All Forum Posts by: Matt Steele

Awesome, glad I helped a little. 

Good luck! 

I think it really depends on what you can get for renting, the positive cash flow you receive for renting and how much "more" you could charge if you invested the $1500 to make the property more appealing.

Looks like your Monthly Mortgage will be any where from ~$1080-$1250. 

So it really depends on your goals too. Do you want the temporary rent to contribute the Mortgage payments for the year? Pay down principal with extra cash? 

A former co-worker of mine has property in that area. I will see I can shoot him a text in the am. Tag me if you don't hear from me in a few days

Biggest recommendation I think you will receive consists of becoming an agent while you are attending college OR working for a property management + contractor. 

All three of these options will give you a taste or renting or flipping. Ideally is you play your cards right you might be able to house hack while you're in college. 

Personally I grew up working on houses with my dad and I have learned a lot. I have also learned a ton from conversations and connections about other areas of Real Estate. 

Welcome! You're in the right place!

@Ryan Sublett thanks!

Yea I haven't done anything yet. The property has appreciated and their have been some recent sales + there will be a few more, as two just went pending.

What would be the best way to calculate an estimated property value?

@Guy Yoes Thanks for the advice. 

I think something like option 3 would be the route we had considered. 

@Andrew Johnson Thank you. I agree, definitely do not want something like that. The other assets are there but not sure they out weigh the value of the property. 

Hi All,

I am seeking advice on a vacation property that my siblings and I are about to inherit. The waterfront summer home has been in the family for my entire life. The parcel is a double lot with multiple structures on the premises.

The property needs to be updated, however the location is valuable and the property is fully functional with a lot of potential. Ideally I would like enhance the house to make it livable during the winter since there is a ski mountain a few minutes away. With some love and care the property could be rented out and has the potential to be a cash machine. And of course enjoyed by my family and I!

However, a few of my siblings do not wish to keep the property. I am looking for advice regarding the best way to proceed in "buying out" my siblings. I have discussed this with some friends before. I would appreciate the BP community’s perspective on the best way to approach this.

Regards,

Matt

@Matt Charette Awesome glad to hear! 

Yea the Chomp isn't the best, there is another which I don't remember the name. You really need to soak  it with that stuff though. Like 2 times, scrape, soak, scrape, wash. It is BRUTAL. 

Enjoy!

Carpet may be better if you do not have a lot of objects to work around. If you have to cut it into multiple different segments that may become time consuming. However, since  its a rental I might consider Laminate ( stains, turnover, etc. )

The Laminate will look nice, then you or renters can add additional carpets in the living room, gives the tenant a little more flexibility for home decor. 

Good Luck!

I think you might want to consider filling the cracks yourself. I am sure there are some great YouTube's for this knowledge. 

Also for the wallpaper, are you spraying or using steam? My recommendation is to spray. Wallpaper removal stinks but steam can damage the wall if its drywall. I just did a dentist office wallpaper job with my dad, took forever. Spray we used below.

https://www.homedepot.com/p/Chomp-1-gal-WP-Environ...