All Forum Posts by: Brett Sayers

@Tony Hightower awwwww :(

thanks for the correction.

@Annette Hardge I am loving Clarksville. The cost of a house vs rent is way better than Davidson county. Nashville is pretty pricy and it’s hard to compete. Plus with Ft Campbell.... the tenant pool is pretty good.

@Rob Bergeron this is great!! I also read in the paper a couple months back that Montgomery county is trying to build an event center downtown Clarksville as well.

@Renee Yarbrough

If you want to talk about it a bit, I’m available. I have a couple rentals in Clarksville. Maybe we could brainstorm some things.

Has anyone ever bought a house with fire damage??

I see a potential investment that I’m contemplating making an offer on but the place has a fire and has been sitting for 3 years. It’s a brick ranch built in the 60’s. I plan on clearing the clothes, furniture, and other junk then gutting it out to rebuild from the shell. Floor to rafters with the exception of some framing not damaged by the fire.

Give me your horror stories, advice, and in the words of Steven Crowder “change my mind”!

I’ve got some time so do your worst BiggerPockets.

Here we are about a month later.  The renovations are going well. . . I don't know if I should've expected to run into more problems as we went through, but I sort of knew things would come up. 

I advertised the house on Zillow and all the affiliate sites, Facebook, and Cozy.  The cozy software is impressing me more and more every day.  The user friendly platform took the applications from the tenants, I can set up rent and everything through the site, and the software organized all the information about the property keeping it all in one place.

We have a tenant already lined up for June first. This makes it less than 2 months from making an offer to having a tenant in place for more than I initially budgeted for rent. 

I've created a Facebook page ( Tide Roller Properties @tiderollerproperties) to document progress.  Check out the pictures of the deck roof!!! It was gross.  I am hoping to have total numbers ready to review next month for the BP community to scrutinize.

I'm getting excited and want to do another deal!  I put rental signs and a "Buying Houses" sign in the front yard of the corner lot off a main road.  I think the ad space for the property was worth it in and of itself.  I've already got one callback from someone in the neighborhood looking to sell their house. 

The HELOC application is in and with any luck, I will be able to access my funds again to get into another deal within the next 30 days. . . More to come

Cracked Rafter (Above) and Water Damage (Below)

Nathan G. Thanks for the advice.  I did modify a spreadsheet that I had made up previously.  Then I check BP and you gave me the advice that could have saved an entire morning.  I am signed up with cozy and didn't even think about their maintenance log.  I'll be using that primarily for the rent and contacting the maintenance man anyways.  

Thanks again.  

I am looking for a maintenance and repair record or logbook spreadsheet to keep up with my property.  I found that when I sold my other two houses last year, it was very difficult to remember off the top of my head what was done and when.  It seems that the more organized you are the better it is in the end (go figure).

I was thinking about creating one on excel to model it off of my rental income worksheet, but thought to reach out on BP and see what others are doing to track CAPEX and repairs. Templates would be helpful, and if I end up making one I would be happy to share.

Update...... The inspector went out and I spent at least an hour crawling under the house in cat pee and dead animals.  Totally worth it!  I got the inspection done, and he was very doomy gloomy about damages and issues he found.  The contractor is very "no big deal. We do this all the time".  I feel that the reality of it lies somewhere in the middle of the two.

We found:

One Rafter in the attic that was split about 18" from centerline down the roof

One water damage repair previously made by an owner to the floor joists in the crawlspace under a sloping wall.

One water damaged floor joist that is literally crumbling in my hand. 

An overlay of shingles on the roof that I believe to be 10 years old (property was sold 2x in 2009 $53K then $110K) I am assuming all renovations happened then.

There were other things that seem minor but these "structural issues" concerned the inspector.  I'm walking though the house with the contractor again on Monday to look at the findings so I can get a realistic bid. Due diligence period ends next week and we are set to close on the 7th.   Exciting and making me nervous all at the same time. 

I'm going to send some shout outs to my bank whenever the financing works out after the cash purchase. Essentially I can get a 70% LTV HELOC on a 30 year term with no closing costs and a 10 year draw period. As I said, details to come later. I will try and post pictures as well.