@Jeff Bridges

I thought I would get quotes from about 3-4 guys before I make any decisions. you said about 250 was what you normally paid for a tub and tile shower refinish?

@K Marie Poe

Here are my calculations for my first year of owning this complex, I placed the $12,000 of renovations in the actual annual expense because I thought it would be interested to renovate with the rental income developed from the property.

@Jeff Bridges

Its awesome that we are in the basically the same place right now! Is this your first purchase as well? I am doing the same thing as far as deals go, trying to hunt craigslist everyday for a bit and find the right things for the right price! I think we both must adhear to the advice of these investors though and view our "homes" for what they are INVESTMENTS not "homes" at all!

@Jeff Bridges

Thank you so much for your advice! It's been invaluable, I am having a contractor out this week to see the tub and shower and give his advice about what I should do as well as give me a quote. I never knew that was on option and how great it could look when it was done.

@George Paiva

I will be taking pictures tomorrow of the unit to put online!

@Account Closed

I can do a lot of the work myself as it is all the windows are single pane windows and most are having issues (locks broken, 2 windows are only partially in frame, some have cracks, ect) correct me if I'm wrong but I think with that kinda of thing it would be smarter to just replace. Also as far as the tub goes I am looking at refinishing instead after what @Jeff Bridges said.

@Jeff Bridges

The Tub has several dings and rust spots. I thought i should replace the tub because i was already going to do the tile (due to many cracks and broken tiles). Also I am doing a lot of the work myself as far as renovation work. Do you think it would be easier to just have it refinished instead?

@George Paiva

I will post pictures as soon as possible! I am only renovating one unit at a time when tenants move out. I think you guys may be right about over doing it though. I guess I just thought if i made it nice enough I could ask for rents similar to the 2 bedroom houses in the area, which can go for 1000. But I guess no one is going to choose a unit that is has a shared front yard and parking lot over a house even if it is well designed and well renovated...

Thank you all for your advice! I really appreciate it.

@Chris Winterhalter

The complex is in okay condition overall. Current exterior rehab work includes:

• Landscaping
• Overall Cleanup
• Irrigation
• Asphalt resurfacing (Next 2-3 years)

Currently all units are rented for 700 a piece except for the tenants that just moved out which I am renovating and moving into. The Current list for that unit is:

• New floor boards
• Drywall patching
• New paint job
• New counter tops
• New bathroom flooring
• New tub
• New vanity for bathroom
• New windows
• New blinds

I think that's it for the most part.

@Craig Rismiller

@Craig Rismiller

The Complex is located near 32nd St and Greenway recessed up towards the mountain.

Yea this spread is kinda shabby but its what i used. This also is based on the assumption that I am counting 12000 dollars of renovations for the property into the yearly accountings

Tried to upload it directly into the blog but couldn't so I uploaded to Google docs for all to view! Comment! Ask Questions! Teach me! :)

First Year Analysis