All Forum Posts by: Jeremy Britt

Does anyone know of any Financial Institutions in Alabama who will refi after 6 months? I guess I am looking for an institutions who have prior knowledge to the BRRRR strategy and welcome such investors. Thanks!

Quote from @Eliott Elias:

Explaining the cost saving will be too confusing for tenants and will not, in their head be able to justify paying a higher rent. If the property inherently comes with a satellite and is paid off at closing, go for it. Don't go out of your way to make the home energy efficient unless all your competition does so 

"Don't go out of your way to make the home energy efficient unless all your competition does so"
I understand your sentiment, my thinking is this could be separation from the competition, thus a possible value add.  I'm having to remodel the home regardless, just thought I would work in some features.

Quote from @Seth Borman:

Quote from @Jeremy Britt:

Quote from @Seth Borman:

These threads are always fun because you find out which landlords have never been stuck with a utility bill on move out.

 Seth,

What are your thoughts regarding the original post?  Do you believe this a viable opportunity? 

Unless you can offer a new amenity I don't think you can push rents with efficiency. It's still a best practice.

I did pretty well on adding heat pumps to some apartments because I added AC and pushed rents by $100/mo.

 Understood, thanks!

Quote from @Seth Borman:

These threads are always fun because you find out which landlords have never been stuck with a utility bill on move out.

 Seth,

What are your thoughts regarding the original post?  Do you believe this a viable opportunity? 

John,

Thanks for the link! I believe if we truly view at our renters as "customers," it begs the question why wouldn't we want to offer energy efficient rentals or other "outside of the box" services?  I will keep you posted as to how the marketing performs.  After I have signed rental agreements, I plan to perform a quick survey seeking why the renters chose their rental and compile the data to use moving forward.  Thanks again for the link.

Good afternoon!  I am curious if anyone markets their rentals as energy efficient rentals?  I can see an opportunity where one could be possible generate a greater income by building in energy costs within the rental rates. The rental I'm about to close on, will require an extensive rehab, so is there any reason why I wouldn't do this?  Yes, understanding monthly utility costs can be tricky and great thought needs to take place, but outside of these factors...why not?  Any advice, thoughts, are greatly appreciated!

Quote from @Steven Goldman:

Quote from @Ben Scott:

I'd counsel to keep all your equity if possible. Take the hit upfront on the rehab from the inflated quote. If possible, buy all your own materials for the rehab. You could even purchase at the vendor and have your contractor pick the materials up. Not that your uncle would do this, but sometimes contractors overbid on materials costs and pocket the difference and keep the extra materials. 

I agree with Ben that the best option is always to maintain total control of the project. So if you can work through the situation without giving your Wife's uncle equity that would be best. Usually when family is involved their is more going on than just the project. Happy wife, Happy life! 

I agree with all, and will take bits and pieces from each and implement, most notably the last line of Steve's response, obviously Steve has wisdom beyond his years...

I will be using my wife's uncle to handle the "skilled labor" portion of my BRRR project. My concern is: he tends to be a little pricy in his quotes, however, the work he performs is top-notch, and he's always bringing new ideas and perspectives to his projects. My question is, What do you think is an acceptable percentage of the total project to offer him, in an effort to keep his labor costs down through out the process of the project.

I understand this may sound as if I'm being cheap, the fact is, yes I am trying to be somewhat frugal with labor costs throughout the project.  The property was purchased correctly, but I feel we should always be looking for way to cut costs without jeopardizing the nature of the project.  Thanks!

I will be using my wife's uncle to handle the "skilled labor" portion of my BRRR project. My concern is: he tends to be a little pricy in his quotes, however, the work he performs is top-notch, and he's always bringing new ideas and perspectives to his projects. My question is, What do you think is an acceptable percentage of the total project to offer him, in an effort to keep his labor costs down through out the process of the project.

I understand this may sound as if I being cheap, the fact is, yes I am trying to be somewhat frugal with labor costs throughout the project.  The property was purchased correctly, but I feel we should always be looking for way to cut costs without jeopardizing the nature of the project.  Thanks!