All Forum Posts by: Scott Boroi

So I purchased my first investment property two years ago and have been slowly rehabbing it while house hacking with a couple of roommate tenants. Through this process I have been putting every dime I make into this house and now that it's done I am in a position where I could easily take a large amount of equity out and begin moving quickly in real estate investing (I am most interested in the BRRRR method). The problem is this entire process has put a burden on my personal finances. So I guess my question is, for investors that may have gone through it, should I spend the next year getting my personal finances under control before I start investing? I know that it should be a separate issue but I'm concerned about stressing myself out too much and taking too big of a risk since right now I don't have a personal savings.

Thank you for your reply! That info definitely helped. I just don't want to put too many high end amenities in the house just for value purposes to have it later destroyed by renters. I'm trying to figure out that sweet spot in between. Maybe I have the same problem as everyone else but am I going to get the value out of tearing the walls down to insulate and replacing windows? Or should I focus on just painting and redoing the cabinets? That's where I get lost. I know what the responsible choice is but it's just going to be a rental property so I'm sure it doesn't matter all that much. 

I have decided that I absolutely want to get involved in real estate. My family is pretty involved in it and I seem to have a good mind for it. I bought my first house at 23 with plans of rehabbing it within 2 years, refinancing it and renting it out in the future after I move out. It's a single family house located in the suburbs of Philadelphia. Since moving into the home I've added a large full bathroom and remodeled the master bedroom. My question is one that I have had trouble being answered and I'm hoping that anyone who has had experience with this method can answer. I have a very strict timeline with this house as I would like to purchase a second home early next year. I'm planning on having a decent amount of money for my next and last project before refinancing (about $7-$8k). I can either rehab the first floor bathroom, which desperately needs to be done or rehab the kitchen. The obvious thing to do would be to tackle the kitchen, however my dilemma is knowing I will not have the money to do a total rehab of the kitchen. For example, the windows are very drafty and there is no insulation, the electric should be redone, the flooring needs to be addressed, etc. The neighborhood is decent but it's the kind of neighborhood that you would not get the return on something like granite counter tops.

After that long prelude, my question is what finishes/amenities should I think about including in the kitchen and what steps should I take to maximize my value? I want to maximize the value of the house but also making it renter friendly; and by that I mean inexpensive to maintain and repair. Should I include a backsplash? Should I completely rip up the flooring and install tile or just update the laminate over top of the existing laminate? I have existing butcher block counters in good shape, should I leave them or refinish them or replace them? I have the room to add cabinets and a peninsula, should I consider that? I have no idea what would maximize my value while also being renter friendly. What does everyone do when updating a kitchen in a BRRRR method property?

I'm 23 years old, I've recently purchased my first house in Brookhaven, Pennsylvania when the market was right. I paid $110,000 it's 3 bedrooms, one bath, I've done some minor cosmetics to get it to where it's livable. The house has put me in a position to only be able to save minimally so to expedite the process I've decided to add a bathroom and update the kitchen in the next 2 years and then take a line of credit to purchase a multifamily or flip depending on the options. I'm expecting about a $40,000 credit. My question is, while my mother is a great agent who thinks she knows what I should do next it helps to have the advice of the experienced, should I go with my current plan or is there a better path I should take on my journey to passive income?