All Forum Posts by: Brad Sparks

Did you get financing based on it being a vacation/rental or as a primary home? 

@Chris Acker It's in the Beaumont area.

I'm a newbie investor and I watched @Brandon Turner video on his Rosie fourplex months ago (Can't find the video.Please post a link if you can). He talked about making a video of the walk through and then writing down a rehab estimate. I could not find a rehab worksheet that was simple for me so I made one. It's not comprehensive but it help me get a general idea of what a rehab will cost. Hope you can get some use out of it also.

Rehab worksheet

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $27,000

Rehab then hold or flip

What made you interested in investing in this type of deal?

Low price and rehab

How did you find this deal and how did you negotiate it?

Found it on the MLS. Asking price was $29k and seller rejected three cash offers for $25k. I split the difference at $27k

How did you finance this deal?

No. Cash

How did you add value to the deal?

Plan on a full rehab to the studs.

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

@Scott Mac I don't know. I don't want to get into his personal life but a full remodel is different than some odd jobs. How should I broach the subject?

I've had a licensed contractor doing handyman jobs on a property. I want to use him for a full gut reno but I have some concerns:

-he doesn't have a bank account and can't get one

-if I pay him by check, he can't cash it

-he writes contracts on a lined notebook (he has nothing with his company info on it)

He professional and do good work but he's not business savvy. How have you handled this situation (besides getting another contractor)?

@Danielle Wolter Welcome. You've picked the best place to learn and network. Why did you pick those markets? 

Thanks for all the advise. The tenant called me yesterday hinting that she wants the carpet pulled up and the hardwood floor underneath refinished. I feel I've been too  accommodating. Seeing potential problems for myself and a lease will go along way. 

 @Mitch Messer That is great advice. Thank you.

How do you handle rental inspections?  I'm starting to get weekly call about this and that so I want to see for myself what's going on there. 

 How much notice should I give?

Can I take pictures of the house? 

I'm having her sign a new lease since the previous owner's lease is two years old. How should I handle that?

This is my first rental and I want to be as professional as possible.