30 July 2018 | 11 replies
We have obtained estimates for complete upstairs remodel including paint, flooring, all new bathroom, windows, appliances, central air for $13,100.Numbers:85000 for duplex + ~1400 closing (after split 50/50 per agent recs), + 13,100 remodel = $99,500 total25500 (down payment at 30%) + 13100 = ~38600 required up front 395.85 (P&I at 7%) + 180.36 (CapEx after remodel) + 222 (tax, insurance, vacancy monthly) = 798.21/month expensesAnticipated rent: Unit A = ~450 (hoping for section 8 revaluation if become owners), Unit B (after remodel) ~600 = $1050/monthFinal Numbers: ~250/month cash flow, 8% cash on cash, 3% cap rateMy questions:1.
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6 July 2015 | 21 replies
I hope everything goes well for obtaining your agent license, be sure to study well for the exam as the law portion can definitely be tricky!
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8 July 2015 | 10 replies
We also used the opportunity provided by the extend of the demolition to do the following:Install a free-floating, insulated (R10) subfloor (a first for us) over the slab on the main level;move the laundry under the stairs to the second level - a better use of space than the deep sloped ceiling closet that was there;resize kitchen - we made the kitchen 42" longer, but this necessitated moving the electrical panel into an 18" upper cabinet;reconfigure the bathroom - with the laundry not moved out of the bathroom, we made the bathroom a little deeper (about 6"); moved the toilet slightly; shifted the tub about 18" and moved the vanity to the other side of the room;reduce the size of the living room window to an 18" transom window giving much more usable wall space;replace the broken windows with Energy Star certified windows tuned for their exposure;build an entertainment feature wall on the living room side of the stairwell.open-up both sides of the stair well (living room and hall by bathroom) - this allows for better air circulation - a necessity when we install the heat pump.Here are a few select shots of the process:Demolition begins:Repairing sections of wall:All electrical and data network runs were installed, then next came the insulation:We finished shifting our plumbing and patching the slab.Next we "leveled" the slab ... ok, we made it better ... and laid the subfloor:Note that we installed 4" high, plywood spacers around the perimeter to keep the floor ~1/2" away from the external walls.
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12 August 2015 | 11 replies
I am 20 years old, live in NYC, and am about to obtain my Real Estate License (hopefully within a month).
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18 August 2015 | 14 replies
It is educational and entertaining at the same time.
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20 March 2018 | 20 replies
I could see how it'd be a challenge to get folks down there.If you do the residential conversion, looks like you have a flat roof - could you put an entertaining space up there -- area with some lounge chairs, some planters, maybe a grille or something?
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11 November 2014 | 18 replies
If you want some tenant to obtain an equitable interest in your house, just let them do the maintenance and make repairs.
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3 December 2014 | 16 replies
I too could only think of driving around as the only method to obtain vacant properties.
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9 December 2014 | 3 replies
How are you going to administer contracting for repairs or improvements, building permits may require the owner of record, in title to obtain permits.
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18 December 2014 | 2 replies
Hello BP.Thanks in advance for taking time out of your day to consider my question.I am trying to position myself to obtain financing for another rental property next year.I currently have one rental property, of which I own 100% of the equity and is cash flowing well.My problem is that I am self-employed.