All Forum Posts by: Kelly Conrad

@Account Closed Have you worked with fire damaged properties before? Here are the photos showing the damage. 

Hello! Just got funding and we're now looking through the MLS. We're looking at homes at or below 160k, multi-family to do a BRRRR. There is a listing for a home at 105 that's a duplex that has serious fire damage in one of the units. My husband is a carpenter, but we're worried that this is potentially a huge money pit if we're just starting out investing. There is a very long list of things that need to be brought up to code, and I'm wondering if anyone here has taken on such a project and if they were able to get any funds to fix up a home with such damage besides hard money.

We're thinking the value of this home about be around 160-180 once it's repaired, but if you're spending 60 grand to get the place up to code again, that's not worth it it you aren't even making any money on the deal.

Thoughts?

Hey everyone! Just getting started in investing and now I am looking at properties to purchase. We want to focus on multi-family, and it looks like the only ones we could roll with are in St. Paul. I'm not incredibly familiar with St. Paul anymore, but homes look to be around the Payne-Phalen, Dayton's Bluff, and South of Maryland neighborhoods. According to the crime heat map, these neighborhoods aren't vey pleasant, but I know those maps don't necessarily mean the neighborhood is bad. Anyone have any insights into that area? 

Hey @Albert Bui, thanks for the response! We haven't purchased any properties (except our home) yet, and so we haven't worked with any lenders yet on this. The one I looked at does 70% ARV. I am just looking to see what other money options (besides asking family for money) could pair nicely with the large chunk we got from the HELOC to get things moving along. Ideally we'd like to do BRRR, but depending on the available units and how much money it is, we need a place to start.

We were approved for a HELOC for $18,800, but with alll of our funds (including the HELOC), we'd just have ~43k. In our area, multi-family homes are 250k+ and we have to put 25% down, and so we are very short on what we need, especially if anything needs repair (even our own home!). Would it be wise to take hard money, and then pay off the hard money loan with the money from HELOC since that rate is so much lower than what hard money's rate is?

Hello! I am going through the Docs that were supplied with the Bigger Pockets book, and one of the docs they included was a "Rental Lease Extension Agreement". Is this the same as a month to month? Or is it something different? I couldn't really find an exact answer and figured someone here would know :) Going to be purchasing a place soon to rent and that's the last piece I need!

Thanks!

@Ethan Summers, good tip! I'll have to check out the targeted ads!!

Hey everyone!

It seems that no one has posted this sort of question in at least over a month, so I figured maybe this would be interesting for folks watching this forum.

I guess basic info in case others are wondering, Dreamhost is where my website is hosted, once I have a property under management I will connect it to my domain, which I purchased using Namecheap.

Anyways, I have my website built out, and I'm thinking what else should be on it. My tenant's will be required to pay rent and submit maintenance requests using TenantCloud, and so I have a link at the top of my page that brings them to the TenantCloud login screen. I'm also going to be adding a link to download our rental application at the top as well to make it easy.

Then in the next section on my home page I have a spot for any available units, and then under that a section for pictures of our owned properties.

Then at the bottom I have our business contact information and ask them to submit a rental application to us if they're interested. Then under that, I have, "Conrad Rentals, LLC does not discriminate based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and disability."

It seems to me like that should be about everything that should be on a page?

Next-Social media. Now, I feel like this can be a double edged sword, because we all know that people love to post crap about you. I have an unpublished FaceBook business page, but I'm wondering if anyone else uses social media as well. I was thinking that would also be a place where available units can be posted (and shared) and then it brings them to our website for them to download and submit an application. I don't know if any other social media platforms would make sense (Twitter, Instagram etc), but I curious to hear what others are going.

Never mind!! I got it to work :D :D :D That's EXACTLY what I was looking for, THANK YOU @Kiet N.!!!!!!!!