All Forum Posts by: Robby Sanchez

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $588,000
Cash invested: $8,000

1988 build duplex

What made you interested in investing in this type of deal?

Want to scale up into multi family taking it one step at a time, trying to get some skim in the game.

How did you find this deal and how did you negotiate it?

Found it on redfin

How did you finance this deal?

VA loan!

How did you add value to the deal?

Installed new garage doors, plan on doing other improvements as well in the near future!

What was the outcome?

Definatley a learning expirience so far.

Lessons learned? Challenges?

Older houses are definatley more of a headache but I think I'm getting some great expirience.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Nick Gonzales. Jpar real estate agent. He's great! Hit him up! He's out of austin tx.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $169,000

SF new construction

What made you interested in investing in this type of deal?

I was in the military at the time. Knew the market was good and knew that I couldn't go wrong if I rented it out considering it was near a popular military base as well.

How did you find this deal and how did you negotiate it?

Real estate agent. New construction, didn't really try to negotiate.

How did you finance this deal?

VA loan!

How did you add value to the deal?

Appreciation thanks to the market.

What was the outcome?

Currently renting it out for a 2400$ profit yearly

Lessons learned? Challenges?

I live far away from this house, thinking about getting a property manager.

Quote from @Bill B.:

In Nevada there’s a checkbox for no disclosure because I didn’t live in the property. Would you prefer they clicked that they didn’t know of each problem for the same reason?  They’re not giving a false sense of security by clicking no. 

Yeah I guess it just doesn't really make much sense to even have a sellers disclosure if you technically can just disclose that you're not sure about anything. Kind of seems like a useless document at that point 

Quote from @Jonn Vidal:

In your state is there a $500 customary credit to buyer for waiving disclosure like in NY and I think CA?

No, in fact, in texas, a sellers disclosure is not required to be given for residential multifamilies 

The owner of this property that I am submitting an offer on in round rock is choosing not to provide a sellers disclosure. I plan on getting an inspection but is this a red flag? TIA

Quote from @Jake Baker:

This is the general rule of thumb I use in Jacksonville Fl:

Light Cosmetic ($40-$50 x Sq. Ft)

Medium Cosmetic ($45-$55 x Sq. Ft)

Heavy Cosmetic ($55-$65 x Sq. Ft)

Studs Down ($80-90 x Sq. Ft)

Luxury ($150-200 x Sq. Ft)

Hope this helps!

 Awsome thank you sir! I realize it's a rough estimate but it helps to have something to go off of. 

Hey guys is there a price per sqft calculation that you can use to get a rough estimate on a renovation? What other strategies do you use to estimate renovation cost of a specific area of the home i.e. bathroom,kitchen etc.? Thank you!

Quote from @Carlos Ptriawan:

Quote from @Robby Sanchez:

Hey everyone, how do you determine how much money you put into renovation when you're doing a house hack? Is it worth it to only renovate one side of a duplex and then try to sell? Or is it a better idea to renovate both sides? TIA @Jordan Moorhead

 do you need to add bathroom / kitchen ? that's the question... because then plumbing/electricity needs to be modified/added.

 Carlos thanks for the reply! Luckily I won't have to add any bathrooms and im a liscenced electrician so the electrical won't be an issue. This property will just need general updates. It has basically never been renovated so it has all original cabinet,countertops. The bathrooms were slightly redone but only the showers 

Also, do you guys have some contractors that you can recommend for rehabs in the Austin area? 

Quote from @Benjamin Sulka:

Robby, 

I don't have an answer to the actual question but if you're on a limited budget I'd prioritize renovating the unit that you won't be living in first. Maximize the rent in the rentable unit and then make fixes to the unit you're occupying throughout the year. 

Happy New Year! 

Thanks for your reply @Benjamin Sulka! If I renovated the other unit, would it be occupied or would it have to be vacant? I was thinking about renovating my unit, that way I have rent coming in from the other unit and I wouldn't have to rush the renovation. What are your thoughts? I realize this is totally my decision but I do appreciate advice and feedback from the pros. TIA