All Forum Posts by: Tyler Flagg

@Annette Hibbler @Ben Skove . Thanks a lot for the help. I never would have thought about IKEA. I'll be sure to look into it.

-Tyler

Hey BP Folks!

My name is Tyler and I am pretty new to the real estate investing game. I just recently purchased my first investment property and plan on doing a kitchen renovation before bringing renters in. The problem is that I'm currently deployed, which naturally makes coordinating with contractors a bit more difficult. I have a property management company, but I don't want to entrust too many of the details to them until I'm a little more comfortable with the process of rehabbing. I just watched the following video about Lowe's Kitchen Installation Services.

http://www.youtube.com/watch?v=ozpTWPKBJeU

From the looks of it, they're pretty much a one-stop shop for kitchen remodeling. They provide the following services...

1) Send someone to take measurements of the room

2) Create a 3D layout of the kitchen based on your criteria and vision

3) Create a budget for your review and approval

4) Order the cabinets, countertops, and appliances and anything else you need

5) Install everything using their own vetted installation experts

The house is a low-mid range property in Oklahoma City, so I plan on using framed semi-stock MDF cabinets with a wood veneer and formica or laminate counter tops.

As far as I can tell, the biggest downfall is that they say it could take a few weeks to a month to complete the process. However, it appears that I could do everything from afar, and I would still be able to approve of everything as we go along. I feel like that would give me a lot more piece of mind.

I would love to know if anyone else on BP has ever utilized Lowe's for a full service kitchen installation. If so, do you have any advice before I proceed?

Thanks in advance for the help!

Sincerely,

Tyler

Will do. Thanks for the quick reply!

-Tyler

Hey @Brandon Turner ...sorry to bring up a posting from a year ago, but I've got a quick question for you about Lowe's. I'm currently deployed, and am looking to do a kitchen remodel on a property that I just purchased. According to their website, they're able to do everything from measuring the room, to designing a layout using a drafting program, creating an itemized budget and even doing the installation. I'm definitely attracted to this idea, because it would minimize the coordination that I would have to do with various contractors from afar. Have you (or anyone else on BP reading this) ever utilized the full spectrum of Lowe's kitchen remodeling services? If so, would you recommend that I go this route? Thanks for the advice!

Tyler Flagg

Welcome Matt!

I'm a new real estate investor myself and will be closing on my first property in OKC early next week. Best of luck to you.

Tyler

Welcome!

I don't live in OKC, but travel there frequently to visit friends. Closing on my first SFH in the NW next week. I'm hoping to get into the multi-family game in a few months after I rebuild some capital. To second what Mr. Klaus said, the pod-casts are awesome. I've definitely learned a lot from them. Best of luck and see you around the forums.

Tyler

Thanks to everyone for the quick replies! I've got a lot to learn about real estate, and I appreciate all of the great advice.

@Rhett Tullis Thanks for the heads up about your PM business. I'll send you a message. Hopefully I can get that insurance cost lowered.

@Jordan Thibodeau Thats just my monthly rainy day fund for maintenance. I read somewhere to use 1% of the purchase price divided monthly. I calculated the cap rate at 8.3%. Its not much better, but am I using the right formula? NOI / Purchase Price? $4,848 / $58,500. To answer your question, this had the best cap rate of the few properties I looked at. But I'm sure there is better out there. Thanks for the help!

@Account Closed That was my first question too lol. It has a huge living room, and huge dining room. I think I'll play it by ear. If it looks like I could get more for another bedroom, I'll absolutely look into doing renovations. Great advice thanks.

@Adrian Tilley The property was in the latter stages of a complete renovation. It can rent right now as is, but I'm planning on putting $2,000 into just the kitchen so that I can charge a little more and attract better renters (or at least I'm hoping it will).

Thanks again for all the great advice. Fingers crossed that everything goes well in the next few weeks. And if it doesn't, I'm sure I'll find something else. Take care!

Tyler

Good evening BP!

My first two posts were from 6 months ago, and a lot has changed in that amount of time. Back then I was looking for real estate in New Mexico and Colorado. However, I quickly realized that I was clueless about the markets, and the prices were over my head. To make a long story short, I was visiting my girlfriend in OKC (much like most weekends), and thats when the light bulb went off....I love Oklahoma City, and I understand the market. So how about I invest here!

I started searching around town and found a bunch of potential properties, but narrowed it down to the one below which is located in NW OKC. The seller still has a few things to repair after the home inspection, but I'm hoping to close here in a few weeks. I would love some advice to see if I'm on the right track with my numbers (i'm not really a math guy).

SFH - 1500 square ft - 2 bedroom 1 bath

Purchase Price - 58,500

30yr mortgage @ 5.25% - 25% down

-------

Down Payment = $14,625

+ Buying Costs $3,619

+ Initial Improvement $2,000

= Initial Cash Invested $20,244

--------

Month Rent = $750 conservative

- Vacancy Loss ($60)

- Maintenance ($49)

- Insurance ($100)

- Property Management ($75)

- Taxes ($62)

= NOI $404

- Mortgage payments ($242)

= Cash Flow $162 per month

Cash on Cash Return (Yr 1) = 9.6%

The Bigger Pockets forum has been absolutely amazing so far. I haven't had to write anything yet, because all my questions were answered before I had to even ask haha.

However, I would love some help from local Oklahomans about finding a great property management company in Oklahoma City. My day job is as a pilot in the United States Air Force, and I'm deployed over half the year...so having a reliable property manager is a must for me! I would greatly appreciate any advice that I could get.

Thanks for your help, and I can't wait to hear from you!

Sincerely,

Tyler

Thanks for the support gents. I'll be sure to start listening to those pod casts and keep BP updated on my progress. Have a good one!

Hi There!

My name is Tyler and I'm brand new to the world of Real Estate Investing. I initially found Bigger Pockets through the article that Brandon Turner wrote entitled "The Best Real Estate Books Ever." I've read 4 of them in the last week...I just cant put them down!

I'm originally from New Jersey but am currently stationed in New Mexico as a Pilot for the United States Air Force. I understand that the first house one invests in is often the most difficult due to the steep learning curve. Therefore, my initial 1-year goal is to invest in one single-family house, less than $50,000, that has the potential to yield $100 per month in positive cash flow. I'm currently concentrating on the New Mexico/Colorado area.

I look forward to hearing from you all and appreciate the lessons I've already learned from the BP forums. Take care and have a great day!

Tyler