All Forum Posts by: Patrick M.

I have my Wisconsin rental listed through cozy.co as well as Zillow.  Cozy.co allows to tenants to submit a background check and credit check for $39.99.  If I'm understanding Wisconsin state law correctly I would have to reimburse the tenant approx. $15 since the maximum charge for Wisconsin is $25?

Or is it $25 for a background and $25 for credit?

@Account Closed  yes a lot of this you can do yourself keep in mind the time it takes as well.  I am going through what I call "it's just" syndrome on my first property..

as in "it's just outlets" and switches and new electrical in the kitchen, removing a ceiling fan (that wasn't boxed in) to just a light which also was on an always hot circuit ie no switch control.  

"it's just cabinets" and then drywall and patching floor tile, adding pex plumbing to get rid of old small copper

"it's just staining a deck" which is uneven and needs boards removed to raise the joists to get them somewhat even. 

Youtube is your friend.  A detailed shopping list is your friend to avoid multiply trips to the store.  Since you're living in the unit time is somewhat on your side.  

I'd recommend LVP for flooring. 

you'll need a table saw or circular saw for cutting, also a pry bar to pull the joints together. a good box cutter knife as well. tape measure and pencil. 

also use pry bar to remove shoe molding at baseboard if there is any.  and then a nailer or hammer and pin nails to reattach shoe molding.

Brush and roller for painting.  

you'll need a 3 inch good brush for cutting.  I use a 7 inch roller for back rolling and then a 9 inch with an extension for painting the walls.  you'll need paint liners, a hand held bucket for cutting, tape, drop cloths, spackle and drywall knife or 5 in1 paint tool for filling holes.  gorilla platform ladder/station.

Toilet

buckets to drain water that's left in bowl after flushing and shutting off water.  new wax ring.  new bolts.  silicone to seal around the front and sides of the bowl at the floor.  rags. channel lock pliers. place for old toilet (trash but make sure you've got room) 

Ceiling fan

voltage or electrical tester MUST HAVE to ensure that when you cut the power it's actually off.  wire nuts.  screw driver.  electric pliers to cut and trim wire.  proper mounting box.  additional romex wiring or attic access in case you need to move to a switched circuit. also a step ladder

Doors. 

paint and proper rollers for trim/cabinets.  wood shims.  level.  drill/driver.  new trim around door? nailer.  door hardware. screw driver.

A GOOD WET/DRY VAC! I have a rigid brand and think it's awesome.

you can do all these things just be aware of the little things behind "it's just a door".  ask me how I know.  

Home RenoVision on youtube is a great channel.  

Good luck.  Know when to call for help.  Lesson I'm still learning is it all takes more time than you think.

EDIT TO ADD: it feels really good when you accomplish the project though and can tell people you did that.  If you're single use that to your advantage :)

@Eric Sipe my fear is similar to yours but rather "at what price?".  I know I'll get a renter but will I get a renter in the price range I'm hoping for?  I'm not going about it blindly, I've done comps but there is little data.  Either way though it will rent.  

How quick can you close?

@Devin James if you're on the offensive side of the ball you better know how to read a defense or you're getting hammered at the line.  If you're on the defensive side you better know how to read a QB or you're getting blown by.  

stupid analogy but life decisions can be as simple as that.  there's a reason some guys have long careers and some don't.  Mostly due to preparation and planning. Know what's coming.  

@Amy Leonard  what sort of reno criteria are you looking at with your properties?  The neighborhood I am investing in is B-B+ and homes 230-250k.  They are generally 1950s-60s built though with little to no cosmetic updates.  Therefore most cash flow off the "higher rent" goes back to paying off rehab costs. at least in the first year or so.

@Devin James

@Mark Severino makes some very good points. Although I didn't know much about REI before getting married I told myself I would be financially independent/debt free before getting married and did just that.

Money or lack of can cause a lot of problems especially in marriage.  

I also believe in planning out longer term.  What you aren't realizing is there is no such thing as a long engagement.  You'll be wedding planning before you know it $$. Honeymoon $$  family home $$ I'm assuming if you're ready to get married at your age kids won't be too far away either $$$.  

None of those are bad. I'm married.  Own a house. Plan on having kids.  Emphasis on PLAN.  Something like investing and school are better to "get out of the way" so to speak .  Start when you don't have the weight of other obligations.  

Like many said if she is really right for you then the conversation will be relatively easy and you'll be RE investing in no time.  Spend what you want on a diamond. 

I have purchased my first SFH and in the process of renovating to prepare for rent. Knowing what I know now I would have made some different considerations on this property.

My wife and I have good W-2 jobs and our goal is to reduce her hours to part time through single family investment.  We were excited to get started and bought a property that will work out nicely however the project list has gotten to be a lot longer than I anticipated.  Because we have stable W-2 we can be more selective in our buying and don't have to spend every night and weekend rehabbing in order to get $200 cash flow to put food on the table. 

For those of you in a similar situation what buying criteria do you have?

For example we only do kitchens or we NEVER do kitchens only bathrooms. or We only paint and landscape. 

My area is focused on A-B neighborhoods however many of the homes are 1950's- 60's that need extensive love.  So on the one hand we're paying a premium in a tight market but on the other all the homes seem to need a kitchen and bath reno not to mention outlets, paint, flooring etc.  

I bought a spray was about to take it out of the box...realized how much I hate taping, understand overspray from working in a body shop, and also hate spending the time to clean up.  I also somewhat enjoy painting. 

For faster brush roller you need to invest in some equipment but it's not overly expensive.  

1.  get a handheld paint pail.  the red one.  it's $9.  get the disposable liners.  

2.  cut your ceilings with a 3.5" angled brush.  I prefer Purdy brand. 

2. get a 7" roller for back rolling.  cut the ceiling with a brush then back roll horizontal with the 7". keep the edge wet. 3/8" nap is what I like. 

3.  purchase a paint extension pole.  easier on the back and of course good for ceilings.

4.  gorrilla platform from home depot. $70. (you will use this for cleaning gutters, fixing light bulbs, trimming trees and it's super lightweight.)

5.  9" or 18" roller for the walls. 3/8" nap or match the nap to your back roller size if you used 1/2" for example.

you can do a lot of cutting without taping. I do all of my edge work without taping.  a good brush is the key.  You need to use the angle of the brush to your advantage.  I recommend watching HomeRENOVision on youtube.  He has a good explanation about cutting. It's not as hard as it looks.  

If you want to paint interiors fast you need two people.  That's the real secret. One to cut and back roll the top, the other to roll vertical.  

Clean your brush, rinse your roller frames, toss the roller pads and your paint liners.  Easy clean up.  No taping.  Most pros I talk to brush and roll.  There's a reason for that. Also keep in mind if you were to pay someone to paint "materials" includes new roller pads and sometimes brushes.  The pros aren't wasting time cleaning roller pads.  They get used and tossed after the job.  Is your time worth standing over a sink for 20-30 minutes to get a $4.00 roller clean??? NO it's not. Clean and re use your brush.  Good youtube video on that too.  

The above is for interiors.

i have been chasing a slow inconsistent drain drip under one of my vanities as well.  the stub out is galvanized and then I ran 1.25" pvc for p-trap and extension into the drain stem that came with the new faucet.   

What I'm reading here is that people have better luck with all brass drain systems over pvc/plastic? If that is the case let me know and I'll switch over to brass where I can ASAP before I get a tenant in. 

Thanks!