All Forum Posts by: Michael Widick

@Tucker Graczyk

Awesome thanks Tucker!

Yeah hypothetically I could recoup my initial invest pretty fast. However the Reno cost is what’s going to weigh on us.

As far as property Management goes. No, I'll be handling any repairs or turn overs it would need. As I've already begun contemplating opening another LLC. Specially in Property Management. 1. Because I've been thinking of doing that on top of everything, as well as home inspections. 2. That way I can write this property and ones to come, off under that specific LLC. In case of any legality issue were to ever come about.

@Theresa Harris

Absolutely- there’s ways I’m sure to save some $ and get it to a livable standard. However I don’t think there’s a “ton” of wiggle room. The house basically needs to be gutted and redone internally. Exterior: roof, fascia, hvac, unit, landscaping..

Hello!

Been Studying and learning the game for about a year now. "Grew up working construction" so my self and a partner started our own LLC and just completed our first flip. I am now looking to expand my portfolio and gain my first rental.

Live in Columbus GA and have stumbled into a interesting deal.

1300sqft home

3/2

$15,000asking (house is vacant, dilapidated, broken windows, stolen copper etc..

Asking Price: $15,000

Repairs $40,000-$50,000

ARV $75,000-$99,000

After tag, tax, and title I'm not thinking this is a great house to flip. I have now started thinking about renting it and then BRRRR it. Comps in the area are renting from $750-$1300 and most are only a 3/1 975sqft-1300sqft. So if was able to Renovate it, ask $1,000am, I'd profit somewhere around $800 passive a month. My concerns is that the house isn't in a great area, and I don't exactly have all the capital to complete the rehab atm.

Thoughts!?

Looking for a common sense check..

Just completed my first flip, looking to use profits towards my first rental. Been researching and learning anything and everything REI related for about a year now and feeling good.

Came into a offer on a 3/2 1300sqft in

Columbus GA. Not the greatest neighborhood but I think it’d probably be great for renting out.

15k asking..

$40-$50k in repairs

ARV = $75-$99 (clearly based of level and quality of materials, fixtures, etc..)

With those numbers I’m not feeling super confident about flipping, especially after taxes, tag and tile. Would almost be upside down.

However, thinking this might be a good first rental, especially to BRRRR ..

Comps in the area are renting from $800-$1300

Most are 3/1 so mine being a 3/2 clearly is more tangible.

I own my own construction company, so not super worried about repairs/ labor prices etc. id also be managing my self. Ran the numbers through the BP calculator and would net $800 a month after tax, maintenance, etc.. if rented at $1000am

Whatcha y’all think?!