All Forum Posts by: Ray Fisher

Just finished a rehab, and rented it.

Taking time to regroup all tools, clean everything and get it ready for the next rehab. Put everything back on truck. 

Help my son finish his current rehab, so they can be out of the camper in the yard for Christmas.   

Try to find the next project that meets my criteria. 

Finish refi at banks, trying to get 40 mortages into 4. 

Spend some time on the house I live in. seems like the other jobs take president over our home. (make momma happy lol).

Take some time and inspect our rentals do some needed maintenance on some of them.

Take a vacation.  

Her in the south central heat and air, makes it easier to rent. And yes I might get a few bucks more.  

The window units today are throw away units no one wants to work on them.  I have been looking at the mini split units. but have yet to buy one.   like Chris says i would wait till i needed a complete unit.  

The hvac contractors around here seems like they all want to replace the unit.  I understand there's a rebate on new units.  but a 3500 to 5k hit isn't usually in the budget. And it can make a positive cash flow a negative real quick. 

I just got pushed out of the way  by a renter with all the cash. couldn't wait for me to finish all the little stuff. They were ecstatic about the house.  still have a list of a few items i wanted to "touch up".  I had called my realtor for a market value considering selling it.

Rented before she showed up to evaluate. 

You are lucky to have your experienced father in law for mentoring. I have a friend that can build almost anything. He has taught me a lot.  I always say the cheapest education is sometimes hiring it done the first time and observing and learning. And utube can teach you a lot, that's how i learned to do sheet rock patching. Son bought a house with 42 fist and knee holes in it.  He spent a weekend fixing one room.  I went down we finished all of the holes in the next weekend.   Thanks to utube. 

  You will do great!  

Chelsea, Sounds like a great deal, My spouse doesn't want to be involved in my jobs.

I do a lot of my own rehabbing too. last one took me 6 months by myself working on weekends. I have a full time job during the week.  Sometimes the final trim steps seem to take the longest. I keep walking around the house and picking it apart. touch up here caulk that. I'm my worst critic.  

You have a solid plan. I didn't know about prosper.com  I will be checking that out soon. 

scanning the website it looks like it's a 12 month loan. is that correct?  did you finance purchase and rehab? 

Thanks for the post .   

300 month, 3600 year, 36000 in 10 years. minus some cap ex and insurance, over that amount of time, your still cash flowing.

I would try to cut rehab costs myself. make it nice, make it clean, it's a rental they don't respect it like it's theirs.  go look at rentals in the areas, see what the competition is.  use the colors of the big expensive homes in the area, It will rent fast. mine are rented before i'm done almost every time. 

my experiences has been the only person who got paid was my lawyer!!

Good luck here

Nick, people tell me everyday, how crazy i am for having rentals. I smile, tell them it's not that bad. 

They hear about the one horror story some one had and they tore up the house. Oh well thats the house i'm trying to buy. lol. 

what they don't hear is about the good rentals. the people who stayed in that house for years.  the longest i have had so far is 7 years for one renter and there still there.

The funny thing is 4 of those people who told my to not do it, are buying rentals now. 

You decide on your future, there are plenty of "experts" here to learn from. 

The real fun is when run into that one person who gets it and shares there experiences.

I really want to be at no more than 50 to 60% of ARV when finished. Any Cap ex would kill any profits for a couple of years. in my opinion.

two different opinions here, (everyone looks at it different)

first. 

take down rail on left side, build walls with windows and make it a sun room. change exterior door to an interior door. or do a double window and add a bedroom. 

second opinion and the cheaper alternative, 

change right door, to a window , tear our brick step. and make it a bedroom.   either option adds a window to the house  curb appeal and eliminates a door.  The one on the right looks more like an add on to me.

my partner and I do this on a lot of our properties, come up with two different options and see which ones make the more sense. 

which brings more rents a dining room or a bedroom?

Buy and hold investor. Interested in rehabbing and flipping.