All Forum Posts by: Greg B.

The "spruce up" was more along the lines of your comment that you wanted to justify a higher rent not necessarily about the flooring. what type of neighborhood is your property in? 

If you're going to do the floors in the kitchen then you should do the floors throughout. If the hardwoods in the kitchen can be "spruced up" then spruce away. Just be sure not to neglect the floors in the LR, DR.

In the end, its a rental, depending on the neighborhood and the amount of work your competition is putting in you want to be equal if not a tad bit better.

Someone said not to over do it. It's understandable to want to "spruce up" a rental to appeal to the new tenants but in some cases less is more. I could put marble floors in a C neighborhood but it won't increase my rents any further than the market will bare. If the hardwood in the kitchen can be refinished then refinish it. It will look just as good if not better. If the entire living space is hardwood then there will be a natural flow.

Good luck

Great job!!! Keep it going!!!

How does it cash flow after repairs? ARV? Purchase price? Rent? Expenses? Cost of repairs? Plans for the property?

You do know what your doing. If you didn't then you wouldn't be on this site. Do a search for any questions that come to mind and read/watch the hell out of them.

You're on your way!

@Alvin Goo

That's my neck of the woods! I'll be in touch

wholesale, seller finance, partner

Work on that credit. A good credit score is a POWERFUL thing

Good luck

I know investors that use payrent, paynearme, paylease, payyourrent, western union, walmart...

Take your pick. It's good to have multiple ways for your tenant to pay that rent. The more options they fewer the excuses.

Good luck

@Matt Munn

BRRRR = Buy Rehab Rent Refi Repeat

You see how it all works together by the last part of your post. Maybe the point is not to Buy and Hold, but to Flip until you build up enough cash to hold. You buy the property dirt cheap, ugly, needing repairs, just like you would when flipping. Only you're flipping it for yourself. You buy with equity and then you force more equity by renovating the property. Once rented, you refi and pull all the money that went in (down payment, holding costs, selling/purchase cost, loan, etc) back out of it and then you do it all again.

Every property you buy it basically purchased with the same funds over and over again. Basically

Good luck

Very much possible! Good job!

I just have 1 question. If you had the cash to buy it with cash not enough credit shouldn't have come into play. Did you go ask a few lenders or did someone advise you that it would be difficult to get a loan??? I know quite a few people with no credit (even bad credit) that put 20 or 30% down with no problem.

How do you plan to fund your repairs?

Can we get a few details behind the deal? Price? How you found it? etc?

Again, great job! 

@Trevor Ewen

Great talk sir. I'm just starting out by sending mailers and looking for properties but I've been learning my market directly and indirectly for over 20 years. You are correct about locals knowing the potential for success because we know our town. We know the neighborhoods, the people, and the problems. 10 years ago I was down on my city and would have easily agreed with most of what you've said but now I feel a bit different.

Over this last year, Syracuse has seemed to wake up from a long deep slumber and the activity is very exciting to people like me. I see and have tracked a few investors. Investors who used to stick to the suburbs exclusively are now dipping their toes in the waters of the actual city of Syracuse. I wish over the past few years I focused more on real estate and less on my 9 to 5 but good money blinds you at times.

I plan to take full advantage of this early growth. Since I know this city like the back of my hand, from the slums to suburbia, I plan to invest smart and aggressively. And with my aspirations of one day starting my own property management company, I plan on managing properties of out-of-state/out-of-town investors. Maybe one day that will include you.

Thanks for the conversation

Much success