All Forum Posts by: Shaun M.

Hi @Account Closed, nice to know you. We are generally BRRR focused all the way, but our market is hot right now. If we can hit our exit price sooner it may become a Flip.

We close in just over 24-hours and have the team on standby.  We will then have a day and a half to to renovate for renters on the 1st.  I love the excitement and long days of a quick turn!

Funny, I close on a place in two days where this was the exact scenario.

Large, out of state construction company rented the home from the current owner to house it's workers for long term projects in the area.

By the end the house was trashed.  Almost every doorjamb had been kicked in, tiles cracked and broken from chopping wood inside, water damage, shoddy repairs, etc.

I am not saying that you cannot structure this in a way that works for you, but the owner of this house did not and felt overwhelmed by the end condition.

The story I got from neighbors is that there where always new folks coming in as workers were fired for drug use, quit, moved away etc.  There was no accountability, no info about who was living there, and in the end not nearly enough security deposit. 

I would proceed with extreme caution. 

Bumping this thread back up.  Wondering if anyone has had success with this?  

I am in the middle of the process now.  I have a completed and stamped Elevation Certificate from a local survey and engineering company.  Working towards a LOMA now. We are still in our diligence period - if this flies a good deal will become great one. 

Any advice from someone that has done this?  

You asked..?

The answer is yes, and it would be easy enough to lose 100 sq. if you measured differently than the county.  Square footage is never measured from the inside of the walls, but always the outside.  The area of a house includes all wall thicknesses interior and exterior.

Do you measure this way?  

Welcome aboard! You'll find tons of knowledge here, dig on in and enjoy! 

@Eliot M.  Please post back as this develops. Interested to see where this goes. Renting the neighbor's house seems like a great option.

Great read, thanks for sharing your experience.

Just ordered up, can't wait!

Great work!