All Forum Posts by: Roy Moses

Another thing you should think about is if you are going to keep it as a rental and assuming all the numbers are correct you should look at what is your cap rate on this if your end goal is cash flowing.

yearly income/total cost = %

4975/58000 = 8.57%

And that's without management, if you will need that it will even go under it.

Not saying it's not a good deal, I am not familiar with this market and the appreciation potential, just another think you should probably factor in before closing this deal.

Does the in law suite has a bath? is it like a studio apt or like a 1 bed unit?

Also, in which area are we talking here?

I would look at rents in the same area of things similar to that in law suite to see how much they rent for.

Learn, listen to the BiggerPockets podcasts, they are great in terms of ideas and motivation, after listening to about 5-10 you will get more accustomed to some ideas and terms that will make you much more comfortable moving forward.

Wow that's incredible!

Can you say how much the renovations cost and all of your expenses in total to get to the finished product? 

There could be tons of reasons.

Most commonly I suppose is that potential buyers inspected the house and found something which is a deal breaker for them.

For example, a structural problem or a roof which needs replacing right away and the numbers don't work after you put in that expense.

I guess it won't hurt to call and take a look and if all looks good to you then to do your checking into that property closely to see you aren't missing anything.

Hi Lesley, the house looks great!

I don't have any experience with BRRRR but I love the idea...

I have a 2 questions if you don't mind:

1. The project took you 3 months (or close to that), from your experience, do you think that's around average? got any tips to get the process done at this rate and not slower?

2. I love the idea of adding a master bath to drive the value up, do you have any estimate on how much did it cost to make the master bath and how much value did that add to the house?

I also think you should be honest, building a good relationship with these guys early on will be great for you if you plan on doing more work with them later on and getting better prices and so on..

Great podcast, hearing success stories like these really help with motivation!