All Forum Posts by: Rik Hunter

@Matthew Irish-Jones, agreed. I let experts do any more complex plumbing and electrical, especially when doing it wrong could cause problems or it's too much of a time commitment. But simple things like changing out light fixtures or a faucet saves a lot of money over time. 

I only made out well with my first BRRRR because I did most of the work myself. It was a house-hacked duplex, so that helped a lot. Now I'm in a SFH BRRRR, but it's going to take less work to get it ready to rent, and I still do most of the work myself. I've been listening to the Real Estate Rookie podcast for a while now, and I get why Ashley looks for such low-valued properties; she doesn't do (much of) the work herself, and that's how the numbers work for her.

I refinanced before finishing a BRRRR in order to finish the BRRRR and buy a SFH.

We house-hacked a duplex and had completed all the exterior rehab but not much of the interior rehab on our side. The rented unit was mostly done except for the fact that after the tenants moved out, we added a new floor, counter top, and sink in the upstairs bathroom and had to replace the carpet after pet damage. 

By this point, we didn't know we were buying a SFH and had started the refi process to pay for rehabbing the unit we lived in (as well as pay off credit cards. We were "walking dogs for dollars" (my version of driving for dollars) and stopped to talk with neighbors who were planning to sell their house. We made a great off-market deal. Of course, after moving to to the SFH and finishing the rehab on the duplex unit, I wanted to refi again, but I couldn't refi the current VA loan because it wasn't out primary residence.

USAA says I need to use a commercial loan to refinance, but if there are any alternatives out there, I'd love to hear about them. 

Where my duplex is in Hixson, the property values are going up and up, and so are the rents. My street was pretty rough 20 years ago—according to the neighborhood long-timers, but things have over the last decade. A house down the street was just rehabbed and flipped (5 offers on day 1, and I imagine, well over the asking price). If only I had the cash to buy up the entire neighborhood . . . I'd manage it myself.

Hi, Daniel. I'm in the same boat. Got a lead from the local real estate investor facebook group, but I never got a call back. Then I cold-called another firm, but they basically said I was too small-time for them (just one duplex). I've searched the forums and plan to call

https://newlintax.com/profile/ and https://www.jhmcpa.com/about. Another that I've found on my own is http://ruhlingcpas.com/contact....

I saved lots of money doing a most of the rehab myself. Luckily, with my 1987 duplex, the most complex electrical work was adding an outlet in the crawlspace and plumbing was replacing a PRV. It took me longer than I would have liked with a FT W-2 job, but I learned what (not) to do on my current rehab. 

Congrats! I'd love to get one set up here in Chattanooga in a year or so. 

Hi, Felix. What type of property? A SFH that you'll be renting out rooms in or a MFH that's 2-4 units?

Congrats! Such a great story. We're just rookies, with a Chattanooga duplex and SFH that we've started rehabbing. I'd love to expand into STRs, so thank you for sharing!

Agreed. I had a terrible time finding serious renters who would show up when using Facebook. Zillow worked best for me.