All Forum Posts by: Jaime Lewis

Wow!  Thank you!!  I don't have labor costs yet up increased the prices of most things I found online to account for some of it. Didn't even think about some of the things you mentioned. The windows will most likely need to be replaced. Based on. The pics they look pretty bad and some have window units. 

for painting- yes, the entire house. They said they have already painted it but put that in there just in case. I'm sure that money can be used for something else if needed. It's a 2 bed 1 bath 800 Sq ft so pretty small. 

they also said the roof was replaced 3 years ago so hoping that won't be an added cost. Although I do hear Lubbock gets some bad weather so roofs need replaced more often. 

I'll grab some before pics to post. 

Thank you for posting all of this!  Like I said, so much I haven't even thought about.

Quote from @Jaime Lewis:

Quote from @Michael Mendez:

Quote from @Jaime Lewis:

Hey Micheal!  Thanks for reply!  It's in Arnett Benson. On 1st pl.  Does that makeba difference?

Jaime

 Yes, I actually grew up a couple streets away from that street, I'm from that neighborhood. 

Oh great!!  So I'm assuming it's a decent neighborhood?

Quote from @Michael Mendez:

Quote from @Jaime Lewis:

Hey Micheal!  Thanks for reply!  It's in Arnett Benson. On 1st pl.  Does that makeba difference?

Jaime

 Yes, I actually grew up a couple streets away from that street, I'm from that neighborhood. 

Quote from @Jaime Lewis:

Quote from @Jaime Lewis:

Hey Micheal!  Thanks for reply!  It's in Arnett Benson. On 1st pl.  Does that makeba difference?

Between flint and Canton... i that is the other street name...

Jaime

Quote from @Jaime Lewis:

Hey Micheal!  Thanks for reply!  It's in Arnett Benson. On 1st pl.  Does that makeba difference?

Jaime

Hey Micheal!  Thanks for reply!  It's in Arnett Benson. On 1st pl.  Does that makeba difference?

Jaime

Quote from @Tyler Haanen:

In addition to what Nathan posted above, I would say that your rent seems very low for I presume a 2/1 SFR. Even without knowing the area, this seems low, but maybe I am wrong. Regardless of your numbers, you're not cash flowing after the refinance so I wouldn't want to get into this one as a buy and hold. Perhaps it would be better looked at as a flip?
another comment on repairs they do seem quite low, what do you expect to repair? If you have to replace a roof, already that doubles your budget (10-15k in my area).

Give us more information and others can provide you more insight. Good luck!

Okay, so I had this long email typed out and I lost it.  :-(
A little more info
This is in Lubbock TX- in a college town where Texas Tech is

The current market value of the home is $89,500- They are wanting to sell for $75K but I will not go that high.  I am thinking $65K at the very most.  I know the current owners bought the home 3 years ago for $59K and have installed a new roof.  

The house is close to campus but is in a questionable part of town.  I am pretty sure they are trying to clean it up as I am seeing quite a few rundown cheaper homes for sale looking for people to invest and flip.  Mostly wholesalers.

With a quick check on home depot for some inexpensive fixes, this was my reno budget.  Remember, I have never done this before so could be totally out of line and probably am.  Which is why I am posting here on a Saturday. :-)

New windows: $3K
New laminate to look like quartz kitchen counters: $1K
Kitchen Backsplash: $800
Replacing only the face of the cabinets and drawers in the kitchen: $1,500
New bath vanity with sink: $500
New bathtub: $500
Bath Backsplash and floor tile: $1K
New vinyl flooring for 800sq ft: $4K
Taking out the old window units and adding 3 zone mini split: $4K
Painting 800 sq ft house: they said it has recently been painted but... $3K
Unexpected "stuff": $5K
Total: $20,300

New rental worksheet: https://www.biggerpockets.com/...
I will probably have to borrow money from family to get this going or... can I get a personal loan and then refi this property?  I can get a personal loan quickly for a wholesaler but not sure how it works about paying for a house with it and then refinancing a house from a personal loan...

Looks like a Fix & Flip wouldn't be a good idea.  I know the people paid $59K 3 years ago and replaced the roof so doubt they would take less for what they paid... https://www.biggerpockets.com/...

AirBB analyzer said I could probably get about $21K annually if I did STR. The occupancy rate there is 54%, with an average nightly rate of $152. They said Gross annual would be $29K but I am pretty sure my annual costs would be more than 8,000 with rent, utilities, and totally furnishing an AirBB. BUT... after the first year or so maybe there could be a profit. Then long-term selling the house is where more would be made. Or am I crazy thinking that?

My daughter is in Lubbock for at least the next 4 to 6 years- she's going for biochem and plans to apply to medical school or pharmacy school there so she could help with the management- If I don't put her in it.  

I know this is A LOT, and I appreciate y'all looking at this for me.  It would be my very first deal, and I am so damn scared but so excited at the same time.  Don't want to miss out on something great, but don't want to make a stupid decision because I just want to buy something either.  

Does the additional info help in your analysis at all or do you still both feel the same?  Bad deal?

THANK YOU!!!!!!!

Jaime

Hi!! I have a possible first-time BRRR that I am looking at, and am not sure I put in all the info correctly. I am thinking of either cash or a hard money lender to get it started and then refinancing. It is a little 2/1, so it shouldn't be too much work but still thinking around $20K to get it to where I would want it. They think the price would be $75K, but I think it needs closer to $65K. OR... would this be better as an AirBB? I have all the questions. Haha! any advice would be much appreciated.

Thank you!!! I think the report I ran is attached, but this is my first time, so if it isn't, let me know, and I can do a PDF and attach or send it.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Thank you!!  I will reach out to him tomorrow!!