All Forum Posts by: Andy Eakes

@Emily C. Congrats on the new place and path in life! I hope you are super excited for the future. As far as increasing ARV goes, in most, maybe even any market bathroom and kitchen remodels seems to increase value tremendously. Also, if you can add any bathrooms or bedrooms to the property, you'll increase ARV and monthly cash flow because you'll get more rent.

Another thing I will mention is that if ARV is what you are after, focus your rehab on creating popular styles that a lot of people will love. This may unfortunately go against what you think looks good. Hopefully not, but a lot of people miss out on increased cash flow and a higher ARV because they made it perfect to the style they love, but other people do not. 

And finally things like upgrading the windows, doing very detailed decoration work, having a very lush, high-maintenance yard, etc., is not only going to most likely do nothing for your value overall, it's going to use up a lot of money in your budget unnecessarily. Focus on the things that will add the most value first, and then if there is room left in the budget, and the decisions are smart ones, you can spend on the more fun and frivolous stuff.

Good luck!   

@Bernice Monroe Understood. If you work everyday, take small actions everyday, figure out what needs to be figured out, then it is impossible to miss your mark and not go anywhere. The only way you will not go anywhere is when you stop completely. It just took me 5 months to get my latest property. I put like 25 offers down and lost 24 of them. It was grueling but I am glad I stuck with it. You got this!

@Bernice Monroe Unfortunately, I dont have a direct answer for you. It seems like you are asking us to make a decision for you. I am not here to do that. What I can offer is this. There really is no "wrong" way to go. Sure, some markets pose better for certain strategies than others, but usually rentals work out in most markets because no matter where you go, people choose to rent. 

So it is going to be up to you to figure out what does a good rental property look like in your area. Do some research, contact a good agent, run some calculations, and figure out how much you would have to spend in your current area to land a good rental property. And remember, you don't need a homerun right off the bat. Usually if you can cash flow just a little bit, you have a good one. Where I am in San Diego, breaking even is considered finding a great deal. The cash flow will come over time. 

Once you got that number in mind, decide if you can afford it and if you can't, decide what you are going to do. If you love where you live, I would wait and save. Own your first rental somewhere you love, understand the market, and will take pride in it's success. And if after all of that, you feel moving is the best option for you, then you should do that. 

Good luck!

Nice! Yeah I have noticed a huge trend with investors using them because it is so much easier. I invest in areas with older homes that make it hard to install traditional AC and heating. This is a wonderful alternative!

It is going to depend on how you set up your partnership with them. While I am not a CPA or attorney, I know that in a corporation, the profits need to be split evenly when it involves more than one person. I have found that an LLC provides me and my partner the freedom to split the profits according to the work provided.

@Brady Schroeder Have you considered a ductless mini split? They work so well for me in my properties and my tenants love them. Real easy to install on my own (I am not that handy with my properties) and is remote controlled. Plus they do heat too!

@Jeffery Gibbs Congrats on the property! Looks like a great investment, and to get it $20k over appraisal value is a huge bonus! Any plans to rehab or expand at all? Seems like it has a lot of updated features already. Hopefully it brings in money for you for a long time. 

@Ashley Fuentes Welcome Ashley! You shouldn't have any problem at all finding the content needed to become to an experienced real estate investor crushing it! I have found so much help and support on here. My portfolio wouldnt be what it is today without Bigger Pockets. Use it as much as you can. Good luck!

@Amit Desai No problem! With short term investing too, if you have a popular property, I would say that rates almost do not matter because you are making so much money! Thankfully we get great rates no matter what because of the circumstances surrounding rates right now. I live in San Diego and know a lot of investors making a killing with STR.

@Alex Uman Congrats Alex! Looks like a nice home that needed some work and has great returns. Looking forward to the after pictures! Keep it up!