All Forum Posts by: Steve Mandelbaum

Assuming your numbers are correct and I am not sure I agree with all of them.  You have left out tax implications and principle paydown.  Appreciation is a possibility, but it is impossible to predict.

Tile over wood floor, is rough.  Should do hardie board or other subfloor.  Otherwise you will have craking from flexing.

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Project managing a renovation of a property on the Northside of Jacksonville, Florida for an investor in Northern Virginia. It was a 2/1 and we have made it a 2/2, by converting an old closet to a bathroom. It has been replumbed and the electric has been upgraded. Both bathrooms will be tile and modern We are going to install white shaker cabinets and stainless appliances. It is an older house and the drywall needed a skim coat. The inside will be painted Agreeable Gray.

What made you interested in investing in this type of deal?

Helping another investor out by renovating a house

How did you find this deal and how did you negotiate it?

Met other investor on BP

How did you add value to the deal?

Added a bathroom
Upgraded and updated all systems in the house.
electric
Plumb
A/C
Roof
Cosmetic Paint and Flooring
Bathrooms
Kitchen

ARV should be stellar

What was the outcome?

Just about finished and looking good!

Lessons learned? Challenges?

The virus has S L O W E D down my contracotrs

Investment Info:

Single-family residence buy & hold investment in Jacksonville.

Project managing a renovation of a property on the Northside of Jacksonville, Florida for an investor in Northern Virginia. It was a 2/1 and we have made it a 2/2, by converting an old closet to a bathroom. It has been replumbed and the electric has been upgraded. Both bathrooms will be tile and modern We are going to install white shaker cabinets and stainless appliances. It is an older house and the drywall needed a skim coat. The inside will be painted Agreeable Gray. The house is aluminum siding and has been power washed, the trim has been painted to freshened it up. All windows have been replaced and the porch has been screened in. The air-conditioning was replaced along with the roof.

What made you interested in investing in this type of deal?

Helping another investor out by renovating a house

How did you find this deal and how did you negotiate it?

Met other investor on BP

How did you add value to the deal?

Added a bathroom and updated all systems in the house. We upgraded and updated the entire house.
Electric
Plumb
A/C
Roof
Cosmetic Paint and Flooring
Bathrooms
Kitchen

ARV should be stellar

What was the outcome?

Just about finished and looking good!

Lessons learned? Challenges?

The virus has S L O W E D down my contracotrs

I have been using a lot of LVP and I am noticing that it does not perform as well on raised foundations as slab.

Has anyone else been having problems with LVP on raised foundations?

What other flooring are investors using?

There is a lot of controversy around AIRBNB. Are you a hotel or a rental? Hotels reside business districts, while rentals can reside anywhere. Municipalities generally have not figured it out. There are arguments on both sides, but I think it is clear this model is on pause. Will AirBNB as a company continue is anyone’s venture capital guess. The concept of the sharing economy is not going anywhere.

I know of a company in Jacksonville Beach that offers premium short term rentals and they have since put a number of their properties on the market. The numbers don't work to rent these properties long term.

Major Depression - unlikely. The fed will continue to manipulate the currency to prevent it.

Are we in for some challenges - YES.

The fact is no really knows what is coming. NOT RAY, WARREN OR ANYONE ELSE! Smart, successful, absolutely. Predict the future, not so sure. Someone you have never heard of will emerge out of this mess, having made a lot of money, followed by I told you so. It will not be the same way as the great recession.

Keep an open mind and listen to all points of view and stay flexable.

There are some facts that are not going to change and one of them is people need a place to live. History has proven we are in the right business, Real Estate!