All Forum Posts by: Jeremiah Dunakin

I guess there are a couple ways to look at. If I was to buy the same place I bought last year at the same price it would cost me an extra 200$  a month. I would not make any money at all. I also couldn’t get it for what I paid for it as it has appreciated a couple thousand.There is a lot of so called experts and YouTube gurus tearing people. People believe everything and spread it like wildfire. Another example I would pay an extra 300$ a month on my primary at 7% vs 2.75 that it was a couple years ago. Same house. That is a lot of money for most. The feds also are just now starting to signal that the rate hikes might maybe slow down. There are more coming. Inflation is still up 50% from what we paid for things 3 years ago (family chicken packs went from 8$-16$ gas 2$-4$ a 2x4 1.79 to 3/4$ was almost 9$) couple that with crippling regulations and no one can afford to build a house. If rates were higher but home prices were down it would make more sense but rates are high and prices are high. Usually I would want one or other. High rates low prices higher prices lower rates.

Quote from @Doug Spence:

@Account Closed That reminds me of another one "My buddy has a property and his tenants didn't pay rent for 3 months so I'm not going to invest in real estate" or "My buddy's property was trashed by tenants so I don't like real estate". People let one bad experience, or someone else's bad experience prevent them from even getting started!

I think many people are just afraid to get started and/or unwilling to put in the effort and time it takes, and just used these anecdotes as excuses. 

Agreed that “buddy” is all of my co workers “cousin” . Yet they will quote worn phrases and the whole world will act like they Jeff bezos. “Buy the dip sell the news” “buy low sell high”, intrest rates this or that, that’s way too much, just paint it, all you gotta do is……, my cousin has this type of renter and no problems, I will buy when so and so out of office, I would charge way more for rent than that, no way I would pay that for rent, I wouldn’t play with tenants I would evict them immediately,no I’m not letting them in they don’t pay rent they ain’t comin in end of story, here is what I would do, when the market cools off, I’m gonna buy for 16k and flip it for like 300k in a week, I would work with my tenants, not everyone with a 125 credit score and 22 felonies are bad renters just because they have been evicted 4 times doesn’t mean they would be a risk,I would give people a chance, 

Quote from @Julien Jeannot:

I get a lot of unsolicited "wise" advice.

"I'm waiting for the market to bottom out." 

 I do too. I have one rental that I poured my heart into. I researched and poured over materials. I rehabbed it mostly myself while working seven days a week 12 hours a day at my day job. I then get someone that watched a YouTube video say something corny like that. I’m waiting for the market to bottom out, or “they say ( who is they ) prices are goin up, or you did too much work on that I wouldn’t have done that. Got a million answers but no skin in the game. I get so frustrated with them especially when they want advice and don’t listen or tell me I’m wrong. I may not have done everything effect but I tried. If they know so much  go do it

Quote from @Konstantin Ginzburg:

@Allan Tualla

That first real estate investment is without a doubt, the hardest one since it requires a leap of faith. If you feel like you are at the education level required to take that plunge, then sooner or later you will simply need to jump in. One strategy I used that helped ease some of the stress for me on my first property was selecting a property where I knew I would be able to pay the mortgage costs even if we were not getting rented. By ensuring I had the financial means to pay this expense in a worst case scenario, it allowed me to dip into real estate investing while limiting the stress I would be placing on myself if things did not go smoothly. Once I took this first step, I became far more comfortable with the process and was able to apply everything I had been reading and researching prior while at the same time, learned far more from actually taking that plunge. 

This is same thing I did. I was nervous about the money investment. My wife was NOT on board with it but did it anyway for me. She said worst case scenario we carry the house note. That helped a lot mentally knowing that I could afford the payment if things went south. 

 That is good advice Konstantin. Like it or not the physiological aspect of real estate is real.However putting in some safeguards mentally go a long way. 

Quote from @Austin F.:

Quote from @Joe S.:

Everybody wants to free load on churches as a charity.

Well when you don't pay taxes....
  off. 

Quote from @Bob Stevens:

Quote from @Ned J.:

10 k for that bathroom? WTH..... that's 10k of material alone around here.

Price seems WAY high for basic shower only...entire bathroom remodel, then sure..... but not just a basic shower.

AND if you have that much moisture in the walls, be prepared for surprises when you demo it

Ok maybe it was 12, 14k, point is thsi guy is being ripped off, 30k is crazy

I tend to agree. Your bathroom looks amazing. I think a lot of times people confuse nice looking tile as it cost more to install. Tile is tile. Whether it’s 1$/sq ft tile or 20$/ sq ft. It goes on the same thinset trough level/spacers grout and wipe. Different size tile and shape will pose a different dilemma but it’s all basically the  same install. Just because I install a fancier looking tile doesn’t mean it cost more to install. Same with vanities or fixtures or toilets they all install basically the same. How you waterproof will up your cost however doing it yourself I could totally see doing your bathroom real nice like you got for 12k. I gutted to studs a 5X8 bathroom. With paying a helper 1000$ it took us one week and about 6k. Tile floor, big box store tub and surround new vanity, tub, toilet,new drywall including ceiling,door, trim, everything. It was done in six days with one of them spent running back and forth all day cause the tub surround was wrong. That also includes demo. Maybe I’m naive but I see estimates of guys paying 3000$ just for labor on tile. That’s insane.a good tile guy should be in and out two days max. That’s paying 1500$ a day. 

Quote from @Alan DeRossett:

Quote from @Jeremiah Dunakin:

Quote from @Alan DeRossett:

Quote from @Colleen F.:

@Richard F. Why not kitchens and dining rooms?   I get the bathroom it should have an exhaust fan.

I could be wrong but isn’t kitchen fans for smells. I don’t think it has anything to do with gas fumes. Those fumes are way too far away from the low powered vents to make a difference. I could be wrong.
Kitchens need exhaust fans too or you get unhealthy air recirculated from cooking,

We will be using an eco-dashboard that monitors indoor air pollution like C02,

Carbon Monoxide (CO)

Nitrogen dioxide and Sulfur dioxide are part of qualifying for the new healthy homes loan program that HUD and EPA run. Rents are much higher if we comply and they can test indoor air quality. our Type of Tenants also prefer and will pay higher rents as a result for a Certified Healthy Home. As a result and in order to cash flow in our Region We need to keep up in order to keep rents at a higher level. https://www.bpi.org/certified-...

 Wow fair enough. Did not know that. Cool to learn something new. Indoor air pollution what a world we live in. 

Quote from @Alan DeRossett:

Quote from @Colleen F.:

@Richard F. Why not kitchens and dining rooms?   I get the bathroom it should have an exhaust fan.

I could be wrong but isn’t kitchen fans for smells. I don’t think it has anything to do with gas fumes. Those fumes are way too far away from the low powered vents to make a difference. I could be wrong.
Kitchens need exhaust fans too or you get unhealthy air recirculated from cooking,

Quote from @Taylor L.:

I vote absolutely yes on ceiling fans. They really don't break all that often and they're not particularly expensive anyway. Window a/c units are all the more reason to keep ceiling fans, as ceiling fans can help a room feel quite a bit cooler. 

Yes, yes, yes, ceiling fans. Go to Lowe's and get some cheap Harbor Breeze units. Less than $100 apiece and they'll help keep your tenants happy. Get the kind with pull cords rather than remotes, as remotes can absolutely break and will for sure get lost. 

They're not expensive, they're pretty reliable, and they'll keep your tenants comfortable & happy. Win win win.

 I second this. You can install a ceiling fan if there is one already installed in about half an hour. Me personally I can’t hardly breathe if I don’t have a fan on all year. I get so hot. I would not consider to live in a house without one. That’s just my preference but there is a lot of weirdos like me in the world. Like said it is a 100$ and they don’t break all the time. I can’t remember the last time I had to replace a ceiling fan because it broke. I have replaced a bunch to update the look. Worse case it’s a 100$ every 5 years at most. 

Maybe I’m just out of the loop. The three gut jobs (down to studs) I’ve done using a three piece surround and tub(not tile I know). Tile floors new vanities new ceilings new every single thing was 5/7000 thousand. I just can’t imagine paying 20k+ for a week to two weeks labor .we did ours in a week. I guess all of our experiences vary. Hopefully you get a great job at a great price. Let us know and congratulations. Keep on goin.