All Forum Posts by: Bruce C.

I had similar questions as Damiel. My limited research led me to the conclusion that containers weren’t any less expensive 

You are flipping, and after you pay 18k to the agents you are looking at 20k profit if you don’t hit any snags (60k estimate include contingency?)?  Does that also include holding costs?

Floors, drywall, and paint are easy enough. If you’re going to make the numbers work, you’re going to need to take that on yourself.  If the roof is relatively flat, that is also more simple and something you may be able to handle.  If the kitchen needs to look really nice, you probably want to contract that unless you’ve got the experience. I’d question why you think the ac needs to be replaced. And I wouldn’t touch the property unless you know exactly what you want to do with the pool and have at least 2 quotes to do it. That could get costly. 

There are lenders here who will give you 75% of that 120k coming in at 90k. You’re going to have to leave some money in the deal obviously. Check out prodigy mortgage. Thad at prodigymbo dot com

Got a ~95k ReFi from them on our second home. 

Home run. Way to go. 

You going to use the heloc to be the down payment on another 2-4 unit house hack?

 Yeah, definitely not thinking about turning it in to an vacation rental. I need to get in and look at the house to see how much needs to be done.  It’s currently rented at JUST $300 per unit. Crazy low. Even if non of them can be made in to 2 bdrms (seller isn’t providing a lot of info) you should be able to get at least 500 and probably closer to 650. 

My thought is roll one tenant out at a time.  You’re not going to add quartz countertops and whatnot, but you can make them nice, presentable, functional units, and if I’m doing most of the labor I can keep the costs reasonable. Even at only $300/unit/month, the other 7 units would mostly pay the mortgage.

And yeah, you only so much room to go in Galveston. You’d think N of Broadway would turn around at some point. 

That’s just what’s rolling through my head. Trying to work with that seller and see if we can make something happen.  Feel like I just need something to work on 

I set my minimum stay to 4 days when we are 3+ months out. Between 1-3 months I drop it to 3 days. At a month down to 2 days. So far we’ve stayed about 95% full during the summers. Cleaning fee is included in price a s the same no matter if someone stays 2 days or 20.

@Timothy Church

Have you seen the listing for 3727 Winnie st down there?  It is clearly a lot of work, but it looks like it could work out. You have any thoughts on it?

Prodigy mortgage has been good for me. Talk to Phil

pdubord *at* prodigymb *dot* com

I find HAR to be a million times better than Zillow looking in the Houston area. Maybe it is my personal preference, but I just feel like the app is put together better. 

How much more are you going to cash flow after the kitchen redo? Unless you need a high end new fridge to compete for tenants in your market, there is nothing wrong with a functional used one. With $400 cash flow on a long term sfr, assuming you’ve correctly factored in all costs including setting aside capex, I don’t think most here would change a thing. Put your kitchen remodel savings towards your next rental