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1 August 2024 | 8 replies
We then spent around $30,000 out of pocket on renovations, including repairing the roof, upgrading the electric panel, installing new HVAC, and putting in a new kitchen.After completing the work, we refinanced with LendingOne using a 30-year fixed-rate DSCR product at around 7%, which resulted in a net cash-out of approximately $15,000.A couple of things to note:I'm out of pocket on this property for around $40,000 ($25k down, $30k rehab, minus $15k recaptured).I'm thrilled with this amount since it's far less than our "normal" 25% down strategy would require based on the higher value.The property appraised for $330,000 after the renovations.The key point for me is that this property is now netting around $800/month in cash flow.
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31 July 2024 | 13 replies
The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?
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31 July 2024 | 11 replies
One of my latest GCs is a firm that talks on a BRRRR panel at conventions.
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31 July 2024 | 27 replies
Based on my own research and more importantly nearby comps, they'll expect a shower system with body jets, rainfall head etc and I don't mean one of those panels that has all that on a single panel, they want a luxury shower!
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31 July 2024 | 15 replies
I have a duplex which has gas and electric separate (2 furnaces and 2 electric panels) and while the water is for the whole property.I was wondering how I would go about setting this up for my lease?
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28 July 2024 | 4 replies
But each technology needs to show why it should and will be adapted, just like wind and solar have, along with ESS (energy storage systems), in the US market.
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27 July 2024 | 1 reply
My situation the house was built in 1963 so the electrical panel was in a closet.
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25 July 2024 | 14 replies
You need to make sure there is room on the electrical panel to add larger appliances and also plumbing is easily accessible (to keep costs down).
25 July 2024 | 5 replies
I have designed, built, and own (very) small scale (500kW) solar farms and in my world, I learned to always look for the word 'exemption' to make sure I'm not wandering in territory that will cripple me financially.
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23 July 2024 | 18 replies
We meet monthly in Long Beach with panels or presentations from other investors, or affiliated professionals like attorneys, managers, contractors, insurance brokers, etc....Check it out.