All Forum Posts by: Shane Ward

There is a book I recently read called “I will teach you to be rich”. There is a lot good stuff in there about building credit quickly. It’s really a great book. I believe it would really help in your situation.

@Calvin Kwan I outfitted three rentals last year with used appliances and thought it was great until each one had issues. I found a guy on FB marketplace selling scratch and dent appliances and have replaced them. I’m rehabbing three more units now and figured in the cost of new appliances. It was a pain to go to each unit every time there was an issue. One of the used gas stoves actually caught on fire. Good luck.

The property was sold so the analysis paralysis got me on that one. 

What’s the best way to find out how much equity is in a prospective property? I’m going to start doing more to find “off market properties” and would like to narrow my lists.

Yes. I counted on raising capital for this. I actually may have someone that would fund the project and take the interest at the end. I would probably refinance, pay back the loan and keep it. Thank you for The feed back. 

I found a piece of land (1.6 acres) in a great little town (center of the town) that has been approved for up to 10 units. It has city water, sewer and gas to the street. I’ve been going back and forth about moving forward with this idea. I don’t much about getting financing for this type of project or if it’s the right move. I would love for someone who does this or has done this to talk me in or out of it. I have about 150k of my money to work with but that’s it and some construction knowledge. Any advice would be appreciated.

@Adam Eckhoff I spoke with an appraiser that told me it would be up to lender. As it's listed the rear house counts as an out building. I plan to make it a nice rental-able property. I may just roll the dice here. If I can get top rent for all of them they bring $1900 a month Low side $1600. Worst case appraisal would be $1200 mortgage and leaving 5k in the deal. I typically won't do a BRRRR if I can't get all my money out.

Thank you for the reply

I’m looking at a property that includes a half a twin 3/2 and a small house 3/1on the property with a large detached garage. I would rehabbing and renting all three individually. My question would be how this would be appraised since they are all on the same deed? Would they be appraised based on rental income or just property value?

@Jonathan Greene I was hoping to get more properties between the two agents. My first agent finds prospective properties and negotiates with the sellers to point the he thinks the investors on his list will make money and blasts them out. It’s at the point where finding deals has become very difficult and to have another agent sending properties would help. I will probably go thru my original agent, he bends over backwards for his investors.