All Forum Posts by: Steve W.

@Kenneth Garrett

Fantastic tips, thanks Kenneth. Do you invest outside of IL?

@Matt Jones

Thanks for the honest discussion, great to hear from an investor actually operating in the region! I also spent like an hour watching your YouTube videos :) good stuff

With 65% being rentals, is that due to student housing? And if so, how has the pandemic affected student housing? Is school remote, are students still renting in the area? Have rents dropped or vacancies increased?

Referring to the low inventory due to previous Hurricane damage - how do investors offset the risk of their properties experiencing damage? Either more frequent smaller damage, or outlier big ticket damage?

To buy and hold investors in natural disaster zones - such as hurricanes impacting Houston TX or panhandle of Florida (Pensacola was hit this year by Hurricane Sandy), how do you account for this risk in your investing?

For example, Houston looks great on paper. But I see distressed properties for sale that were flooded by Hurricane Harvey; if insurance covers this why aren't the properties fixed? Even if this type of damage is atypical, what about more common damage? Does this result in frequent insurance claims? Do you need higher reserves?

Thanks

@Shawn Mcenteer meant to tag you in my post above as well, since your background is in flooring.

@Tim Criswell and @Steve R.

If you put a covering over the hardwood, say LVP, does it need to be floating? Does glue over-complicate the refinishing?

For flooring in general, I had been considering using the glue strips. So if one gets damaged you can just heat it up so the bond breaks, lift it out and replace it. Rather than having to disconnect a bunch of panels until you get to the damaged one.

I'm new to rehab / construction, so wondering how this is really dealt with in the real world.

Thanks!

@Jeff Campbell I was just researching this today! I found this YouTube video very helpful.

https://youtu.be/OJlPOiZ3VN0

A question I have about hardwood - everything I have researched says it "scratches easily." Sure you can refinish it but do you really want that expense for a rental? Is there a way to make it more durable?

@Anthony Williams thank you for your service, best wishes in your endeavors.

What are your RE goals? Plenty of people buy a residence, then keep it as a rental when they move into a new primary residence. But does this fit your goals?

If not, then how does selling and buying a new residence? Maybe the extra money for a down payment can be used for a duplex house hack with increased cashflow, or live in flip for increased sweat equity. (I realize this isn't what you were implying in your original post).

I would also be happy to run analysis on your property, see how it compares to what you and others are thinking, and it's good practice for me as I am interested in the Fayetteville market.

@Marlon Lacayo In stocks, they say don't try to time the market. Even the experts fail at it. You make your returns in the long run. I'm inclined the believe the same is true for the real estate market. To your point, as long as you don't lose your shirt in the near term, which is the problem with high leverage that likely comes with real estate.

Both sides make compelling cases for why housing will go up or go down. I'm in the same boat as you - that is, eager to get started but everything is so hot, it is hard be conservative, hedging for a potential downturn. In the meantime, I am holding back the FOMO (fear of missing out), remaining patient and not giving up. Remaining patient, continuing to get educated.