All Forum Posts by: Chandler Durham

@Darius Ogloza- yeah, I may hold off on the wall removal until it is time for the flip. We purchased the home at a great price and it could go either way, but with rental cash flow at almost $500/month after all the necessary saving %, I can live with renting it at the moment. It's just tempting to flip it with demand being high, with not much quality supply in our area. At least with starting off renting, you get the best of both worlds. Also sell down the road as a flip.  

@Martin Lindsay - I'm currently running numbers on doing a BRRR. Just not sure, if we can wing it.

What are the thoughts on rehabbing a rental to stabilize it, then flipping it later? Should the work done in the early stages be completed to set up for the flip later? For example, a wall doesn't need to be knocked down now for a rental, but for a flip, it would. If we knocked it down later, we would have to worry about patching the flooring vs. going ahead and knocking it down now and going in with new flooring.

Same for the bathroom. We have a large closet inside the bathroom that would make a killer stand up shower, but for a rental this would be overkill. Should we just put in a shower-tub combo and install the stand up shower in this space later during the flip rehab? 

Any thoughts would be appreciated. Thanks! 

The contractor/sub contractor contract would need to specify that they are independent contractors and not employees, must carry the necessary insurance and show proof of active status, etc. 

I have not been able to find one that I could use for comparison to structure my own. 

Thanks for the help! 

There is no known easement, but the house has a driveway connecting from the road to the property. I guess they could have done this back in the 1970's when the house was on a larger tract, but then in 2007 when it was deeded over it was resurveyed without the little strip in front? The driveway is puzzling me more than anything. 

Hello All! I need some input on this situation. A bank owned property (house and 4.5 acres) is up for sale, but it is technically landlocked by a .12 acre strip of land. The property was previously part of a much larger tract. When the property was conveyed to the previous owner approximately 15 years ago, the 4.5 acre tract was surveyed out, but a small strip in between the property and public road was not included. No one knows why it was done that way or how the buyers got the loan. As far as I know there is no easement or right of way.

The landowners of the .12 acre strip want the bank owned property, but are running into issues. I am sure they would not sell this strip of land to another person interested in the property. I did find out the neighbor to the left is willing to consider selling some land to connect to the driveway, but he wants the buyer potential to research the setbacks and utility issues before making an offer. Electrical, cable, phone, etc are buried underground between the 2 properties.

The potential is high for this property, but is the situation too sticky? I have never been involved in a landlocked property. Do I need to approach the local City for any info that may help or does the resolution revolve around negotiations with private parties, such as the neighbor? Any help would be appreciated!

Investment Info:

Single-family residence other investment.

A 2 bed/2 bath single-family residence of approximately 1,100 sq. ft. came into my possession. It was being rented well below market value, with lawn care included in the rent. I raised the rent 16% WITHOUT lawn care. This increase created a monthly cash flow of approximately $600, a 36% increase.

Lessons learned? Challenges?

The biggest challenge was to remember that the home was not a permanent residence, but an incoming producing property. I battled with grand ideas to blow out walls, rework the kitchen, tile the bathrooms, etc. However, I had to push these ideas aside and focus on the numbers.