All Forum Posts by: Joseph Kirk

Quote from @Noah Wright:

No, but here are some ways to increase ARV most dramatically:

1. Kitchen Remodel

• The kitchen is often the focal point of the home. Upgrading countertops to granite or quartz, installing high-end appliances, modern cabinetry, and stylish fixtures can significantly raise ARV. Open-concept kitchen designs are also highly desirable.

2. Bathroom Remodel

• A modernized bathroom with new vanities, high-end fixtures, tile work, and updated plumbing features can greatly increase a home's value. Adding additional bathrooms (like a master ensuite) can be a game-changer.

3. Adding Square Footage

• Increasing the usable living space of a home, such as by finishing a basement, converting an attic, or adding extensions, can dramatically raise the ARV. Larger homes typically command higher prices.

4. Curb Appeal

• First impressions are crucial. Landscaping upgrades, exterior painting, new siding, a new roof, and upgraded front doors and windows can dramatically increase ARV by improving the home's exterior appearance.

5. Energy Efficiency Improvements

• Installing energy-efficient windows, doors, insulation, and HVAC systems can appeal to modern buyers who want to reduce utility bills. Solar panels are also increasingly popular, especially in states like California.

6. Open Floor Plan

• Knocking down non-structural walls to create an open floor plan can make a home feel larger and more modern. Open floor plans are highly attractive to many buyers, especially in the mid-to-high-end markets.

7. Smart Home Features

• Adding smart home technology like thermostats, security systems, and lighting controls can increase a property's appeal and value, especially for younger buyers.

8. Upgrading Floors

• Replacing old carpets with hardwood, luxury vinyl plank (LVP), or tile flooring adds a modern touch and boosts ARV. Hardwood floors, in particular, are highly desirable.

9. Garage or Carport Addition

• Adding or upgrading a garage, or building a carport, can add significant value to a property, particularly in areas where parking is scarce.

10. Converting Spaces

• Converting unused spaces like garages or basements into living areas, home offices, or rental units (such as an ADU – Accessory Dwelling Unit) can significantly boost the value of a property.

11. Upgraded Fixtures and Lighting

• Replacing outdated light fixtures with modern, stylish ones, and ensuring proper lighting design (recessed lighting, dimmers, etc.) throughout the home can give it a more luxurious and contemporary feel.

12. Exterior Deck or Patio

• Adding an outdoor living space like a deck or patio extends the usable living area and enhances the home's appeal, especially in regions with warm weather.

In addition to these improvements, understanding the local real estate market and focusing on upgrades that align with buyer preferences in that area is crucial for maximizing ARV.

Noah, thank you for this great feedback. Insanely appreciated man!

Quote from @Jonah Tijerina:

Joseph -

Are your 3 associates licensed GCs? That will be an important piece to this depending on how you plan to source your capital. If you plan on going the hard money route, most lenders will require an experienced, licensed GC to complete the rehab portion.

Do you have the option to bring on an experienced partner for your first that can show you the ropes? It may be worth joining your local REIA or find some REI networking events in your area to connect with other flippers.

Good luck!

Hi Jonah, no the 3 associates are not licensed GCs. It’s my brother and 2 good friends that have some experience. the money lender would be a family member of mine lending out of their self directed IRA so they will be lenient with us. My brother has flipped 4 houses so I would say he would be a main source of help for this first one. I definitely need to check out local real estate networking groups. 

I am looking to get into doing fix & flips. I currently have 3 rental properties and now want to move on into fix and flip. 

I have 3 associates / relatives that would be doing my renovations, as I would be finding, analyzing, and purchasing the deals. 

I have never done a fix & flip. I’ve only ever done renovations for my rentals or primary home. 

Looking for any and all advice for a beginner here. Do you have a step by step list when looking at the potential house? Do you use bigger pockets tool? Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? What's considered a good ROI for fix and flips? Does anyone have a template/spreadsheet of anything? Anything is appreciated.

I have a few investment properties, but i am soon to be closing on my primary home to live in. Is it worth buying down your mortgage rate? I believe I was told for $3100 my mortgage rate will go from 6.90% to 6.60%. I'd be breaking even on that $3100 in almost 6 years. I also hear they may be cutting rates soon (but been hearing this for a while now and nothing). Putting the $3100 down will not affect me financially, I just dont think it will be worth it.

Any thoughts and personal opinions are greatly appreciated!

any idea what this pole is? seems to be almost directly in between my (potential) yard & neighbors yard. some sort of metal pole. thoughts?

Tenants pay electric / gas / water. these percentages were from the numbers i inputted in the software. Brand new roof and each unit is good in terms of renovations. water heater from 2017. only concern is HVAC system is 14yr old, that’s the only potential cost that i see that could occur within the next 3-7yr.

What is everyone's thoughts on a turnkey duplex providing a 12% COC return? however, that is not allocating anything to capex, maintenance and vacancy. if we allocate 3% to each, the COC return is 7.97%.

Is this a good investment? Any input appreciated. It’s located in Blackwood, NJ. A good area.

I just purchased my 3rd rental property. I now own 2 row homes (paid in cash) and own 1 duplex with a mortgage. They’re all fully rented out. I have them all in my personal name. 

1. Should I create an LLC for each?

2. If so, I hear opening the LLC in Wyoming is the best?

3. If opened in Wyoming while i live in NJ, who would you "appoint as a registered agent" for the LLC?

Hi, I am located in NJ. I purchased a duplex last year and lived in one unit. My insurance was approx $1000/yr. Now i plan to have it fully rented and the policy is looking to be $1860 for the year. Is this reasonable? I’d like to say I have a good relationship with my insurance guy and he told me it’s a fair price but I don’t have anything to compare it to. it’s a 1500 sqft up & down duplex with new roof & detached garage with basement if any of that matters.

Thoughts? Thanks

Hi all,

I am planning to purchase my first STR in Fort Myers, FL sometime in 2024 with my brother. I have two other properties in my home state (NJ) with long term tenants, however I plan to sell one rental and 1031 into this STR, as I feel there is more money to be made in STR in a nicer area like Fort Myers?

I am looking for anyone's thoughts/opinion on that statement about STR > long term, as well as any pointers to begin looking in this specific market , checking out comps, figuring out if certain properties allow STR, etc.

I just found out about AirDNA which shows the analytics. Any other websites similar to this, and is it worth upgrading to basic plan?

Really any pointers about any of this would be helpful. Thanks in advance.