All Forum Posts by: Jennifer Lulofs

I realize this is an old post, but I wonder how your Allure Floors are holding up one year in.

Also, would you mind telling me the paint color you used?  I love the feel - I think this has really wide appeal.

Like you, I am currently on my 7th rental but first full rehab.  So many decisions on the first go-round trying to pick products and color schemes that can be used over and over again (don't want the brain damage every time around!).

Thanks for your feedback.  Again, amazing job.

I hit post too quickly, I have had great success with the following grays/beiges - 

More on the gray side (but warm) include Revere Pewter (BM), Gray Owl (BM) and Agreeable Gray (SW).   If you want something more on the beige side with a touch of gray, try Edgecomb Gray (BM) and a really nice light neutral (just a touch of color without looking off white) BM Pale Oak.

@John Weidner can I ask what flooring you used in the pictures you posted.  They are beautiful!

Thank you @Bill S.!  Never would have figured that out on my own.

Hi @Kyle Hipp, I see you are from Appleton. My Aunt and Uncle have an awesome little place called Blue Top Resort in Fremont, not too far from you. We will actually be there for Labor Day. Thank you for your advice. You make some good points. Are your SFH in Appleton? I was curious what the market looked like there, we always love visiting.

Thanks to everyone for the thoughtful comments.  I really appreciate your time and expertise. 

Our primary residence is a historic home and we chose to refurbish the windows and add storms where necessary for energy efficiency. I definitely believe in restoration/preservation whenever possible; but as a new investor/landlord I wasn't sure how more seasoned landlords would approach the problem.  Thanks again to everyone for chiming in.

I think I will restore the windows to ensure function and prevent additional deterioration, but won't worry too much about energy efficiency.  I feel like it is a trade off most understand/accept when wanting to live in an old house in Highlands.  I can always consider upgrades later if market demands it, but currently renting was easy.

Bill, I always appreciate your no-nonsense approach. 

Diedrick and Tasha I am happy to share more information (I am sorry I can't figure out how to link your names).   This ended up being long.....maybe to make up for not posting when I started.

I am a new investor. Went to my first BP meet-up in October or November of last year. I now have 5 SFH rentals. Four that were already rented and were being professionally managed (ie, it was a low barrier to entry and got me started), plus this one. All 5 came together within a week of each other. It was a little crazy.

As for this property, it was on the MLS. I used a realtor. If I were to follow the BP rules of thumb, I should never even admit to making this deal. It doesn't meet the 1% rule, or any other rule. That said, it made enough sense to pull the trigger and I needed to get the ball rolling on my landlord education.

BP has been wonderful, but IMO there can be so much focus on buying at less than market, making big margins, making lots of deals etc., that it can feel a little daunting; especially if you are in a competitive area like Denver with a full time job (ie no major rehab projects for me right now) and no network (yet).  

The house is in a good, established, desirable section of Denver (Highlands), on a good street that will attract A/B renters.  It is small, easy to maintain (ie not damage) inside and out, with a flexible floor plan for a couple or for roommates.  It has great curb appeal, great character, needed almost nothing cosmetically and was priced below most duplexes and total scrapes in the same area.  I tried to win the deal on the terms I could offer (versus bidding up) and it worked. I offered cash but ended up having enough time to finance it.  My appraisal indicates a value 30K (about 8%) more than purchase price-which is comforting-but I believe I got it for exactly market value - the price the seller was willing to accept in a highly competitive market.  (No bargain here).

I got a cheap 30 year mortgage at 4.0% with 25% down (a little less after some concessions from the owners which will cover the few necessary repairs).  Nothing fancy about any of it. 

Still, when all is said and done, the rent covers the mortgage, all expenses, plus assumptions for vacancy and CapEx and still provides a small $400ish/month cash flow.

It is also providing me (in addition to mortgage pay down, depreciation/tax advantages and hopefully appreciation) is experience.  Which for my first deal top to bottom is huge.  I have already learned so much and I am creating systems and processes I should be able to scale. 

For future goals, I know I need to work on my network.  (I would love to meet up with both of you at the next BP meeting!)  I have also been going to ICOR meetings, courses etc., and meeting and talking to anyone and everyone I can. 

I also want to work on generating more income for more deals (spend less and keep investing), gain comfort around taking on more rehab-worthy projects (the whole BRRRR strategy) and to increase my network for opportunities outside of MLS.

I have to say, so far I have loved the process. 

Any comments, feedback and criticisms are welcome.

Jen

Hi, 

I recently closed on a SFH in northwest Denver that was built in 1898.

In general the home is in good condition with the most notable exception being the windows. All the windows are wood, single pane and original to the house (typical, and even desirable for the area).  The are is not designated as a historic district, but has many homes with historic character.

The street facing picture window is in good shape and it is important to the character of the house. Every other window has some issue, one needs to be restrung, one has a cracked pane, a few show signs of rot, all but one is missing a screen and, because they are single pane, they are definitely not energy efficient. 

The house will be used as a rental - in fact we qualified a great tenant the day after we closed and they have already moved in.  

I would welcome thoughts on whether you would be more likely to refurbish, or replace the windows, and would be grateful for any recommendations on companies/contractors.

Thank you!

Jen