All Forum Posts by: Anan Smith

I would be interested in a meetup as well. @Trevor Camanse @Alan Davidson 

I would suggest self-leveling concrete as well because the chips are all over and not just a few. Another option is looking into overlay pavers which are thinner than standard brick pavers. 

Thank you for taking the time to respond @Ama S.  and @Pat L.

If I'm planning on putting in my scope of work the stipulation that if the work isn't finished within the agreed upon timeline, a certain amount will be deducted from the last draw, do I need the scope of work to be reviewed by a lawyer to make it legally binding?

Hi @Melvin List. Would you be able to share that information with me? I am looking to buy in the next two months using a HELOC and I am looking for the 89.99% LTV. It would be greatly appreciated. Thank you.

I'm coming off a year and a half of doing renovations to my house myself, with help (from bathroom to kitchen, air ducts to installing windows, tiling to plumbing and electrical). Moving forward, if I do any work myself it will have to be both "easy" and worth the investment of time. I recently paid landscapers to lay pavers. That was one of the simplest projects we've done on the house, but definitely not worth the headache (and back pain). I also replaced all the air ducts in my attic, and it was worth the saving, but crawling around in a hot attic with 3 feet of headroom is not something I would do again. Here's my list of things that I would do myself:

Air ducts (if I can stand or even crouch)

Patching drywall 

Basic electrical work (installing a light, switch, outlet)

Tiling

Hanging cabinets

Painting (though I hate taping)

Basic plumbing

Basic framing for a door or window

Installing a window

Installing a door

Basic landscaping (spreading mulch or gravel)

I hope this helps. 

Kitchen renovation. Thought I could save money using a huge slab of granite I found for $7/sqft at a Habitat for Humanity. Got a truck and went to pick up the slab at Habitat. Had to cut it there because it was too big to move. Went through the work of getting it to my house and realized it wouldn't fit my base cabinets, so I needed to hire someone to cut it to fit, which also meant polishing and smoothing the edges. It turned out to be $72 cheaper than if I had just went with a granite company for all of it. Lesson learned: some things are just not worth the potential saving.

I just got finished rehabbing a 2/1 single family and I did all the rehab work you mentioned, so I will speak from my experience. 

Paint - if you have time and can do it on your own, why not? It is definitely not rocket science. It is time consuming, especially painting (3) 2/1s. One option is to enlist the help of some friends/family and buy them lunch in return. If you have the money to hire someone and saving time is more important, then by all means do that.

Floors - If other rentals in the area have hardwood floors, I would pay to have them refinished. This is not something that is worth doing yourself if you have never done it. I had my floors refinished and the dust and fumes are tough to deal with, not to mention learning to operate the sander. If it is good hardwood, it will be durable and it looks great, so I would go with that over carpet. Get a few quotes on refinishing the hardwood vs putting down carpet. 

Cabinets - providing you have decent quality cabinets that can be painted, keep them and paint them. Paint goes a LONG way. New hardware goes a long way too. If you must replace the countertops, depending on the neighborhood again, I would look at new laminate countertops (Formica). If that is what is currently on there, it would be relatively easy to remove and install new, whether you do it yourself or hire someone.

Good luck!

I am currently reading Long Distance Real Estate Investing by David Greene and it is just what I needed. It offers concrete, step by step suggestions on what you need to do to invest out of state. This is not just a book that offers ideas. It is about action. 

Hi BP!

I am new to investing and currently educating myself while I prepare for my first deal. I am reading from the BP top 20 list of books, analyzing deals, and attending events. I plan on joining a local REIA (I've heard it's a good idea). I am currently finishing renovations on my primary residence so I can apply for a HELOC to facilitate my first deal. That's where I am.

I’m grateful for BP and everyone who contributes. I live in the Tampa Bay Area. If you have any “must do’s” for a beginner, please send them my way. If I can be of help to anyone, let me know. 

✌🏾