All Forum Posts by: Steve M.

I do the same as JD & Vic.  Month/Month or Set Term Lease until March/April of each year.  It's worked well for us, and we've had zero complaints or issues.

What sort of Paint/Primer did you use?  Any time their is any sort of stain or smell, I always run the expense BIN Shellac primer .... That stuff will seal in just about anything.  Outside of grease, and/or the stove itself ... I'd double check vents, and perhaps take a snake camera to the drains within the kitchen.  I know you replaced the P-Trap, but do you have any idea on what may be lurking past that point in the wall?

Lastly ~ If all else fails, I'd probably open up a wall or two (simple squares ~ easily patchable) to see if the stench is stronger on that side.  Very well could be moldy insulation.  Good luck, and keep us posted.  This has me intrigued! :)

East Nashville .... Its crazy over there :)

This is where networking pays off.  Ideally, you want to have a general idea on whether or not you plan to act as the GC and sub out the work yourself, or whether your plan to hire a GC to do the work.

Do you have any idea on the costs associated with the house you just bought?  I pray you didn't just buy a house hoping to flip it with no idea on what it costs to do what you want to do to it.

Being a small business owner myself ~ and putting myself in your bosses shoes.

1)  He isn't paying you to run your outside investments.  He's paying you to work for his company.

2)  If I saw or heard about it ~ I'd ask that you take care of this stuff on your personal time (lunch or after work)

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From the investment side ... I'd do everything on my personal time.  Wake up early/stay up late if you need to.  Calls can be returned :)

Looks solid!  I'd go for it in a heartbeat.

I run excel spreadsheets for each property I own.  I can pass it along when I'm back in the office next week.

That helps a bit!  Roughly $93k all in grossing $2000/month sounds GREAT!

Nice job!  

Holding - If you went the HM (Hard Money) route

PITI - Principle/Interest/Taxes/Insurance

Gives us a better idea on exactly what your NOI would be :)

Either which way, it looks like a great deal on the surface!  Don't get too burnt out by doing too much work yourself.  I did on our first go around and learned real quick that contractors are much faster, I don't wake up sore, and I can get the same satisfaction by watching the rehab come to life standing on the side lines!

Good luck!

Whenever I'm out of my element ~ I tend to take the "wait & see approach"

REI's come in a variety of flavors. By going about it this way, I can size people up to see who may be just the right people to network with.

Still confused?

What are your actual numbers (Purchase, Rehab, Holding, PITI, etc... etc...)

Trying to help ya not break the bank, but we have to break you for information!!! lol