All Forum Posts by: Carlos Velasquez

@Steve Babiak That was something I really considered but because some of the wood was damaged, it was cheaper to put the laminate flooring. Perhaps because it is a rental I was good with it and I do not know if I should have had the same approach if I was going to flip it. I just started so I am still tight to my budget, but it will be nice to do a higher quality as my capital grows. The area also is a -B neighborhood or C+ and I don't think the hardwood floor would have matter.

I was watching the MLS for this particular property because it caught my eye the drop in price. It went from 149K, 139K, 89K. 84K to 79K I was ready to make the offer but someone beat me to it. I few months later it was back on the market and I told my real estate buddy to make an offer. He suggested 80K because he knew the people that was dealing with the property and they had a hard time taking the 80K offer made by the previous bidder. I found out that on the closing day the previous guy buying the house failed to put a financial statement and the bank pulled back. I told my buddy to offer 70K and to my surprise they came back with 76K so I took it. As I begun the renovation, I found that the main water line coming from the street had burst and it was on my side so I had to fix it. To make matters worse the gas pipe had also leaks and the gas meter was missing. I managed to get help from a great crew and they helped me dig the trench so the plumber could fix the pipe. They worked hard digging on a pouring rainy day. The pipe was exposed and the whole was found so the crew stopped digging. All plumbers had no time because of their busy schedule, nevertheless I was able to find a guy and he came to fix just where the hole was in order to save some money. Of course the water company came to turn the water on and the pipe burst everywhere except the area the plumber fixed. I had to call the crew again to continue digging and make a hole through the concrete basement. I begged the plumber to come back which he did and replaced the pipe completely. During this time I was also dealing with an HVAC guy who also worked with the utility company. Great guy, he helped me solved this issue pretty fast. I am 98% done with the project and I have posted the house for rent at $1,500 and so far I have good feedback showing the house every other day. I learned from my previous rehab that if you wait until everything is done you will have the property vacant for an extra month. So I wasted no time and I am about to lease the property. All utilities paid by the tenant including taking care of the trash, grass and snow in the winter. Here are some before during and after pics. The crime scene yellow tape is to prevent people from falling while awaiting for the town to send the inspector (Most nervous time in a while).

Thanks @Kevin Wiltz and @Javier Tejera no problem I am available October 26th so let me know if you have time 860-869-1614.

I am not familiar with all the gadgets and I am messing up. I think I just quoted @Christopher Gilly by accident, sorry buddy. But if you have any deals please let me know.

Thanks for the nice thoughts and I will follow each advise. Top 5 Wow, please let me know if you know anyone in my neck of the woods (Hartford county, Connecticut) that is selling a house or is a wholesaler with a contract as I am trying to purchase a SF house to flip. Once again thank you very much @Kyle Tokasey, @Mark Nolan, @Renea Steward

Hi my name is Carlos and I am a fairly new in the real estate investing business. However, through some hard learning hardships I was able to recover from a first horrific attempt and have managed to buy two rental properties successfully. I can honestly say that it is important to know that failure is not the opposite of success but it is part of becoming successful as you must learn from each failed attempt. The opposite of success is to do nothing and find excuses to make no attempt at all.

I believe you are making something wonderful which is taking the first step. I am new still but I have bought a couple of properties and I am expanding my rent portfolio. Things are getting better as I continue to learn. Other than checking the competition, I recommend to market the property everywhere i.e. facebook, craigslist, postlets etc... before the renovation is completed because going through the application process would take some time. Also, if you do a good marketing campaign you will get tons of people interested in your property which you can use to your benefit. You can "suggest" that the best price offer will be taking the apartment and this can start a bidding war among them. Someone from bp suggested this strategy and it worked! so now I am passing it forward. Marketing is key and trust me the apartment does not have to be luxurious but it needs to be painted, with new vanities, I prefer laminate flooring vs carpet. I also put hardwood in a small section like the living room, and may Or may not put tile in the kitchen. There are Lots of nice looking appliances in craigslist that people sells for a cheap price. This had worked for me and I have gotten tons of applications. Lastly do not forget to do a background check. Include asking for the last 2 pay stubs and tax returns to see How much They are actually making. Also check on the landlord before the last. This is because the last landlord may lie to get rid of the problematic tenant. Once again, good luck.

Just want to bring to your attention on not to over renovate. Keep it nice shiny and make sure it works. have you compare the market and see how other properties look? Remember that it is a rental unit and not a flip, and even in doing a flip it is important to know your market. Good luck!

It has been almost a year since I purchased my first property. I actually bought it for 65,123 and I only have a mortgage for 50k. I have been renting the property for 1,500 and cash flow is 900 per month. The property is a single family 4 bedroom 2 bath, huge attic and not finish basement with over 1,600 sqft. I have learned a lot from this first experience and have used it to purchase my second. It is undergoing renovations and have multiple people interested in moving. If anyone wants to reach out for guidance please write me here. This is a great experience and I am nervous but at the same time thrilled of how things are actually coming together.