All Forum Posts by: Michael McCartney

I am basically doing the same thing. Not flipping but buying, repairing and raising rental rates for a buy and hold. The HELOC will be paid back with the increased rents.

If you're buying the house cash you wont have to worry about repairs the bank will require the seller or you to make in order for the house to close.

HELOC is a good way to go because it can be really cheap money compared to what people are paying hard money lenders.

The timeline for getting a HELOC for me was 30-45 days. This might be a problem if you have a house in mind that you want to buy. In that time someone else could come and snatch it up.

Also fees for the HELOC are pretty low but you will have to pay an appraisal fee for your current house which will be $400+.

Hope this helps.

Thanks @George P. @Rod Sanford and @Account Closed. I for sure will have a helper and I have been looking at those siding clamps that help the spacing and also holds the board for you. I have read about the flashing and have seen several videos. Do you know if they make joint flashing or will I have to buy a roll of thin metal and make my own?

If you're on a budget I would hit up the local pawn shops. You can find really great tools for good prices. Tools that are built correctly will last and last and last so the fact that the pawns shop tools are used does not bother me.

These names were posted a few weeks ago in another foundation request. They were recommended by Seth Teal, and if you have read any of Seth's stuff he is always on point and has been flipping in San Antonio for a while.

Jesus Cuellar - JC Foundation leveling 210-734-9865 (may have to leave a message)

Frank Lozano - Frank's Foundation Leveling 210-772-8141

I am currently using Frank Lozano on a job right now and he is doing a great job (so far). He was the cheapest price out of the two guys I had over to quote the job and his crew is fast and knows what their doing.

I believe those guys only do pier and beam though.

@Joseph Weisenbloom yea I totally agree. I actually lived in the garage unit and just moved out on Sunday. I loved it and would love to live there longer but I purchased a duplex as my homestead so I had to move. :( But the rent from the garage unit helps the sting a bit. I think converting garage into units is very profitable. 

My new house needs siding. I am pretty handy but I have never had any experience with Hardie lap siding. Is this something a non professional can take on? I have done a bit of cedar lap siding and once you got the hang of it things went fast and smoothly.

Also do you put the trim down first and butt the siding up to it or does it matter? The other house I own has wood siding and the trim was installed on top of the siding.

If you do replace the drywall I would see if you can hang it yourself or with a friend. It is really easy to cut and to screw it. I remember a drywall guy telling me they charged over $20 to hang a 4x8 sheet. I guess if you have one or two sheets it is not a problem but an entire room it can add up really quickly. Tons of videos on youtube about it.

Not a expert drywaller but the drywall tape that is used should cover the 1/4 inch cracks no problem.

Is the garage door track messed up or just one of the garage door panels?

It is preforming really well. My house is a 1.5 story SFR, the second story has its own entrance, full bathroom and kitchen so I am able to rent out the bottom to one tenant and the top to another. When I bought the house it had a detached garage that I converted into an a studio ( http://imgur.com/a/ZCi8d if you're interested) so now the property functions as a triplex so cash flow is really nice. The tenants in the main house (top and bottom) are brother and sister and their rent is under market but with the tenant in the back the property cash flows over $600 a month so I am happy with that. @Joseph Weisenbloom

Pier and beam or slab?