All Forum Posts by: Nicholas W.

LED light bulbs, Philips ones from amazon for about $1.50 each.

@Rob Terpilowski

Congratulations on a successful BRRRR! The rehab looks great and you scored a boat load of equity on the deal.

Thanks for taking the time to share.

 The rehab took about 3 months. I would estimate the work I did would have cost $10k if I hired a contractor do it. If I had a GC manage the entire job start to finish I would estimate the entire rehab to cost $45k instead of the $30k I was able to do it for.

 6.5 months. Fannie Mae guidelines require that you make 6 mortgage payments if refinancing a conventional mortgage. The bank I'm using is local but any bank "can" do it. Just have to make some calls to find one that will.

Move forward!

You've done your research, you know your stuff, now take the chance. What's the worst that can happen? It will be stressful and it won't be easy but you'll figure out how to deal with whatever comes your way and you'll make it happen. 

In a year you will wonder why you ever doubted yourself and you'll be looking for your next deal.

So industry practice when setting tile on a wood subfloor is to spread thinset, lay cement board, screw it down tape the seams with mesh tape. Then spread more thinset and lay your tiles on that. That is what was done, it's a pain to remove but is the best way to ensure a stable floor that won't crack tiles and grout down the line.

The mesh you're seeing is encased in the cement board when you lay it, but not so much when removing it.

In my area listing on zillow and craigslist has done well for me. The tenants who ended up renting were actually from craigslist. I found that the quality of prospect I got from both zillow syndicated sites and craigslist to be very similar. I only take emails for the initial contact and then I send them a list of (non-discriminating) questions that give me a good feel for how qualified they might be. Most don't respond with answers which I figure mean either they knew their answers were poor or they weren't very serious to begin with. Very few get to this point but if their answers are satisfactory I will set up a showing. If their interested in it still I send them a link to a cozy.co application. This process saves me a ton of time, I had 1 prospect not show up for their showing and the only other prospect ended up renting it. Hope that helps.

Thanks Tracy, your recent posts have been very eye opening. Out of curiosity, how does this deal play out in the event that the note is paid off early, lets say 10 years from now.

Send her a notice of non-renewal in accordance with local law and list the property for rent. Don't give any reason, say as little as you can for that matter. If she isn't out by the date file for the eviction.

 Thanks Nicole, this house is in Menomonee Falls.