All Forum Posts by: Raymond Lopez

@Eric V.

Hi Eric, you mind if I can leverage your GC? in the middle of some estimates needed for a buy and hold.

Before and after pics ??

Owning a house is not for everyone, there is maintenance involved which requires time and money. With renting they are free of all these headaches and they can pick up and leave freely. They can simply wait until there lease expires or pay a breaking lease fee and they are gone, try that with a house. If no one wants to buy you are stuck.

@Joe Norman thanks for the info, yes I ran the comps in the last 3 months within the area have been on average sold around 165k. With the closest recent comp sold @ 179k. There are not many comparable for this type of smaller home in the area, that's the reason i mentioned all the other homes surrounding this one which are 350k and up. Even though this might be irrelevant in comparing the ARV. So safe to say that this can be an ARV of around 160k. My all in limit with this rehab and purchase would be 140k including wiggle room for rehab issues.

I have a friend in the area who is renting his rehabbed 2 bed 1 bath unit for 1500. I can definitely get more due to it being a full house rental.  So I need the rehab to come in no more than 50k and setting aside some money for the "Oh Sh!T" bucket. I would cash flow about 450 a month. Worst case I can negotiate the purchase price down if bids are coming in to high. Thanks for the advice, ill definitely keep everyone posted. 

OK , so I thought this would stir up a conversation. I am in the middle of analyzing this vacant property which is off market. It is in need of extensive rehab and I am in the processing of trying to get a GC out to give an estimate on. I can get the property for 60k, maybe even less. I already have someone lined up that wants to rent in the area. It is a small 2 bed 1 bath house(1020 sq ft) with a lot size 40x100.  A recent comp up the block just sold for 179k. Of course it was in great shape inside but with less sq ft and same lot size. The other houses in the area are all in the 350k range with average 3 bedrooms and 2 bath and bigger lot size. The area isnt bad at all with brand new houses just completed and a new one being built accross the street from this house. The outside of the house seems fine (siding)/foundation, so far it looks like a full gut plus plumbing and HVAC need to be replaced. Please let me know what you guys think - see pics, click below link

Rehab Rental PICS

BP looking to rehab a 2 bed 1 bath house for a potential rental. The repairs are extensive, anyone know of a GC that can give me an estimate? Of course looking to pay them for their time on the estimate. Thanks in advanced, appreciate it.

The only thing I would say here is always try to look for positive cashflow. Appreciation is good but not guaranteed. With cashflow you won't be too concerned if the value goes up or down as long as you have a strong rental market you'll have a stream of cash coming in.

It's one of those things if you have more time then money - DIY If you have more money then time- Hire someone.

Can someone explain how this works? How do you receive profits on this?