All Forum Posts by: Phillip Hunt

Also, granite installers make a template of each section of cabinetry in the kitchen, or bath, and the cutting and edging is done at their shop.  They then install the counter making any finish cuts on the jobsite.  It is usually a two to three week process. 

      Installing Granite counters will not only up the value of the home but demand a higher rent value.   

Hi Kathy,  many people are believing that if a house does not have a solid surface kitchen counter, then that house is out dated.  It does not have to be granite, you could choose any solid surface from various outlets.  And solid surface counters will far out last any kind of laminate.  I caution you to not buy granite at Home Depot or Lowe's, as I have found their prices to be almost double compared to a local granite shop I get mine from.  Definitely shop around. 

O'k, but who is lending at 100% financing?  I have talked to a few lenders and the best I could find was 90% on property and 90% for rehab, and the process was agonizingly long.  Point me in the right direction.

Kurt, in case you didn't realize, I save a lot of money because I design, tear out and install my own kitchens and bathrooms.  It is easier for me to take some of the money I save doing this and put it into higher quality materials. 

     Hi Kurt, I have been in the cabinet industry most of my life.  I have designed kitchens and baths, installed the cabinetry and even manufactured my own cabinetry.  I have purchased from and worked in the big box stores as well as smaller cabinetry retailors. 

     First, it depends on how high a quality you are wanting to achieve.  In my properties I strive for a good match between price and quality.  Cheap cabinets are not a good value if they fall apart in a couple of years through use. 

      I use American Woodmark cabinetry which I purchase from either Home Depot or Lowes, Lowes sell them by another name though, they are special order and take approximately four to six weeks for delivery.  Merrilet cabinets are along the same quality as Woodmark and are found through other retailers.  These are middle ground in quality and have a decent price.  With cabinetry you get what you pay for.   

     In stock cabinetry I only buy for commercial buildings such as Hair salons and small break rooms. 

     I also only use Granite counter tops,  They last forever, look great, and if you shop around you can find granite for a good price as I have.  Do Not Buy granite counters from the big box stores.  You will pay twice the price you could get them for elsewhere. 

     Nice kitchens and bathrooms are a great way not only to increase the value of the property but also demand a higher rent price.  It is one of my own pet peeves and I have always gotten tenants within days of advertising and the amount of rent that I have asked for.  My tenants love the properties and feel a sense of pride to live in them. 

     So unless your properties are in a war zone.  This is what I would do.   

When you go to your Local REIA meeting, be on guard as there will be plenty of people who are only interested in getting rich as fast as they can and will take you for a ride for what ever they can get out of you. Having said that, there will also be very educated and experienced people that would be willing to help you as much as they can. You must be able to recognize the difference.

Hi Chuck,

My only comment is, what are you waiting for, I would jump on this in a second.  If you want a long term, money generating asset, with a large potential for it to increase in value over time.  Do it. 

I have three income properties that I rent.  If the positive cash flow equals 10% annual return on the cash I have into the property I pull the trigger.  And, that does not count the principle the rent is also paying for me. 

If it was me I would jump on this.

Perfect scenario for determining the ARV. Once determined, and you have the finances to perform the rehab, you know then what you will have into it. Then determine if flipping would produce a large enough reward to make it worth your while or, if you would rather gain smaller reward over a long period of time while still owning the Asset.

Never! Liability and Maintenance costs.........end of line.

I provide all appliances including w/d, micro, dishwasher, refer, and stove's.  And I repair or replace as needed.  Unless it is obvious that it was tenant misuse.  Then they pay for it.