All Forum Posts by: Seth B.

I am not going to hate though... I wish I had family as well to do as you. I feel investing wisely and keeping money in the family through inheritance is a must now days.

Very well done, keep it up!!

0 Votes

if you are willing to own a property 4 hours from where you live and have a management company run it. Why not look even further away in another city where the numbers are even better.

0 Votes

taxes are $462 a month? Even if they are the numbers look good because of the high rent. Hope you don't get out bid by another investor with the low offer.

0 Votes

Guaranteedrate.com

0 Votes

the house looks like a great house to flip. I will also be amazed if you can stay within the $45,000 budget.

0 Votes

From what I hear, Atlanta is a great place to invest in Real estate. Hope everything works out well.

0 Votes

Originally posted by Jessica S.:

After successfully rehabbing two high-end SFR rentals, my husband and I decided to do our first flip this summer. We weren't really sure we wanted to do it because we'd put ourselves under a lot of stress on the first two projects. However, when a perfect little fixer in a great neighborhood showed up on a FSBO ad on Craigslist, I forgot about our hesitation and snatched it up.

We bought the property for $255k and originally planned to spend about $30k for an ARV of $310 - $320k. After consulting with a real estate agent who works with a big rehabber in town we decided to increase the scope of work. Once we decided to finish out part of the basement to create a new family room and second bathroom our rehab budget jumped up to $45k with an ARV of $350k.

In the end, we went over budget, and past our self-imposed deadline (we always do, it's really frustrating.) but we also ended up selling for $360k.

Here are a few pictures of what we did:

Here's the exterior before:

And here's the exterior after:

Here's the basement before:

We turned it into a family room:

We had a lot of space to work with in the basement. Here's where we put the new bathroom:

And here's how it turned out. Pretty nice, don't you think?

And here is my favorite before and after, the kitchen:

Before:

And after:

We learned so much stuff on this project. We learned that kitchen soffits will usually have a bunch of stuff in them that you'll have to deal with (rookie mistake!) We learned that good tile guys are really expensive, but they're worth it because good tile work is like an art form. But most of all we learned that it's usually not a good idea to try and reinvent the wheel. We ran into problems when we (meaning I!) decided to ignore the conventional order of work. There's a reason for the "floors last" rule, isn't there? If you ignore it as we did, maybe the newly finished floors will get messed up during painting and you'll find yourself refinishing them for a second time (sigh...)

I'm happy to answer any questions on this. Oh, and if you need tile work done in the Portland area, I've got a guy : )

Very good job!! What neighborhood of Portland did you purchase the property? Looks like a property from close in N, NE or SE Portland....

I also live in Portland and just bought a rental property in Fort Worth TX. But I am also interested in doing a flipsl in Portland. I have the cash to cover rehab costs. If you plan on doing more flips and would consider partnering with another person, private message me. I found an investment/real estate flipping/hard money lender company in NW Portland which is also a real estate/realtor agency. I have went to a couple of meetings so far and like what I have heard and seen from other flippers there.

Again great job, it looks very well done.

0 Votes

These are not exact numbers but close. With a purchase price of $150,000 with 20% down and average tax's and insurance for a property in OR you total monthly payment is around $950/month. A water bill for 2 units I think would cost around $150+/month. Garbage for 2 units $90/month for a total of close to $1,200/month. with rents of $1,475/month. That is a no go when you add in maintenance expenses/vacancy ...

Only plus to buying a rental in Oregon is appreciation and a low vacancy rate. But high cash flow is what can accelerate your ability to buy more rentals faster in the future.

0 Votes

Originally posted by Zach Davis:

Hey Steve, thanks for taking the time to look at my post. Here are the monthly costs I have; property taxes will run around $210, rental dwelling insurance is $25, water/sewer should run around $50, and garbage will be $45. Other than that I haven’t gotten too in depth with the property’s historical costs. I’m mostly just trying to do a preliminary review of it to see if it’s worth my time to dig deeper. Also, I just heard back from my mortgage broker and I’m looking at between 4.875% - 5.0% for an investment property loan with 20% down. If I figure 160k offer and 32k down, the interest rate at 5% makes my principle and interest payment just under $700. Hope that gives you enough to render an opinion. Thanks!

These numbers/expenses look very, very low. If I buy a duplex it will have to already have separate water meters and the tenants pay all utilities including water and garbage...

0 Votes

All Forum Posts by: Seth B.

Seth B. has started 6 posts and replied 48 times.

Post: New out of state investor - lessons learned so far

Post: Am I a future real estate mogul? This seems too easy...

Post: advice on a deal -- first 4 plex

Post: Analysis on a duplex

Post: How do you pull off the cash out refi in Texas or finance multiple rentals with TX50A6 statute?

Post: My first flip! (with pictures)

Post: Newbie investor in the Atlanta metro area!

Post: First Flip (with before and after pics)

Post: Looking Opinions On Oregon Duplex

Post: Looking Opinions On Oregon Duplex