All Forum Posts by: William R.

I'v read this entire forum, and appreciate the information that you have shared. I am currently rehabbing a small house. I just got the city and electric company to sign off on getting the the electricity back on, that was no easy chore... Now that it's on, most everything appears to work, but none of the circuits have enough "voltage?" For example, my circular saw seems to run at about 1/4 speed. Any ideas on troubleshooting this issue? Thanks in advance.

Thanks for the sugestion @Account Closed.  My other rentals have hardwood, and I really like the ease of cleaning them and the time saved when turning apartments.  And honestly, in the short run its going to be much cheaper to refinish them than to cover them up.  Removing the last section of peal and stick tile I did find a few patches that I am going to have to deal with.  If I do cover them, I think I'd use a vinyl plank thats waterproof and its about $2/sq ft.  We'll see, lots of things to do before I have to worry about the floors.  at the moment I am thinking I will refinish some and lay some vinyl. 

Congratulations!  Looks like we are in the same boat:

https://www.biggerpockets.com/forums/522/topics/34...

Particle board on the bathroom floor is never a good idea.  I am waiting on the electrical inspector to get the meter installed so I can have some electricity.  Its already been inspected by an electrician since it has been off for over a year.  This floor would be much easier to take up with a circular saw.  There was no toilet flange, so no firm seal to the pipe... 

This place makes me not very fond of flippers.  This wall is 3" out of square and build with 4x4 pressure treated posts, so its going to be fun to try to make a new door look square. the previous door was hung on the 2x4 next to the door jamb. And, they put joint compound over 1/4 plywood instead of drywalling it, just weird.

It's been a good first week. I took a few days off from my real J.O.B. Got the termite treatment done with some help, carpets removed, bathroom demoed, measured for windows and doors, working on putting a complete bid package together for Home Depot (If you spend more than $1500, you can request them to give you a bid price which is usually a bit cheaper). The electrician is tired of hearing from me about getting the power back on. I actually thought about flipping the house today. Is there a calculator to figure out if its better to BRRRR or Flip?

Welcome to BP.  If you want to see how an unsophisticated investor does it, put on some work clothes and stop by my new project.  I'll answer any question as long as you want to work. :)

Closed on Monday afternoon, so took the day off to remove the carpet.  Smells better already!!

Two layers of carpet with one glued solid to the floor.  The good part is there is hardwood underneath. I plan to refinish them and save a few bucks because I budgeted for vinyl plank flooring that I was going to install myself.  I haven't decided if I am going to try to refinish the floor myself or not..

The bathroom floor is particleboard and rotted out, so Ill replace the subfloor myself and plan on it taking two days.

I am currently getting firm roofing quotes from 3 contractors that I have used in the past.

I am ordering windows tomorrow and plan to install them myself when they get in.

Ill try to update with pictures and details as I progress!

Good luck to you, Brett! Thanks

I was all cash into the property with a loan from the BOM (Bank of Mom). I applied for a mortgage through a broker shortly after getting it fully rented. I got a conventional loan at 80% LTV. They were very conservative with the loan and the appraisal. The appraisal had the rents incorrect, so when it was corrected the lowered the sq ft price to keep their appraisal the same. I tried to figure out what they would use as comps, but every property they used was in a different neighborhood, so impossible. I think they had a number in mind before they started... But, It worked out for me!

I did a similar project with a 3 unit building a few years ago with the BOM (Bank of Mom).  Mine was a bit more involved on the rehab side, and I decided to add a bath to each unit, which I think payed off.  The appraisal is very subjective to the appraiser, and they are much more conservative after the crash.  I also tried to monitor recent sales for a few month to see what they would be using as comps. I was nowhere close... They looked at leases and considered rents, but it was less of a factor than comparable properties.  None of the comps where even located in the same neighborhood! They actually had the rents incorrect on the appraisal and when I questioned it they corrected the rents and lowered the per sq ft value of the property to keep the appraisal the same. I thought it was a crappy move, but I was still able to pay back my loan and have some reserves. If space allows and you can get it done for a reasonable amount, I'd add a bathroom to each unit. My budget was way over what I initially estimated, which caused a few problems, so make sure you don't come up short of money.

I close on Monday for my second BRRRR property. My fist was a 3 unit building, so a bit different, this one should be easy. I am a buy and hold investor, so lots of people ask why I don't flip it. I am investing for the long term and enjoy being a landlord who provides nice properties at a fair price. Every time I look at my Mint account I am amazed at what real estate has done for me! This property was a Fannie Mae foreclosure in a "C" neighborhood in Louisville Kentucky. My goal is to refinance, get all of my initial investment back and cash flow $300+/month. The purchase price is $25K and I expect to put $14K into it. Comps in the neighborhood are around $60K.

Fist thing I'll be doing is treating for termites with Termidor SC while the electric gets reconnected. Then, HVAC, Paint, floors and fixtures. I hope to have it rented in under 3 months. My issue is going to be in not over improving it (I probably did that with the last one).