All Forum Posts by: Jake Silverman

Would love to know this as well

Hi BP community,

My wife and I just bought a multifamily for a househack in the Heights section of Jersey city. We are thrilled to start living in our home but it needs a lot of work. The inspection came back pretty rough and basically it all the major components need work. We have fixed the plumbing and electrical but would love to get recommendations for the rest of labor needed. Does anyone have a reliable and fairly priced contractor for roofing, waterproofing basement, or masonry?

We also will need some hvac work. Our property has a boiler that is 5 years old and baseboard heat throughout the house. The boiler needs some maintenance work and we need to add/fix some of the baseboard heaters.

I want to install central air but I’m torn about how to do it. It seems a split condenser would make the most sense because we don’t have existing ductwork. I would like recommendations on good hvac contractors to come look at the situation. Looking forward to hearing what the BP community has to say

@Brandon Despras do people rent in those counties?

Hi BP,

My wife and I are BRRRR investors looking to get into the Charlotte market. We have bought SFH in the past but want to get into Duplex or triplexes now. I am very interested in the NODA, Dilworth, and Belmont neighborhoods but would love to hear about other locations in Charlotte that have worked for investors. I know it is a hot market and I'm looking for an investor-friendly agent to help me find a property. Does anyone have any agent recommendations?

Hi BP community,
My wife and I are living a semi nomadic life while working remote right now. We left Manhattan in December of 2020 and have been living in sunny San Diego because we heard amazing things about it and my wife took a job based in LA. After thinking about our short term and long term goals we have decided that it’s in our best interest, while working remote, to move to Florida for this year. We want to house hack, then we can exit and have a cash flowing property, and reap the benefits of 0% state income tax. We have one investment property that we Brrrr and the closing date for the cash out refi is March 29. What Florida markets are the best for house hacking? We are open to duplex, triplex or 4 unit. Ideally we would want to live in south Florida because we have friends and family from boca to Miami. We want a safe B class neighborhood. Does anyone have any suggestions?

Congrats on such your BRRRR. My wife and I are about a complete a BRRRR with a similar story to yours. I would love to know more about your criteria, experience with the wholesaler, and why you picked the location within the city.

@Whitney Hutten @Alan Lacey @Caleb Brown will filling out multiple applications Hurt my credit or is there that window of 45 days (I could be completely wrong on amount of days) multiple credit checks can be done following the first ?

I have begun to contact banks to get quotes on the cash out refinance portion of my BRRRR. I got a quote from one bank so far and plan on getting a few more. When i say quote i mean i just told the loan officer "I am looking to do a cash out refinance on an investment property I have in Indiana. I bought the property all-cash, rehabbed it, and rented it out. It's valued at around 66k. My credit score is around 780. What are your rates and closing cost?" He sent me a quote sheet with the rate and closing cost but rates have dropped since then. To properly get quotes should I keep emailing this out or begin filling out applications? I have owned my property for about 5 months at this point and want to close on the cash out refi on or as close as possible to the 6 month date.

Thank you everyone for your replies I really appreciate it. The maintenance person said only the thermostat needed to be fixed on the water heater. The tank itself has not rusted at all and looks to be in good condition. However the maintenance person did confirm the tank was 17 years old.  My property manager said it would cost $75 for labor and $20 material to replace the thermostat. She also said it cost $150 for labor to replace the whole tank. I’m leaning on replacing the whole tank because it’s near the end of its life. It’s for a small single family house that has 2 bedrooms and 1 bathroom. Is there any reason I should just try and replace the thermostat and wait for the water heater to go bad?

@John Underwood

Thanks for the reply John. The water heater is for a Sfh that’s only 768 sq ft and is a 2bed 1 bath.