All Forum Posts by: Jen Shrock

I have looked at that home from afar and wondered about it myself.  Seems like a good location with a lot of upside potential. Best of luck.

If you went with the hand drawn sketch concept, put an island in the center, as suggested.  For a table, I would then make both ends of the island so they can flip up into extensions a person could sit at to eat and then tuck back down when not being used (to not obstruct the walking flow).  You gain extra storage under, extra prep space and a table.  They would have space for two to eat in that scenario.  They could use fold up chairs that could be tucked in the pantry when not in use.

@Brandon Septor

I do remember reading a post within the past month or so in which someone in AZ had a property that they owned outside of a LLC and then transferred it into the LLC and the bank DID call them on it with the due on sale clause. That person was in a real mess because they had no way of covering that. I am sure if you did a search on the site, you could come up with several examples.

are you able to get a HELOC on the property instead of going through a cash out refi?

I am currently on vacation and (yes I have too many renovation thoughts in my mind) I happened to notice some of the flooring in the hotel that I am staying at. In the main lobby to the elevator the have the wood look vinyl plank flooring. It looks fine, just doesn't really do anything for me. In the breakfast area they have the wood look porcelain tiles. Now that, I do really like. I was excited to get to see both products in a real environment and even more excited to compare them side by side. You never know where you can find inspiration for the future without guessing about the look.

What about you?  Have you found inspiration in an unexpected place?

I must say, I am currently on vacation and (yes I have too many renovation thoughts in my mind) I happened to notice some of the flooring in the hotel that I am staying at.  In the main lobby to the elevator the have the wood look vinyl plank flooring.  It looks fine, just doesn't really do anything for me.  In the breakfast area they have the wood look porcelain tiles.  Now that, I do really like.  I was excited to get to see both products in a real environment and even more excited to compare them side by side.  You never know where you can find inspiration for the future without guessing about the look.

Maybe you need to consider, as a newbie, the line of thought to not take on such a huge "bite" for renovations to start.  You will have a quicker and less costly path to success to build your experience and confidence.  Then, once that one is rented and cash flowing, maybe you can tackle the "hot mess" house.  If it really needs an enormous amount of renovation, it is not likely to move off the market as quickly as the quick flip and hold.  Build your confidence so you don't bail out if investing after the first experience.

Does anyone focus on one type of construction as a part of their REI strategy? Do you buy one type exclusively or is it just a deal is a deal mentality?

How much in annual repairs (after the initial getting the property up to par) would you say that one would save over one type of construction compared to another?  2%, 3%, 5% or more annually?

Does it cost more to insure one type of construction over another?  If the answer is yes, how much more?  Again, 2%, 3%, 5% or more annually?

I know what direction I am leaning when I start investing and want feedback from others.  The maintenance savings and insurance questions are ones that could really help to seal the deal in my mind.  I am wondering if anyone out there has real numbers or done a "study" to determine these types of things.

Thanks in advance for chiming in with your thoughts!

@Dell Schlabach  Beautiful work, even if it was a split entry.  ;). (Haha - I just went on a mini rant about them in another post.). Should I say thank you for adding even more fuel to the fire of my non-stop thinking??...well yes.

At first, by your last post, I was thinking you probably started at a higher price point, with your ending sales being what you mention.  Interesting to see the transformation from the starting price point to the grand finale in the hands of a very successful and seasoned pro.  I would imagine that it is quite a competition zone in that starting price range.

I think the biggest block I have in my brain right now is the deal analysis and getting the numbers to work right.  Once I have a couple of deals under my belt, that should fade away.  I am much more hands on in my learning style.  Accounting type math is not my brain'a thing, but a couple of actual deals will smooth that out.  I tend to be relatively well versed on the rehab side of things (thanks dad for teaching me to dig in and be hands on).  Will just need to retrain my brain on the costs associated with contractors doing work, instead of just myself.

Thanks for taking the time to respond and share one of your gorgeous flips.  You certainly cannot say you are bored with all that you have described!!  What you said in your previous post about backing into a deal price based on your profit margin definitely makes sense.  You have certainly fanned the flame of determination in me and given my mind more to chew on.  Your tidbits of advice and before and after pic's are greatly appreciated!

@Dell Schlabach  I have been thinking quite a bit about your examples over the last couple of days. When you evaluate, are you thinking more of wanting a discount of a certain percentage or a flat rate amount?  Not knowing the price range you are buying in, the two could be very different animals.  While I work on finishing my own property renovtion to the put up for sale, I have time to think about the business model I want to develop for RE Investing once it is sold.  I like the idea of buy and hold for future stability, but I also ie the thrill of the hunt in finding a deal and bringing it back to it's glory.  I want to use and grow my money wisely.  Just thinking through some scenarios on properties that have come across my radar.