All Forum Posts by: Kelly Wiggs

@Tinley Jones the GC I used is no longer in Evansville. I used them for two remodels and was going to continue to use them, but it didn’t work out. I probably would not use a GC again, but if you’ve not done a rehab before or are not local I would recommend it. Being local I’m very involved in the process and have coordinated the rehab on several houses without a GC since those. It’s more work on my end but also lowers my costs.

@Bill Kramer I’ve done a flip and have a brrrr I kept as a rental slightly east of that area in the last 2 years.

Flip was a 900 sqft 2/1 no garage. Purchase was 17k. Sold for 85k. 

Brrrr was a 750 sqft 2/1 w/1 car garage. Purchase was 19k. Appraised for 78k. It rents for $800. ETFCU loaned 75% of the value. If you want more specifics on the whole process with them just let me know.

As far as ARV goes in that area it's really all over the place depending on what block you're on, but 55-60k is probably close based on where it's at.

At 27k in you could make money both ways, it kind of depends on what your long term goals are and what you want to spend your time doing.

If it were me I’d flip and use the fund do a brrrr in a slightly better area.

Hope that helps

I recently closed on a commercial building with 4 apartments above space that can be used for retail/restaurant/bar. I'm currently in the process of rehabbing all 4 apartments and am trying to determine best way to go with flooring. In the past I've always used luxury vinyl plank, but that has been in SFH rentals. Specifics for this building:

• This is a long term hold.
• Looking for balance of soundproofing and lower long term cost
• Apartments are one 1br and 3 studio
• Located in lower income area so tenants will be hard on flooring and will have a higher turnover rate
• Current upstairs floor is 2 inch hardwood planks attached directly to joists.
• Ceiling below is 12ft high finished with a combination of plaster/drywall 

Wondering if anyone has had something similar and what worked for them?  Right now I'm deciding between two options:

• Attach 4x8 plywood sheets to level the floor followed by a soundproof underlayment and then luxury vinyl and hope it lasts several tenants? This is the more expensive option up front, but I'm concerned about noise. 
• A high quality carpet pad attached directly to the hardwood planks and cheap frieze carpet that gets switched out after every tenant?

Is there a better option?

Also I'm considering blowing insulation in between the floors for energy saving purpose- will it have the added benefit of sound dampening as well?

Thanks for the time and input.

I appreciate the feedback and suggestions- I’ll be talking to a couple of them next week. 

I’ve done my own taxes in the past, but due to the increased complexity and scale with a few BRRRRs this year and selling another investment property in the near future I’ve decided to start utilizing an accountant. Does anyone local in Evansville have a recommendation? Thanks for your time and help.

Jeffery- I did. Rehab is done and in the process of doing a refinance for funds for the next one. Thanks for reaching out to me

I'm lookin for someone licensed and insured for a complete rehab in Evansville- if everything goes well with this house there I'll be more work for them down the road. Thanks 

Anyone local have a recommendation for a General Contractor for residential rehabs?

@Chris Wood I just did a deal with a local investor who has several more homes they are looking to sell that sound like they could be what you're looking for. I can PM you their info if you like.

@Angela DeBorja it's through a different bank- one I have the loans on my rental properties with.  I would use them for this rehab, but they told me they don't have much of an appetite for properties in this price range- hence the use of the credit union.