All Forum Posts by: Tim Healey

Hi All... looking for a reliable inspector in Kansas City MO to go through a property for me. 

Thanks in advance. 

Tim.

Hi All, 

Working on my first BRRRR and have a question re entities: Obviously I can buy in an LLC as I am buying for cash. However, when I go to refinance the deal after I have rented and rehabbed, I'm assuming the bank will want it to be in my name not the LLC (correct me if I am wrong).

If my assumption above is correct, is it worth me starting out in an LLC or do I just keep it simple and buy in my name?

Thanks 

Tim.

 

Hi, @Brandon Turner do you have any good Cinci PM recommendations now you've been in the area a while?

Investment Info:

Single-family residence buy & hold investment in Palm Bch Gdns.

Purchase price: $150,000
Cash invested: $50,000

2 Bedroom Townhome. Updated it this year after it was rented for 3 years, increased rent, excellent cash flow.

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

Cash flow.

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

MLS. Pretty typical process, but back when deals were easier to come by

How did you finance this deal?

30 year Mortgage

How did you add value to the deal?

Renovated 2019; floors, kitchen, paint, appliances

What was the outcome?

The rehab enabled a rent increase from $1505/mo to $1750/mo

Lessons learned? Challenges?

Definitely could've handled the timing on the renovation more effectively. That was a product of me not making decisions regarding sell or keep quickly enough.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. I have a local realtor who I met through friends. He seems willing to go to just about any length to help out (he handled all the renovation work and through his contacts got me prices on painting, kitchen etc that were incredible).

Hi Dan, at this point my need is for good people who can respond quickly to fix stuff as it breaks. I’m finding my normal guys to be so busy it can take me more than a week to get simple things fixed. 

That being said, always happy to chat about RE in the area. Have some good ideas on where to find good fixer uppers!

Tim

Hi Greg, can you share any more details?

Hi Rick,

Another question for you, did you have any issues re-letting the property after the death or di prospective tenants not seem to mind too much?

Thanks and good luck!

Tim.

Hi all, I have a duplex in the Juno Beach area of FL. The cash flow is decent but the building is older and needs work. I'm wondering if there are any local investors with experience in new construction who would be open to chatting about the property to help me analyze the options.... improve or build. 

The zoning permits multi-family (beyond just a duplex), and the block is a decent size in a dramatically improving area. 

If I found the right person I would also be open minded about partnering on a deal to re-develop the site.

Thanks all.

Tim 

Hi All, Need to expand my network and add a new handyman to my contacts to help me maintain my properties. Any referrals would be appreciated. All properties are in the Palm Beach Gardens, North Palm Beach area. Thanks! 

Hi All, I had a blower motor on a 1 year old AC unit go out on Friday evening last week. Ignoring the obviously crappy quality of the product, I had some quite alarming (and not unfamiliar) conversations with AC repair companies. Basically, the part ($250.00 worth) is covered under warranty, but you're on your own for the $90.00 call out fee and then $420.00 installation fee. While I find this outrageous (imagine if Toyota or Mercedes handled warranty maintenance like that), I wanted to ask if anyone has any experience with getting on a service contract which may avoid some of the call out fees etc. 

I now have 6 AC units, so it seems likely that something will break at least on a yearly basis so I may get some value out of the reduced service costs. I realize it's a mathematical issue that is really a function of the cost of the contract vs the cost of doing maintenance out of contract, but I was wondering if anyone else had looked into this and what conclusion you may have come to?

Thanks All

Tim.