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13 August 2024 | 21 replies
If what I wrote is not clear to you or if some of my assumptions are wrong, then stop your DIY attempt and hire a tax professional.
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13 August 2024 | 11 replies
I'd also install 1) can lights in the kitchen, 2) under cabinet strip lighting, and 3) a push-button for the garbage disposal.
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12 August 2024 | 4 replies
Many DIY landlord use their own names & addresses.
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12 August 2024 | 6 replies
But per lot it will cost roughly the following:$1,500 Electrical poles, meter installation $2,000 water taps and connections$5,000 grading and land prep$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)$5,000 down payment on each home ($700-750 / thereafter per unit)$21,500 total set up x 17 = $365,000Ongoing expenses after development would look something this for POH model: $12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit) $1,900 a month in land mortgage PITI (house) $3,000 a month landscaping$2,000 a month in reserve emergency fund$2,200 management$21,850 a month total expenses $262,200/yearOngoing incomes after development would look something this for POH model:$27,000/month ($1500 x 18 {17 mobile homes plus house})$324,000/year324k-262,2k = 61,800 net pre-tax profit or $5,150/month.Opportunities to reduce start up expenses: Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic) Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month).
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12 August 2024 | 13 replies
Granted I have my own guys to install.
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15 August 2024 | 86 replies
.$12K turn on large home, included new high quality carpet and full repaintHere lies the major deviation: Property type matters.....I have NO LARGE HOMES, I install NO CARPET.
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11 August 2024 | 7 replies
Personally not a fan of out of state BRRRR.I think it's a recipe for disaster and having been in the game for 10+ years, I've seen the disaster first hand as I bought hundreds of deals from disgruntled out of state investors who thought they can do it themselves.My property management company has doubled in 12 months also due to out of state investors getting caught with a poor property manager when trying to do it themselves from afar so they come to us for help 🤷♂️I'm seeing many investors buying D class crap on the MLS for too much and that needs work.They end up being into the property for 30% more than they would be that if they just bought turnkey.A true turnkey provider will find the cheapest/best deals through a variety of acquisition methods, renovate well and sell for fair market value (And manage in-house).If things go South, they are solely to blame and the penny drops with them.But with DIY, who is to blame?
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12 August 2024 | 2 replies
Anyone here with experience installing rainwater collection systems either below or above ground on new construction vs drilling for a well?
12 August 2024 | 9 replies
A brand new oven and as purchased and installed in March 2023.
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10 August 2024 | 7 replies
@Gash Nookala the only remote DIY landlords that succeed are the ones that already know what they are doing!