All Forum Posts by: James Allen

@Justin Bergman - For me it's been wholesalers hands down. I also invest from out of state so it's been way more convenient too. 

@Ruby Ruiz - I’ve gotten some great deals from wholesalers so I am definitely a fan. With that said, good wholesalers only account for about 5% of all the wholesalers you’ll come across. So like anything else, it will depend on the wholesaler you work with. 

@Gary L Wallman - If you don't mind me asking, what vinyl plank flooring brand & color did you go with in that picture? It looks really good. 

@Maj Valero - That's not really how it works. Specific neighborhood, property type, year built, sq footage, lot size, among other things play into the value of the house. You can't just say 3/2's go for x price in the city of Knoxville. Fully renovated single family houses that have 3 beds and 2 baths in Knoxville could go for $125,000 or they could go for $350,000. I would watch a few youtube videos on how to figure out the ARV of a house before you start moving forward with your wholesaling business.

For a quick glance to rule out properties, I look at the price and particularly price per square foot. That gives me my first indication as to whether the deal is even worth looking at any further. I wouldn't count calculations like cash on cash and irr as something you can figure out on a quick glance. 

I second @Brian Levredge. I've been investing in the Knoxville market for the last several years mainly because it's one of the best markets in the U.S. right now for a combination of cash flow and appreciation. It's also been one of the most resilient markets when a downturn occurs. Right now there's a lot of gentrification going on in certain neighborhoods and the margins are great to where you can BRRRR or flip relatively easy. You won't get the cash flow of Memphis but the cash flow is still pretty decent, and long term, the appreciation will likely be better.

@Destiny Mix - I normally choose between Granite or formica/lamintate for my properties. Quartz generally comes out too high for my area. 

I like to look at it from two perspectives.

1. Is my competition doing granite?

2. Am I holding this property for the long term (15-30 years)?

Generally if my answer is yes to either one of these, I'll go with granite which I can get materials & labor for $35/sq ft. If the answer is no to both questions, I'll go with laminate which comes out to about $25/sq ft for me. 

With that said, It doesn't normally come out to that much more (Maybe a few hundred extra) for granite since most of the kitchens I have are not that big. Plus it can help get a slightly higher rent/higher quality tenant while being more durable.

I like LVP in rentals. I personally prefer to go with a higher end LVP with a higher 12-20 mil Wear layer. Like it was mentioned, Home Depot and Lowe’s products don’t give you a high mil wear layer which is essentially how scratch resistant it is. I like the Mannington Adura line. I get it on Schillings.com for $2.99/sq ft but there’s no sales tax and free delivery which ends up making it the equivalent of $2.70/sq ft which is a similar price but much better quality than Home Depot’s lifeproof product. 

Hey BP community,

Has anyone ever used Fastfloors.com for purchasing flooring online? They're located in Fort Lauderdale, Florida but they're online based and ship to many states. I'm looking into purchasing some Luxury Vinyl Plank from them. They have great deals on pricing but I'm curious to hear people's experience with them. 

@Joaquin M Dugan Jr - Sure, no problem.