All Forum Posts by: Carlton B.

It would be the least sexy thing on the list but plumbing is  a must. Old plumbing can be unhealthy, unattractive, and costly in the long run. If you are renovating take the time and update it. 

I think the answer is work on a tax strategy with a CPA who is familiar with REI.

Sounds like a good term deal. If what you say is true about the area the property will only appreciate. The rents will go up as well, and if there was a way to force appreciation that would be the icing on the cake. 

Do both use traditional financial for the rental. For the flip use hard money. Hard money cost more but you will still make some cash. The point im making is good deals are hard to find these days so I would be creative and find away to do both.

From what I understand she has no verifiable references. If there is no references i would not rent to the person. Best way to tell a person behavior is thru past behavior.

I agree with your property manager keep the hardwood. Get a couple estimates, 7k seems high. I have seen whole houses done in two days.

If you do it yourself you will learn a lot very quickly, but that only matters if this is something you will do going forward. Also you will start to build the same relationships as the GC which is also very valuable. So if this is something you will be doing going forward it will payoff, even if hurts in the beginning. 

I agree with everything @Andy Sabisch said there is nothing more valuable then your time. With that said ask for an itemized bill "trust but verify". 

@Larry Turowski eluded to the time needed to complete the rehab. If the job takes too long addtional cost and risk will start to appear. Even if a job has a high return and 70% is on the high end I will pass if the job will be longer then 4 or months.

Ask for highest and best offer and take what ever the no inspection offer ends up being. Inspectors always find something its there job. It boils down to negotiating price and what you are willing to fix. So with the inspection you will probably be close to 90k after fixing issues or giving allowances for outstanding issues.