All Forum Posts by: Jason Measures

@Bob B. I haven't looked at the water usage, but I do anticipate they're running the water on maximum heat with the bathroom door closed and not having the exhaust fan on. 

Hoping someone can identify this issue for me. I extensively rehabbed a property beginning of last year and my tenants moved in mid-March. The bathroom was completely redone and a new exhaust fan was installed, but either mildew or mold began popping up in the ceiling of the bathroom recently and it appears to be spreading. The exhaust fan is not tied into the light, so my first thought was that they never use the exhaust fan and the moisture is building up and creating mildew/mold in the ceiling whereas the exhaust fan would properly dispose of if used properly. Based on the photos, can anyone identify the root of this issue and/or provide a solution? Thanks for all of your help BP.

(Sorry for the 2nd photo being rotated improperly)

I am looking for a relatively new licensed buyer's agent who is looking to join a successful team in Burleson, Texas, who also serves the cities of Fort Worth and Crowley. We are looking for a driven individual who wants to grow his/her individual career under a current successful structure, while gaining education and experience in real estate investing as well. If interested, please contact Jason at (817) 308-1116 or [email protected].

Hey @Damian Smith , before we get started on the high-level numbers, is the project homes loan from your local credit union involve the purchase and rehab costs wrapped into the loan itself? If so, 5ish percent isn't a bad rate for a rental and many banks won't lend under $100k (traditional conforming banks); just my initial thought when you said refi after rehab. Also, if you want to do a cash-out refi, keep in mind that most banks will require a 6-month seasoning period before you can cash-out, but based on your numbers, you may only qualify for a rate/term refi because the typical highest cashout amount is 75% LTV, but of course, there are instances of 70%, 80%, etc. With rehab at $15k and purchase at $16,500, let alone any holding, closing, and other costs, you're already at $31,500, which is 70% of a $45k ARV, which does not allow much wiggle room. Alternatively, with the seller's market that we're in, I'm sure many people would jump on this deal, but these are just my two cents, certainly not my comprehensive breakdown. I'd be happy to keep working through this with you if you'd like.

It's certainly not a perfect solution, as @James Wise mentioned, but I have found it to work well for me. And of course, as I'm typing this, I'm getting a prospect call from my Google Voice number. The text transcription and email from a call or voicemail are nice features, as @Bob Couture mentioned, but to expound upon that, I also REALLY like the ability to text or call prospects from my Google Voice number through the Google Voice app, even though it's my personal iPhone. Stellar feature, in my opinion. Also, Google Takeout allows you to download your data, including call history, to your computer, which is a nice feature for those who like to track EVERYTHING. 

@Daniel Caruso Start at the following post, then seriously consider buying J Scott's book on Estimating Rehab Costs; it's phenomenal. http://www.biggerpockets.com/forums/84/topics/119815-quick-repair-cost-estimates

@Lourdemir Aime First, welcome to BP and congrats on your first post! To begin, would you please define what being a real estate investor means to you and your experience investing in real estate? Also, what is your primary strategy (buy and hold, flip, wholesale, etc.)? While there are universal principles to finding deals, it is valuable to identify your desired strategy initially to tailor your marketing accordingly. 

@Vinny Gaines Hey Vinny! Will you be the GC on these projects? Assuming so, one of the truest identifiers in determining if a sub will come through is professionalism. While cliche, it becomes quickly obvious to me if someone is the type of sub that I want to give a job to if they're punctual, can speak well, decent appearance, and if they have timely, consistent communication as well. These simple attributes, in my opinion, translate professionalism to me. Also, I prefer a line-item bid for rehabs, detailing down to the light switch. While this is rare, and should not be a defining factor, when a contractor provides this type of detail in their bid, there is a higher probability that their work will be reflected in the details as well. Nevertheless, if you do only one action item, get at least 3 references from previous jobs and follow up with them. This will be one of your most valuable indicators as to their overall competency and service as a contractor. I'm certainly not the most qualified or experienced person on BP, but just thought I'd share a few tips. If you need anything else, please don't hesitate to ask. 

Welcome to BP! My suggestion is to start your real estate investing education immediately. Dig in, commit, and be persistent and you will quickly be able to answer that question for yourself. 

@Tyler J. I'll PM you with those details so as to not flood this post.

@Joe Villeneuve I totally agree with you, and I believe Tyler does too, but perhaps needs an example. Would you mind sharing with us what your goals and end game are? I think we could all benefit from your veteran insight.