All Forum Posts by: Mike B.

@Mike Reynolds - that's awesome!  I've heard the older Rams are work horses and did consider that as well.  I went with the Ranger in the end as parking is tight and some city streets in Philly are even tighter so wanted a narrow truck so I can squeeze down a tight street

@Kyle Howard - family, friend, etc.. I think it's all the same.  Have a frank discussion about their investing goals and specifcally what rate of return they're seeking/interested in.  You would be surprised, some people can't/wont invest in stock market so they want a lower annual interest rate.  Some people only want interest monthly payments and a ballon in a year, etc.

I've done this with family and I did 1% interest monthly, no payments, full balloon and interest payment within 8 months.  They're usually happy with that.  I've borrowed from others that we did 10% flat interest rate for 12 months, with no payments, etc.. until month 12 when I payback balloon plus full interest rate owed.

As an update - truck has come in handy way more times then I can remember in only owning it for about a month.  I was able to quickly pickup (from Craigslist or Facebook marketplace) slightly used Microwave, Dishwasher, and other items for a 1/4 of the cost new!  Also picking up materials vs. paying for delivery.. I've definitely saved several hundred dollars already and I have another few weeks of a project to go.

GET A CHEAP TRUCK or Van and it'll pay for itself in no time!

Thanks @Sam B. - everyone in my area is doing all white shaker kitchens (and I do mean everyone.. including me as I've done this for 3 other properties).  This property has some unique features so I decided to turn it up a notch and do something different with cabinet colors and other finishes.  There have been other properties in the area that do this on occasion and when they do, they go under contract very quickly.  I am however keeping this as a rental, but my hope is that the area appreciates more in a few years and if/when I need/want to sell, I can do so quickly.  Fingers crossed of course.  

In terms of renters - what I've found in my area is that higher class tenants who aren't ready to buy, want a super-nice place and are willing to spend more to have unique features like this. The cabinet color is a gamble I know, but I feel it will pay off 

This has been discussed in other forum posts, including people who were ON the reality HGTV shows.. the shows are only 20% true I believe people said.  Most of the costs and "issues" people run into are false or extremely exaggerated. 

Most of the flipping shows.. if you pay attention to the final numbers at the end of the show, they're always rounded off (e.g. rehab costs were exactly $40K) also they list "gross profit" and quickly say "before closing costs and seller credits". 

Here's some teaser pictures: 

Kitchen Design (YES.. blue shaker bottoms + white shaker tops; SS appliances.. the works)

This is what the original HDWD floors (pine) will look like when refinished

Shower tiled (pending grout):

@Sam B. so far looking at:

Purchase Price + closing costs + financing fees= $129K

Rehab (estimate, but pretty solid on numbers) = $45K

Even with minor overage, I'll be right around $175K. ARV is in the $240-250K range. I own the one next door and it's the same layout, etc.. appraised for $250K a few months ago. If market stays strong I should be able to hit the same numbers again.

Well I've been busy and I'm a bit behind with updates for those following along.

Electrical/framing is done, bathroom renovation should wrap up end of this week along with Drywall install/patching.

Next week is painting followed by kitchen re-assembly and other minor details.  Had to do some exterior cement work so rest of the exterior will be buttoned up in 2 weeks.

After all that, refinish hardwood floors, do trim and touchup paint and get it rented.  I posted it up, had some inquiries, fingers crossed I can get it rented in early 2019.

This home marks my 3rd renovation for 2018.. it's been a busy year doing REI on the side of a FT W-2 job!

PS - forgot to grab some pix; at this rate I'll have final images available by end of December.