All Forum Posts by: Monica Davies

Thanks. He did give me a list of about seven references, many of which were basement finishes, and I'm pulling the permits with my city but I hadn't thought of getting insurance specifically on it.

I'm working finishing my rental's basement- adding 2 beds and a bath. I'm anxious because I called 4 companies to give me a bid, and they all came out but none of them got back to me with a price. One gave my info to a handyman they work with, and he came and gave me an estimate, so I hired him since I had zero options. Nice guy, but he's not licensed. I'm wondering if anyone has a specific payment plan based on work completed, or used some type to generic contract so that I can ensure my remodel gets done. 

My strategy is buy and hold.

I'm owner occupying my first property, a duplex with my half of the basement unfinished. It's currently 2-bed, one bath with nothing sheet-rocked and barely framed downstairs. I want to add 2 bedrooms and a bathroom downstairs, and I'm estimating (but not confident) I could raise the rent from 950 to 1400. It's a 40 year old property, so the duct work, electrical, plumbing is outdated and weird, and I'll have to make the windows larger to be up to code for a bedroom -including cutting through the concrete and digging bigger window wells. 

I'm planning to refinance after I get this project done, I've owned the property a 1.5 years, and I think with our crazy market, the gained equity should re-coup everything I'm investing in the rehab.

I've never rehabbed before, and I'm getting bids between 20-30K for general contractors. 

My questions are: 

-I get an extra $450 a month, X12 / 30K, that's an 18% cash on cash return, right? Is that worth it?

-For anyone in a similar market, (I'm in Utah Valley, Utah) are my estimated rent numbers even close for a 2 bed/1 bath vs 4 bed/2 bath ?

-And any tips for picking the right contractor?

I'm a newbie investor, and thought it would make sense to get my real estate license, hoping to save myself a lot of commissions on the future. I'm located in Utah, and I'm wondering how this effects wholesaling deals, for better or worse.

I'm a newbie investor, and thought it would make sense to get my real estate license, hoping to save myself a lot of commissions on the future. I'm located in Utah, and I'm wondering how this effects wholesaling deals, for better or worse.

Your story is incredible! Do you mind giving more details and how you managed the financing? That had to be tough with such a young credit score. How much capital did you need to put down? Thanks for sharing!

Newbie investor here. My husband and I are getting ready to start the BRRR strategy to buy and hold 1 or 2 properties a year. We have limited experience: we own and have managed and 4 Plex for a year. Is it worth it for my husband to get his real estate license to save us on realtor fees? Is direct MLS significantly better than redfin/Trulia/Zillow? Would having an experienced agent make a large difference?

That's exactly what I needed. Thank you so much!

Newbie here. I want to direct mail owners of 4-plexs in my area, but am unsure of how to get their personal addresses. 

Would my county be able to create a list for that, or is there another way I can search the owners of specific properties I'm interested in?

Househacking is the best! If you don't own any property right now, you should qualify for an FHA loan, which only requires 3.5% of the purchase price down. The best part is, duplexes, triplexes and even 4-plexes qualify.

Last year I bought a 4-plex in Utah county, and my 3 tenants pay the bulk of the rent. I'm living more cheaply as a live-in landlord than I would be renting, and my tenants are handing me equity every month. Great walls make great tenants, and that way you'll attract more long term tenants as opposed to a college buddy who's willing to split a room with you for a semester. 

I'd imagine you might get a slightly higher cap rate with the shared rooms, but for me it's worth it to do the small multi-family. I'm also inexperienced, but I hope that helps!