All Forum Posts by: AK Fowler

Since you are the new sheriff in town, I would just create an addendum to the lease that states there is no smoking in the unit. If they can't follow the policy then don't renew the lease. Put the $5-$10k into it as this is a long term investment. It will pay off down the road with new tenants that don't smoke. It's very hard to clean up a unit with smoke damage. It sticks to everything including windows and floors. Which are expensive to replace.

Antoine Martel thanks for the advice. I figured OPM would be the best way to go. Therefore allowing us to use our money for down payment for another multi family. That's our next goal when we finish this rehab. Would you recommend using OPM for down payments too?

The boat slip could be good investment and you would have to find only 1 person to rent to. Practically no maintenance and you can get your investment back in 10years. I guess that's not too bad. The boat has high insurance, cleaning, monthly maintenance, high acquisition cost and you still need the purchase the boat slip. Also, you have to have people renting the boat each weekend at $400 minimum per half day. It just seems like a lot of work and you would be hard pressed for a good ROI.

Sweet! When you refinance, when will you go for that? 3 mo's, 6 mo's after renting? I ask because this will be our first BRRRR and I wasn't sure when to apply for refi application.

Finding a contractor can be really tough. I've worked with a few and I feel like i have to babysit them or things aren't don't clean enough for my liking. 

I think Private investors are hard find but my gut feeling is that I'm speaking to them but never asking about finding another vehicle to put their money into. I believe I just need to start speaking about investing more openly. 

upload pics when your done your BRRRR. It would be great to see the success. I'll do the same. I'll probably document as much as I can throughout the process.

Nice work on this deal. I think all in all you did well on the ARV. But definitely understand the appraisal. I will have to keep that in mind when I'm looking at my first flip.

Thanks for sharing!

There are so many questions but I'll only ask a few. Also, work with a real estate agent or even call a wholesaler to find a good deal. You can find wholesales pretty easy, Craigslist, Signs, REI meetings, Facebook, etc.

1. Do you have any money saved?

2. How do you plan to fund the deal? FHA?, Conventional, Creative Finance?

3. Are you handy or know a handy person? 

These are just questions to consider. 

Amy and I bought a Duplex and will be BRRRR it too. We are using our own cash to finance this deal.

I would recommend you find another lender. Most banks/lenders rather use your personal info and not a LLC or Shell company.

Hi,

We have a SFR generating monthly cash flow which was our first property.

We bought a Duplex cash with our own money for $18K from one of our marketing efforts. It needs about $45k in repairs. The property is held within our LLC.    We are newbies in real estate investing and we are trying to decide if we should spend our own cash to rehab the property or use OPM such as a HELOC, private investor, crowd sourcing, etc. This is a buy and hold for us as we feel that we can collect $700 in rent per unit or $1,400 a month. Therefore, if we use our own money our ROI would be around 63 months, that's if we paid back $1000/month to ourselves. The taxes are $62/mo., trash and sewer are $80 combined, insurance is $65. We would have a property manager which would be 8%-10% of the rent. We feel that this would technically create an infinite ROI for this property.

Our other thought is to keep our cash in our pocket and use OPM and then purchase another Multiplex property with the $45k and then we would have our 3rd cash flow property.

Any thoughts or suggestions are greatly appreciated.

Thank you

Kevin and Amy

If you were given $20,000, & had no other money, how would you turn it into $100,000? & how long would it take you?

Account Closed what is your email?  I will gladly send it to you :)

Originally posted by @Account Closed:

@AK Fowler

Hi Amy - If you dont mind sharing, can you be so kind and send me a copy if your letter? I am interested in how you mimic the notebook paper. Thank you so much in-advance! :)