All Forum Posts by: Shawn West

Welcome. Not sure where Weston is but good luck on your ventures. Your starting in the right place here on BP.

Shawn

Hi there and welcome to the world of investing. This is a great place to connect with others. I personally live in Cottage Grove but mostly invest in southern WI. How has the renting of your upstairs unit gone. I tried something like that but my wife wouldn't go for it. Anyways good luck on your future ventures.

Shawn

Thanks for the thoughts John.

Thanks John, all good thoughts. As far as the counters the market I'm in doesn't at all call for that high end of material. It's more of a high resolution laminate. House is in a good neighborhood but a very low income city. House will be selling finished at around $105k. Bought for $40k. I think Mindy had it right in WI. While white trim and/or gray tones are very popular I think the oak look will work decent for WI and especially my market. Thank you very much though for your thoughts.

Thanks for the comments everyone. Helps with my decision on siding and trim I think I'll keep and match the everything to it. I'll have to let BP know how it goes. Thanks again

Thanks for the thoughts Mindy. I think if I change the shutters and enhance the color of other parts of the house and landscaping it may work as your saying. Probably best budget wise to keep the trim as is and just go with something that matches it. 

Hey BP flippers. I am currently looking to close on a SFH next week to flip. My question is about trim and siding. My normal houses are so beat up I have to replace everything but this particular house isn't in as bad of shape. Thus I had to pay a little more than normal as well. So the trim is throughout the entire house and is a lighter oak color. Basically something I would never put in but it's in great shape and would help with the price of the flip if I keep it. My question on that is should I paint it and if so what color, replace everything or keep it as is. If I keep it what color cabinets should I go with in the kitchen?

Second question is siding. Again I'd normally replace it but it's in good shape but just plain white. Can or should I paint it? And if so any color ideas?

Appreciate any advice, thanks.

My opinion is its a gamble. I'd say for sure if you use it to use quality thick material. Since its a flip I think a nice laminate throughout the house would be best. I'd go with 8mm or better for laminate though. As I said this is just my opinion. Good luck. Love to hear how it turns out.

Hey Steven and welcome. I'm from Beloit WI which isn't all that far from you. Just over an hour abouts. I would have to agree strongly with Dawn on getting yourself into a D class area. Personally I have 1 house in what I would consider a close to D class area. It was my first and has been a lot of problems in comparison to my others that aren't in that area. I'd stick with B to C starting. Otherwise your more likely to be dealing with rent excuses, more destruction to the property and just over all more time and effort as others are stating. As far as money goes if you have good equity in your house it's a great tool. I'd be careful starting out with a hard money loan and trying to refi later. It's a little riskier if your unable to refi as stated above or other unforeseen issues. If you can utilize a bank loan off the bat. They are pretty easy for the first 4 loans depending on your debt to income and credit. Also a lot safer and lower interest. That being said sometimes you do what you have to in order to succeed. 

One great way to get started would be to buy a duplex and rent one side while living in the other side. That's a method many use. I haven't personally but it seems popular and makes sense. Many different techniques which makes investing so great. I will say listen to the BP podcasts and look at the resources like the tenant screening guide. Also that meet-up is a great idea. Learn and connect but don't sit around doing only that. At some point you need to just jump in.

Hope this helps a little.

Hey thanks for the advice. Yes I calculated the closings and Realtor costs in that fixed price. Its usually 6% around my market. The $30k is what I was thinking as well for max. 

Thanks again.