All Forum Posts by: Will Crayger

Good morning @Dave Kush and @Anthony Maiello. Thank you both for the feedback. I'll adjust the estimates up.

Cheers to both of you.

Update:

I modified the estimates as follows:

Basic Paint & Carpet - $15/sqft

Simple Cosmetic - $25/sqft

Interior Rehab - $40/sqft

Full Rehab - $60/sqft

Hello BP Pros,

I'm hoping to get some feedback on how others generate "rough" estimates when considering a listing. I know there are dozens of variables that need to be considered, but purely for estimation purposes, are there general buckets that can be used? I've done some research and tried to put together some categories but would really appreciate a sanity check.

Basic Paint & Carpet - $10/sqft

• Repainting walls and ceilings.
• Replacing old or worn-out carpeting.
• Minor patching or repair work where necessary.

Simple Cosmetic - $15/sqft

• New paint throughout.
• Replacing outdated light fixtures.
• New hardware on cabinets.
• Possibly updating some appliances or fixtures to more modern ones, but without extensive remodeling.

Interior Rehab - $25/sqft

• Possibly replacing flooring throughout (not just carpet).
• Full kitchen and bathroom remodels with new cabinets, countertops, fixtures, etc.
• New lighting fixtures throughout.
• Possibly updating or adding electrical outlets, switches, etc.

Full Rehab - $40/sqft

• All the upgrades mentioned in the Interior Remodel.
• Exterior upgrades such as new siding or paint, landscaping, updating or adding decks or patios, replacing windows or doors, etc.

Thanks all!

@Remy Piazza, my wife and I are in the Tampa area and are always looking to expand our network. Let me know if you'd like to connect sometime.

Congrats on your triplex!

Cheers.

Hey @Melissa Thompson. I use BatchLeads to find leads. It's similar to PropStream and lets you look for both on and off-market deals.

The BP calculators are great for getting started but I built my own Excel workbook to run the numbers. 

Cheers!

Thanks gents. I understand the calculation for CoC, but the calculator itself seemed a little wonky. I was able to figure it out and built out my own set of calculator.

Can anyone help me understand how the CoC ROI is being determined? I've tried to back into this calc every way google has instructed me to and have been failing to make sense of it.

Thank you in advance.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Daniel Kauffman, unfortunately not. I wasn't forward thinking as much as I thought. We built our current house rather than finding a good deal. 

@Patrick Fraire Really? I will need to look into that. In the link that @Daniel Kauffman provided, several of the house hacking strategies mentioned include the use of AirBnB. 

Hello BP,

I was hoping to get some feedback on an idea for a house hack. A bit of background information:

• Currently own a home with my fiance'
• The house was financed solely by me using a DPA Bond / Conventional loan

The idea:

House hack a duplex, possibly a triplex, by purchasing the property via FHA loan with my fiance' as the sole applicant. This is where the grey area begins for me. I understand that with an FHA loan the property must be your primary residence for a year. That being said, the idea would be to rent out all units except for 1, essentially keeping the unit vacant (but listed as her primary residence for a year), before renting out the unit starting year 2. Obviously, the deal would have to be such we can cover most if not all of the expenses off of the rented units, but if not, could we possibly AirBnB the unit listed as a primary residence to make up the remainder of expenses, or for additional cash flow? 

Forgive me if this is an ignorant question, I'm trying to find a creative solution to begin our journey. 

Thanks in advance. 

@Sai T., that's a fair statement. I respect the motivation. 

@Spencer Hilligoss, both are great points. I guess I was more so wondering if it would be worth paying a premium from a renter perspective, but I think you're right about it being difficult to still have decent returns.