All Forum Posts by: Trista Fenner

Create the SOW. If neither of you have created a SOW, I'd recommend you both trying making one, then come together on a final SOW. It'll allow you the chance to discuss what all needs remodeled, and how much capital you want to allocate towards each line item. Make sure to discuss the quality of finishes that you are trying to put into place. The more details you can figure out in the beginning will leave less headaches in the long run, especially if you are only going to be there on weekends. Keep track of hours and money spent for each line item. This will help you as you start delegating these tasks out to subs in the future. Don't forget to account for all of your holding costs as this plays a part in your rehab budget. Good luck!

Hey Jordy,

I'm from small town western KS.  You're not going to need amazing finishes in most towns there.  Look to see what comp houses drive the demand for.  If you're holding it as a rental, put your money into great stability for it (HVAC, plumbing, electrical, roof, etc).  It's more important to have a great, efficient, passive flowing property so you can focus your attention on future investments.  Start speaking with lenders so you can get start preparing for your exit strategy when the time comes.

Hey Karam!

My husband and I also bought a small SFH from auction.com this past summer and will have a lease starting Feb 1st. We already have a triplex and in partnership on a 4plex so opted to deleverage our portfolio by keeping our cash invested in it. Instead, we are utilizing a line of credit on the property, allowing us to purchase future flips/BRRRRs. If we were at the bottom of the market, I probably would of just done a cash refi, but being the peak of the market, I'm liking having some reserves for whatever the future will throw our way.

Ugh, sorry @Erin Auman!  I can relate.  We had a crappy sub take advantage on us on our first flip.  It gets better.  So many people are afraid of failing, and/or quit when these situations arise, so good job of not letting that get in your way.  

Good luck with your relocation to KC @Erin Auman!  We love it here, so I'm sure you will too.  Good move on house-hacking a MF and lower your biggest monthly expense.  What happened with the deal that went bad?

Congrats Jeremy!  Hope it treats you well.

Welcome Bryant! I’m a licensed RE agent and invest as well, so let me know if I can assist with finding anything for you.

Hey Nick! I invest primarily North of the River. Happy to help with any questions you may have!

We had a property with hundreds of those roaches when we acquired it. We have an awesome exterminator and learn they can come through the plumbing. Between spraying and replacing the plumbing (it was old and was getting replaced anyways) we haven’t seen a single one back.

Of course in the ideal world, you'd hire everything out to get in and out of the project faster.  As we are still building teams with each project we do, we've handled good/bad contractors and everything in between.  The contractors we've fired meant more leg work we've done on our end to get the job done.  If you're wanting to save costs and get your hands dirty, go for it (if you're low on monthly costs).  Do it on the easier tasks such as demo and some finishing work as that's labor intensive.  Get references for contractors and pull in at least 3 contractors per project you're needing worked on.  You'll find most are too busy so either 1)don't show up or 2) don't even offer a bid.  You must communicate greatly with them or things will be missed.  Part of the learning curve but it's a fun ride nonetheless.  Do great quality work and your future tenants/buyers will notice.  Good luck!!