All Forum Posts by: Brandon Clark

That's what I was thinking @Jaysen Medhurst. I want to be involved but I don't want to be the primary person working on big projects. I was thinking on the 1st couple of houses maybe paint or demo or something I can't destroy. 

Hey @Mike Wood, in your last paragraph, what did you mean by "you want to try and build in 20-25% equity, so you do not tie up all your capital in each project". Also, when you say "pay for everything"? Are you saying, Instead of paying a contractor for everything try to do some things on my own to save money? 

what's going on BP,

I was talking to one of my friends today (another new investor in New Orleans) and he believes that it's best to do a lot of the work during a rehab. On the other hand, I want to do as little as possible during the rehab. I'll work if I need to but I don't want another job so I'll pay a bit more to not have to work as hard. I know every person is different but do you guys have any preferences on the topic or is every house different. I know when I listen to the BP's podcasts, most of the successful investors seem to take my approach (or am I delusional?). I don't mind working hard on my 1st or 2nd rehab but I don't want it to be the norm. 

Thanks in advance! 

Whats up @Timmie Harris, 

I will be investing in the New Orleans area as well. BiggerPockets has great people with great info. Make sure you ask a lot of questions so you came become comfortable dealing with REI. Let me know if you need anything.

Good Luck 

Hey @Jerry Stanford, how did it go?

Those are all great points. I guess this Would make it easier to rent and save me some time now and later on with maintenance by keeping them. The other homes in the neighbor have basic white or black appliances. So maybe the stainless steel can give me a small advantage.

What up BP,

I'm really considering house hacking my current primary home. I would move out and rent my place out. I currently have brand new appliances in my kitchen. I'm wondering would it be better to leave them and expect to pull in quality tenants faster, replace them with lower end appliances or remove them all together? My home is in Slidell , La 15-20 mins from New Orleans. I want to attract good tenants but don't want to go over board. Thanks in advance 

-Brandon

Hey @Vanessa Peters, what area are you investing in? 

@Erin Plitsch Thanks for that insight. I haven't had a chance to look in that area yet. I want to find a part of the city that works for me. Everyone is telling me that it's so important to know your neighborhood, so I want to find an area where I can do multiple deals. There are a bunch of possible flips around pontchartrain park but I think that's what scares me. I think I will move a bit west to see if there is better pickings.

Hey BP,

I'm looking at a rehab analysis worksheet that was created by @J Scott. As I scroll down I see the "Holding Costs" section.

HOLDING COSTS:

Mortgage Payments ($900.00)

Property Taxes         ($600.00)

Insurance                 ($300.00)

Utilities                     ($600.00)

Lawn Care               ($150.00)

Total:                      -$2,550.00

As I know these are estimates but when and what are the best ways to prepare for the holding costs fees? 

I also see a few Selling Costs that i'm not sure when and how the payments would be made(Particularly Home warranty and Termite letter.

SELLING COSTS:

Selling Price                      $130,000.00

Commission To Agents    ($7,800.00)

**Buyer Home Warranty      ($500.00) 

**Buyer Termite Letter         ($50.00)

Buyer's Closing Costs      ($7,800.00)

Seller's Closing Costs      ($200.00)

Total:$113,650.00

I recognize that these are "selling costs" but do I initially request the loan amount to cover my potential  fees? I would rather not pay these out of pocket if possible. I hope this isn't a crazy question.

Thanks in advance

-Brandon