All Forum Posts by: Louis D.

I just got on line. I will be a bit late, but I will be joining in.

Start by reading Rich Dad, Poor Dad by Robert Kiyosaki if you haven't already, then read Long-Distance Real Estate Investing by David Green.

In my area, you must have a built-in closet to make it a bedroom. If you build a closet in the room "off a kitchen" you can count it as a bedroom. If your new bedroom makes for a weird lay out or you have to pass through it to get to another part of the house this may drop the value of the home. You may not get more value.  

Find an attorney that specialized in real estate. For an hour of his/her time you will find out what works in your area. Bring all the information you can. You will also meet an attorney for future use, if you ever have a need.

If you are going into your first deal. One of the most valuable things you will be gaining, if not the most valuable, is knowledge, and experience. Adding a person adds complexity. Also what if deal goes bad? Have an exit strategy. What if the deal fails, what will that do to your relationship with your grandmother? You are young. You will win or you will learn on the next deal. I would not add a relative to get a bigger deal. I would borrow from a relative and pay the going rate of interest if that was my last option. After you have a track record then get a partner.

The husband has an 800 score? If he is on the lease then you have some clout. On the other hand I also consider the "vibe" that I get. If your gut says don't, then don't. They could both have a perfect score and if my gut said no I would go with that.

I'm a local contractor, I can look at your project if you like and see if prices are in line.

I am doing a full renovation on a SFR in AZ. It is a 4/2 with brick exterior walls. I am just curious, the exterior walls are not sheet rocked on the interior. If I spend the $ to sheet rock the interior walls, it will look better but will the ARV go up by doing that? Home will have an ARV of 120-140k when I am done with the renovation and rent for about 1100.00 a month.

You have two parts, the electrical work and the sheet rock repairs. I have good sheetrock guys depending on the size of the job. Message me on the sheet rock and I will get a reccomendation  on electrical too.