All Forum Posts by: Rashad K.

This was a fire damaged 🔥 condemend four plex. 8️⃣ beds and 4️⃣ baths plus flex room per unit❗️

Maintenance free house hack , where you live in one unit and rent out the rest reducing your cost to live tremendously (3.5% down FHA loan or 5% down conventional loan) or straight investment property with no maintenance any time soon as we did all the heavy lifting🏋️‍♂️💪🏾

Property highlights

•New EPDM roof

•5 new 100 amp electric ⚡️ panels and rewired throughout(each tenants pays their own bill)

•All new plumbing including 4 new electric 40 gallon water heaters

•New high efficiency boiler

•New kitchens with stainless steel appliances , quarts countertops and tile backsplash

•In unit laundry 🧺

•Refinished hardwood floors

•Gutted and redone bathrooms 🛁

•Exterior Paint

•And More ‼️

Hey Bigger Pockets!

Looking for electrical, hvac and plumbing referrals! I have a solid 2 for each category but looking to add more to my network as we grow. Will share 1 for 1 in private message! Thank you! Saint Paul Minnesota, Minneapolis Minnesota

Welcomed anytime ! @Tim Swierczek

Case Study 📚 This property currently stands as a condemned furniture store. Going to rebuild into 10 units. 8 residential and 2 retail.

Purchase Price: 💲350, 000

Renovation Budget: 💲1,062,000

ARV (After Repair Value): 💲2,070,000

How the deal was found: Made a post on LinkedIn, A Realtor ®️ sent me a list of properties.

Financing type: Hard Money Loan 💰Purchase Price and Construction Cost. I followed the "70% Rule", which is ARV x 70% - Rehab Cost= Purchase Price.

Exit Strategy: BRRRR 🥶 Buy, Rehab, Rent, Refinance, Repeat 🔁 I have relationships with other local banks that will do a cash out refinance with a permanent loan up to 80% of the new appraisal value. 80% of 2,070,000 = 1,656,000 which is enough to pay off hard money lender while still leaving 20% of equity in the property.

Take Away: This project will be my largest renovation to date. As I reflect on my very first renovation project I remember how difficult the construction process was for me.

From dealing with the city, finding contractors 👷🏽‍♂️, managing contractors, and not having any prior construction experience or any understanding of the process other than reading a book 📕 (“The Book on Estimating Rehab Cost”, By Jason Scott).

I doubted if I should continue with rehabs because of how difficult the learning curve was. Fast forward a few years and I’m capable of not only successfully running my own projects but we also help homeowners and other investors with their own renovation projects. So the most important lesson is that If you don’t give up, you can’t fail‼️

@Jay Hinrichs

Baby daddy’s move in 🤣 very true

Hey BP , 

Im looking to find a good book or 2 on evaluating industrial real estate properties. Any recommendations?

Thanks!

saint paul/Minneapolis 

Hey Bigger Pockets,

Looking for a couple recommendations for a residential framing company. Any suggestions are appreciated, thank you!

@Jason Jirjis if you decide to go with a realtor I would be interested in facilitating the transaction. I also buy most my properties direct to owner. I hold my license specifically for this purpose but always open to a commission :D and networking with other investors.

@Joe Schaak thank you!