All Forum Posts by: Kyle McVay

We have a property that I'd like to pull money out of, to buy more property,  would I use a Home Equity Loan or is there another better option? I'm trying to make sure I understood what I read, in a BP book. Please forgive the question I know it's probably pretty basic but this is just our 2nd deal so we are still learning. 

 Thanks!

This house has several major issues wrong with it but there are 2, I am unfamiliar with. 

1. There are 5 deflected lintels. The sway is visible to the naked eye

2. There is a spot on the brick exterior wall that you can move with your foot. In my limited understanding it seems like the aforementioned brick needs to be reattached.

It is my belief that the damage to the lintels, bricks and the internal water damage is due to the roof. We have a roofer going out to give us an estimate on it. 

My question is are either deflected lintels or the spongy brick a deal breaker. If you've dealt with this how much did it cost and how much time did it take to resolve it?

We currently have one property and it is old and we have had to do multiple repairs to it after our first tennant moved in. Now, I'm not an expert by any means but I can go to STESSA and see exactly what my cash flow is for that property for a day, week, month, year or whatever. I don't have to wonder if we are cash flowing. This month we are negative due to repairs and last month we were positive. 

I guess, I think that you are asking the question as if the answer is subjective when it is actually objective and you can look at your numbers and see where you are at. I hope that makes sense. If you do not have an accounting program I highly recommend STESSA it's affordable and Bigger Pockets recommends it. If I've misread this please accept my apology, as I said earlier I'm no expert. 

I will keep following this topic to see what more experienced folks have to say.

We are new real estate investors. We received a letter from the city regarding a home we purchased. They want us to tell them (1) what we did to improve the home,  (2) how much we have spent, and (3) how much we purchased the home for initially. I am inclined to ignore the letter because to me it seems like they are asking me to provide information that will raise my property taxes. We are in Texas and we do not have a state income tax, they operate off of property taxes so they are higher. 

Experienced investors, please let me know what you would do. 

 Thank you so much for sharing your process with me this really helps me out. Blessings, Kyle

I would like to require a prequalification in order to show our rental. It seems to me I am wasting both my time and theirs if for instance they do not make enough money to rent this property. Is this reasonable or should I just show the house to whoever wants to see it?

I want to be like you when I grow up! I just sent him a gift card for lunch and set a reminder on my phone. I love the idea of giving a bonus especially, after his medical issues we'd love to do that. I think they mentioned that in the BRRR book.

Thanks,

Kyle Suzanne

Thank you Ryan! I hadn't thought of it like him doing free work. But you are definitely correct and I don't want him working for free. We had to wait a few weeks when he was hospitalized and it's been worth the wait. 

And as @Karen Margrave informed me that contractors sometimes work out of order. I didn't realize this. We've only ever had singular jobs done at our home.  

Thank you all for answering my questions and helping me maintain a good professional relationship with our contractor.