All Forum Posts by: Mitch Hill

I am out the deductible plus a lost tenant for a couple months. Fence is still damaged and the burned home has not been touched since March 2023. In August it appears the property owner obtained a General Warranty Deed and ownership changed hands to an investment company LLC. The same day a Special Warranty Deed was issued and the investment company appears to have sold to a private individual.

Is this Special deed shielding the original owner or new owner? I am seeking to recover my losses. I previously mailed the owner a letter asking for this reimbursement but was ignored. If i choose to file a small claims suit who do I sue? Original owner, LLC or new owner?

Bought a 3/2 1350 sq ft in Nov 21 as my second investment rental property. I'm a recent retiree and I started the rehab in December and did as much as I could myself. Purchased for $181,000 and estimated $35k for the rehab. The house was originally built in 1986.

My plan was to paint, replace laminate floor, update kitchen and baths plus repair siding, interior walls and the fireplace.The siding repair went fine. However the fireplace was shot and needed a new cap, cricket, siding and then we found our the firebox and chimney were shot. Estimate was over $10k so we decided to remove the chimney and firebox and just drywall over the old opening.  This was less than $1000.

This home had a water heater upstairs over the master bed and there was previous water damage to the ceiling and walls that required repair. Decided to move the water heater to the garage instead to avoid any future issues.  This was an extra $4k for the new heater and all the plumbing.

After removing an old jet tub/shower  in the master bath and replacing with a large walk in shower we replaced all the downstairs floor with vinyl plank and the stairs and upstairs with carpet. Bathroom vanities and new toilets, I bought and painted unfinished kitchen cabinets and baseboards and painted and installed them.

After painting the inside and out it was ready to list for rent.  The property manager took some pictures and the house was rented in less than a week at full asking price.

We are renting for $1825/month. Z-Estimate is $1544 but is based on the house pre-rehab.  Total rehab cost came in at $44k.

I am happy with the outcome and cashflow.

Going to do downstairs with vinyl and do the work myself. Planning about $2/sq ft in material.  I'll need some tools to remove the old tile and laminate.

Upstairs bedrooms and the staircase going with carpet and plan to replace every 3 or 4 years or so. $1.50 per foot for the carpet, about .75cents per foot installation and $150 for the stairs.

Next question is whether to replace the particle board kitchen cabinets that have been "refinished" a couple times already and might not hold up to being removed and sanded. 

I just took possession of 1385 sq ft 3 bed in San Antonio. Previous owners did a terrible job on some crappy flooring that was poorly installed throughout 80% of the house. The remaining areas have dated tile or carpeting inside closets. Since it's empty now and I have other rehab I am thinking about just tackling this now rather than later.  New flooring should add to the overall value as well as the rental value once listed.

Anyone have a formula to calculate the cost to re-floor an entire house with the same rental grade durable flooring?

I have worked with American Roofing on a couple projects and my home. Quick, complete and reliable. Sandy Nitschke. 830-446-6305

Thanks for this detailed account of your duplex project.  I am thinking about a build project for my next one as well. Finding the lot is the challenge as usual. 

I currently have a 3/2 single family under contract and will be using about $70k cash out funds from the duplex for down payment and rehab. 

Hunting for the next project. Either a couple more single family or a multi family. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in San Antonio.

Purchase price: $323,000
Cash invested: $323,000

1440 sq ft duplex built in 1941. Each side rents for $1k. Purchased for $323k in 2020 for cash. Rehab was $17k for pier and beam foundation repair plus new exterior paint and a little minor carpentry. Zillow places value at $456k (9/21). Long term tenants. Future plans calls for interior renovation plus mini split AC. After Reno rent moves to $1500 per unit.

I am in a similar place. I plan to use $200 to purchase two to three properties. Closing on a 3-bed 2-bath in late October and will need $65-$70k for down payment and rehab. After this house is renting I want to buy either a multi family or two more single family.

After you make an offer be sure to get a good home inspection, even if the house is as is. I have found the Bigger Pockets Rental and Rehab calculators are pretty easy to use and the numbers seem pretty accurate. Good luck. 

If its a good deal use your own lawyer.