All Forum Posts by: Brett Tvenge

Hello BP! My name is Varun and I am based out of Altoona, PA. My goal is to own 6 rental properties over the next 5 years while learning what it takes to flip homes. I'd like to be able to do that and use the profits to pay off the rental properties that I will own.

Look forward to participating in the forums and learning from you all.

Varun

@Brett Tvenge

Thanks! I might just end up putting new floor over the tile and reglazing tub , new toilet, and vanity in the pink bathroom. Sounds like ripping up 50s tile is a pain and can be costly.

Hello! I'm getting ready to close on my first property (owner-occupied duplex) and it doesn't need too much remodeling, except the bathrooms. Both bathroom are dated from the 50s, blue/pink tile throughout and looks like some dry rot next to the showerhead Tile looks like its bubbling. Im wondering what would be the best and most inexpensive way to remodel the bathrooms. Im thinking I have to rip up all the old tile and replace the drywall around the shower and install new water-resistant drywall. Now should I install a surround or go with durable/cheap tile? Not looking for anything fancy. What's the most durable for a rental?  Hoping I can stay under $5,000 for two bathrooms is that realistic? I also need to get new flooring. As far as the tub I'm just going to reglaze it. Would appreciate any advice! Thanks. Ive included photos of the two bathrooms for reference. 

I am fairly new to real estate investing. As I would expect from most newbies I am very excited about the potential and already have a couple deals under my belt. I am focusing on turnkey buy and hold properties at the moment.

My issue is that my wife couldn’t be less interested. She is supportive, and let’s me do what I want, but has absolutely no interest in learning anything about it. I would like her to have at least a basic understanding of what I am up to, but she literally glazes over when I try to talk to her about it.

I recently read Rich Dad Poor Dad, and really liked the way the information was presented. The author used a lot of stories that were easy to follow, not just number crunching like some books. I asked her to read the first chapter and explained why, but she has flat out refused.

Anyone else have a similar experience, or have any suggestions on how to include her?

Thank you @Aaron Sussman I thought about that but then I thought there are some loan restrictions on how long you can obtain another loan. 

Example if I do a cash out now and use the cash for a property down payment. Can I obtain another loan on the new property when I just completed a refi ? 

@Brett Tvenge

Got some response for the cash out refinance rate 

3.5%- 1.5% origination fee

3.375% 2% origination fee

3.25% 2.5% origination fee

Other fees 

$750 processing

$500 appraisal fee

$38 credit fee

Title is about $1000

FirstBank is a portfolio lender and does LOCs on investment properties in AZ.  I've used them twice

Typically only smaller banks will do this, whether they'll do it for an out of state property probably depends on if they have a banking presence in that other location or not.

@Brett Tvenge Single units are just as competitive though right? If not more competitive you have more end buyers.