All Forum Posts by: Toan Hoang

Sure. Np. around 12 windows installed, $4-5k including material, Electric $7k, Plumbing was about $3k. Flooring plus install was about $5k. Demo, 2 dumpster rentals etc was about $1-2k. Kitchen was about $6k including labor. (Used basic Home Depot cabinets). 2 baths were $6k total Small deck was $4k. Finish basement $3k. Allot of painting, allot of sheet rock  finishes etc.. got me to $45k. Im prob missing something but i told you all the big stuff

Hope that helps

@E.S. Burrell

Lol. Thanks for the compliment. I hate ranting and Im far from perfect but omg sometimes people need just a little common sense.

@Martin Silverstrim

This will work. Im doing/ did the same thing. We are not quite at 10 each yet but are approaching. One peice of advice. Depending on your undividual income situation, one of you may more easily qualify for mortgage. For example since my income is much higher and thus debt to income ratio is much better than my wife i can get approved for larger purchases. I am more concious of her DTI ratio so it takes a little bit of strategy so that she has the financial flexibility to purchase in her own name but we make it work.

@Kevin Jackson

Once you draw down your HELOC you will be cash negative on that property, UNLESS you invest in something that offsets it. In either case why be cash neutral on any property assuming there is an alternative. Said differently charge market rent.

Interesting that most people seem to have been self motivated driven to overcome a certain situation. Student loans, financial freedom, etc..

I was influenced by many of the same things. However more specifically i saw certain family members be successfull in RE with much less education or resources than i ever had. So i figured if they can do it I can do it. And my natural ambition was to do it better. I still have a long way to go. But i can see the path forward. Hoping I can impart some knowledge on my kids so that they can start earlier in there life.

@Charlie Moore

Why is this even a question? IF place is messed up you keep deposit. IF place is kept clean then you return. Why does it matter if D class or not?

Many post with HOW someone got started in RE investing. But I was curious on WHY you chose real estate? Was it your mother or father or relative you admired? Was it just intellectual curiosity? Was it some infomercial? Whatevwr the reason0. What was the influence?

@Peter T.

I cant speak for everyone but as I learn more and do more I definitely appreciate what experts like yourself in that space provide. With a start up business people wear many hats and try to manage themselves to save money and learn. I cannot see how this makes sense for folks with allot of units. At some point you just have to hire specialist.

@Peter T.

All great ideas. I was probably like many newbies and didnt focus enough on operations. I was focused on deals, financing, and rehab. But the more i think about it the overall operations which include holding tenants accountable is just as important

@James Mc Ree

I think in addittion to actually making some extra cash the fees do curb behavior as well. So its a win win