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19 September 2017 | 30 replies
Start throwing signs, going to 2x meet ups per week, postcards, letters, craigslist, bush buys etc.Go to home-depot when they first open in the morning all the great contractors will be getting ready for the day.
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24 September 2017 | 3 replies
Home Depot has a service that will come down and give you an estimate.
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18 September 2017 | 87 replies
Anyway, I’m planning on holding onto it, so let’s move along.General expenses: Property inspection: $425Flights/bags/ground transit for 2 people: $600Service main water valve: $389Service 2 furnaces: $200Paint materials both units: $370Cost of hiring friend who came along and worked 3.5 days: $500Total random home depot materials including light fixtures, electrical gear, primer, brushes, locks, light bulbs, tools, drywall, tape, etc: $1,820.Total: $4,304Unit 1 - Down Paint labor bedrooms, bath, and kitchen: $0 (friend from out of town did it for free)Installing fixtures, switches, outlets, cabinet knobs, doorstops, blinds, towel racks, bathroom mirror, caulking, etc: $0 - did it myself.Estimated cost if contracted: $1,500Unit 2 - Up Labor to strip wallpaper, repair drywall, sand, prime, and paint full unit (contracted out): $1200Installing electrical outlets/switches/fixtures: $125New electric stove: $200Refinish bathtub: $300Pull carpet: $250Total: $2,075Estimated short-term costs (<1 year) New roof Spring 2018: $8000Gutter cleaning and repair: $300New Floor in kitchen (estimate): $500Total estimated costs: $8,800Year 1 non-recurring costs to make it rent ready: $91,979Estimated mid-term costs (1-5 years) 2 new furnaces: $55002 new hot water tanks: $2000Misc: $1,000Total: $8,500*After the tanks/furnaces get replaced the building should be rock solid for 10-15 years at least, assuming no major disasters.Monthly expense breakdown: 5-year private money balloon loan on $87k over 20 years: $574Property tax: $215Insurance: ~$100Water bill: ~$60Sewer bill: ~$40Garbage: $16Rental registration: $6Lawncare: $40CapEx: $100Vacancy: $75@ 5%*I’m self-managing, therefore I’m not yet factoring in property management.Monthly Totals:Projected rent: $1,500 ($750/unit, but will shoot for $775 initially)Expenses: $1,226Cash Flow: $274/monthCash on cash return: infinite (more or less)ROI based on $18,000 yearly at $91,979 initial cost: 19.5%NOI: $3,288About the loan:I don’t qualify for bank financing since I’ve moved countries and jobs so much in the last couple years.
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1 September 2017 | 1 reply
Hi, I'm looking for a gardener to take care of the yard for a rental property.
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1 September 2017 | 1 reply
Thought this may be the best place to start rather than standing outside of a Home Depot asking people like a creep.
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1 September 2017 | 4 replies
Moral of the story to all of us first time flippers: Go to Home Depot first!
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6 December 2017 | 45 replies
I closed on my home, did most of the remodeling myself (took the "how to tile yourself" class at Home Depot, painted, etc) and lived there for 3 years until I was able to buy the next one.
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6 September 2017 | 7 replies
@Kyle GodboutYou can look at Smart Choice Carpets or Home Depot.
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9 September 2017 | 6 replies
I have 40 spread among Livonia, Westland, redford and garden City
12 October 2017 | 4 replies
(youtube) visit home depot and start rehabbing.