All Forum Posts by: Jason Weeks

@Annchen Knodt - no problem. Happy to share my experience. Just did a fantastic mini renovation with a cool contract in Birmingham AL, had a good experience, high quality, putting in a tenant in there shortly. I think from my perspective the answer is if a contractor puts something in there as an "optional" you should probably do it while they're in there, they really mean it should be included. And if you ask what it is, you should get the spec on it so you can find out whether they're over speccing your house / MFH, or it's just fair.

Originally posted by @Kenneth Garrett:

@Jason Weeks

"If I have a two bedroom house and it has 1000 square feet or better, I'll try to add a bedroom, it will increase your ARV an easily $15,000."

--> Easily some of the best advice you'll read around Ken. Thanks for sharing.

Sorry for the delayed response @Jimmy Epolito - happy to chat. Not on location in Birmingham, but am invested there, and have a very good friend & colleague who is my eyes and ears.

Also commercially bank there and have a good managing agent if you need one. Feel free to send me a DM/PM.

@Ujwal Velagapudi - great point about companies expecting to adjust salaries.

@Phil Wells it’s an interesting prospect.

The answer is yes and no. Cities are not just about work, they’re also about collective identity and cultural gathering - think NYC and Broadway.

There will be some people who don’t value this and we’re in a city ‘just for work’, and they will definitely be looking elsewhere.

There will be others who’s job is a physical delivery of a service, and eventually will resume person to person interaction - albeit perhaps slightly reduced and with controls - and they will want to minimise commute, so they will still be on the city.

And there will be those that love the city life. They will not trade away being in and around a city for anything.

There’s also a missing piece here which is the adaptability of cities to reshape to be a post Covid environment.

From my perspective what we’re seeing at Vendorable is a lot more pressure on traditional office commercial and single business tenancy cluster commercial, less so on residential.

Hope this helps, it’s a moveable feast at the moment though it seems - so my thoughts could change next week based on new info!

Here is a super cool answer I got back via IG - rentalstowealth you might recognise the name from the most recent new podcast on Bigger Pockets! Super great answer below!! What do you think? 

Originally posted by @Jason Cory:

I would recommend you call my agent in Birmingham & tell him to write your policy identical to mine. It covers fire, liability, vandalism, malicious intent by tenants, etc. I think it's around $60/mo. I pay by the quarter instead of monthly. 

https://agency.nationwide.com/tyler-f-watts-in-birmingham-al

Just contacted Tyler for a quote for a SFH we just purchased and are going to rehab and need some hazard insurance / liability insurance on. In case you want to give him a heads up.

Thanks for the referral Jason!

Cheers, Weeksy

@Jim K.

I like this response because it cuts to the core of the issue.

If you don’t want to deal with requests, don’t self manage, hire a property manager.

If you do want to manage, then put systems and processes in place.

Ultimately though to your point Jim, cashflow might be passive, but management of assets is active. One should not forget these.

I'm keen to know, whether you're a BRRRR strategist, a flipper, a buy & hold, or just a renovation guru, what are some examples of the best and worst rehab items you've spent money on.

If you can focus on helping us all with understanding what you spent $ on, why you thought you should spend it, and then what the ROI/result was.

Hopefully in the process we'll get some insight into what to consider doing (all the time) and what to avoid!

Originally posted by @Scott L.:

So many black and white, matter of fact opinions on the thread and site. That’s what all this has turned into - a dopamine high where everyone’s an expert... not what this site used to be.

The truth is the answer to these questions lie in the middle of all this banter.

I’m sure I’ll get heckled for typing that. The ‘need’ to be right from the loud voices is a dopamine fix too.

You won't be heckled by me Scott, you're spot on! The middle ground is where the result / outcomes always end up, both in terms of impact, outcome, timing $, what it means for stocks/real estate.