All Forum Posts by: Kirk Berryman

I agree with all that is a great looking house!  However I have to ask, did you say your purchase price was one dollar?  Would you have made more money immediately turning around and selling the house without doing all the work? Would it not have sold for more than $9001 in it's original condition? 

I'm not looking to give you a hard time, just trying to put the pieces together.

@JD Martin yes that was a bit of a convenient slip up, she has become my banker lately too :D

@Account Closed HOA is $200 taxes are $1800. Which part of California are you buying condos in? My problem with most of the affordable areas of California I've looked at is that most of them are not all that desireable (I wouldn't personally live there.) It's not the best scale to go by, but I'm fairly humble and have decided to use it as my barometer.

I would much rather have a flood of applications and be super picky about my tenants than find some place that may be physically closer to me, but have to deal with vacancies, and/or shady tenants.

I'm not looking for turnkey.  I like to be involved in the process.  I've worked in the software industry the past 8 years so getting to get my hands dirty and actually build something is a nice escape.

I'm actually in town through tomorrow, let me know if there is anything I can do to help you evaluate your deal.  It's gotta be tough with a 203k, the rehab will always be much more expensive than if you were to tackle a lot of it yourself.

Thanks @John Casmon It is located in Rogers park.

@Barbara G.  That is 3k including round trip flights from California ;)

There really wasn't much to this rehab except for a lot of cleaning and paint. The major difference is in the presentation and the fantastic photography from my fiancé' she's a real estate photographer (http://www.sandiegohomephotography.com).

The biggest expense was the new washer and dryer ($1500 with a 4 year extended warranty from http://www.abt.com) which was somewhat offset by selling the old unit to another investor on craigslist! There was no plumber involved abt included free delivery and installation.

Bathroom upgrade costs where about $75.  That was for a new light bar, can of paint and a shower curtain liner :)

No new closet doors just a bit of white paint. No changes to the kitchen. The cabinets are not amazing. But since I'm following the BRRR model, I decided to make the best of them for now, and redo the kitchen and original 100 year old oak floors before selling in a few years.

Thanks for the kudos everyone!

@Mike G Taylor I am currently based out of California, but the market there is too expensive.  I lived in Chicago prior to moving to California, and I've just kept up to date on market conditions there.  I know instantly when something is priced right or not so I've stuck to what I know. 

This particular property was a short sale I saw hit the market when I was in town getting my second property rented out. 

In terms of property management I've done it all myself. I'm working with condos, and yes the HOA's can be a pain sometimes but the one upside is that there's no exterior maintenance, no roof to worry about, and most of the time I can call the building management first if there is an issue. So far so good :)

I'm stoked about my recent success - closing on my third rental property and getting it rehabbed and rented in less than 5 days.

I closed on Friday afternoon and immediately went to work.  I pulled 16 hours a day for the next 4 days, I even convinced my mom, dad, and finance to join me.  We camped out on the floor on blow up mattresses and had an awesome "long" weekend.

By Wednesday afternoon the property was rented for $100 more than I was hoping to get!

Purchase price: 83,750

Rent: $1150

Rehab: $3,000

Here are some before and after photos:

https://drive.google.com/folderview?id=0B1YEjtrv5o...

Hi Adam, 

Congrats on the purchase, where's the house? I've been keeping an eye on Ypsi for a while, but haven't seen anything good enough yet to pull the trigger.

What trades are you needing for the rehab, or are you looking for a GC as well?

@Nick Hakim Cozy.co looks awesome thank you for sharing!  I've been using MySmartMove for background checks, PopMoney for rent payments and a custom google forms/docs for applications.  This looks like it will nicely replace all of that.