All Forum Posts by: Barb Asay

@Gary L Wallman

I’m in Southeast Iowa.  Feel free to private message me if you’re looking for opportunities.  There are endless homes just as I described.  My husband and I have done 25 deals, mostly buy and holds, but we are looking for do more fix and flips.  

A deal is a deal if the numbers work.  If they don’t...it doesn’t matter if the house is $6k or $600k.  ( and yes, I bought a house for $6k!). But hard work makes things really tick 

Short answer: yes

But as others have mentioned: price is sort of irrelevant if it’s a bad deal.  

I live in an area now where house prices seem to be fairly stable.  Unless you are doing major renovations to a complete dump (which is what I do lol) you shouldn’t count on rapid appreciation.   And there are tons of properties under $100k   And they are nice!

I can pick up a 4 bed 2 bath house for under $40k, do a $20k renovation and ARV is around $100k. With a 60% loan to value I am able to finance the entire deal, have zero cash in and rent that beautiful home for $800+ per month. And than use left over equity to buy the next one!

I do that over and over and over...and all with houses under $100k.  And I don’t see it changing  

All depends on the area you want to invest in and what you’re looking to buy.  

Question for Cozy users.

I have a current tenant in House A and she is moving into House B. Is there away to update the address and rent info without doing it like a whole new tenant?  I’m trying to avoid her having to re-verify her checking account since it’s already set up and working. 

@Anthony Liguori

Do you mean a 4 bedroom goes for $230k? Or a 4 family as in a four plex? 

I’ve bought move in ready and total dumps.  My opinion is they can both be profitable and cash flow...but if you have the ability than sweat equity is where it’s at.  

I can buy a move-in ready 4 bedroom for $120k.  OR. I can buy a 4 bedroom needing rehab for under $20k.  I can do a $30k renovation (hiring out electric, plumbing and hvac, rest is diy) and have $50k-$70k in equity and now I own a fully rehabbed house that rents for $800-$1000 a month.  

And my favorite part is that my bank lets me take out 80% loan to value and so I actually pull out more cash that I ever had into the deal and buy another.   Wash rinse repeat!

But turn key is way cleaner.  Drywall dust blows.  

Props for getting after it.  “Quarantine” hasn’t changed stuff for us much as we have had horrendous luck hiring anything out and DIY as much as the building inspector will allow.  

Here’s our current project...total gut job inside and out.  Hired out electric, plumbing and hvac but everything else is us.  Our kiddos are getting an education on windows, siding, drywall, kitchen and bath installs...they complain a little but that usually stops pretty quick when their pay gets docked lol

@Steve Vaughan

I’m sorry, I’m not sure.  All I know for sure is Neutrals and grounds should always be separate.  And neutrals should only have one per lug.  Doubled tapping is not correct.  Depending on your panel it may be ok to double tap grounds.

I am trying to work through the details on this as well.  

Can anyone verify if a single member llc reporting on schedule E is eligible? I only see sole proprietor on the application.  

Thanks!

This.   Double tapping nuetral wires is a code violation or at the very least an improper install and potential hazard.   

Is anyone able to verify on which entity structures are eligible?  I see many people asking about this.  

Is a single member llc reporting on schedule E (disregarded entity) eligible?  It doesn’t seem to be an option on the application, just sole proprietor

I just started working through the application and I have so many questions.  I don’t usually need my hand held but this is so different for me.  

Is there a good resource to help work through the application?

For example: I am a single owner LLC who reports rental income on a schedule E. I don't see that as an option for business structure. Cost of good sold? I don't sell goods, is this where I would put operating costs? Lost rents? It doesn't ask for "projected lost rent" so would you put $0 if you haven't actually "lost" the money yet? Number of employees? Do I count? I'm guessing not because I don't get a paycheck...

I could use a hand in the right direction. I have 20 SFH's and 1 duplex. I have lost 2 tenants already (didn't want to work payments out, just moved out) and anticipate difficulties re-renting the homes. Also, laid off tenants and expect lost rents to happen in May, if not April.