All Forum Posts by: Chris Svendsen

We purchased ours with traditional financing, we put 20% down and rest was financed by the bank.  There are lots of creative ways to get things done but that is what we did for the first one.  If you looking for a no money out of your pocket option then that is a whole different ball of wax and others on this site will be more helpful.  I think some additional information would be helpful for people to provide helpful answers.  Some questions I would have are what type of properties are you interested in? What are you hoping to get out of the investment-long term passive income or flip property for quick cash?  what funds do you have available?  What skills do you bring to the table for the investment?  

If you use my wife and I as an example we were looking for a single family to turn into a long term rental with at least $500 a month positive cash flow after expenses.  We had $30k cash for down payment, additional funds for renovations.  We wanted a property we could renovate ourselves to save money which is skills we have and also wanted a property we could greatly increase our properties value after renovations to cash out refi property.  After many months of looking we found our deal and are almost finished with the renovation-Finally.  

Hope this helped some. Good luck finding information you are looking for.

My buddy has a house in that area he rents too. I think your rent numbers are spot on. I would rent them out for a few years then if market recovered see about selling. My friend is still upside down on his property as bought at high point so he not selling any time soon. That area been slow to recover.

Darn it can't post pics from app

Been a while since post and we come a long way. Of course way slower than wanted but moving along. Had to re-plumb entire house, kitchen almost done, just got bedroom into drywall and ready for paint, electric all added that needed done and a host of other things. Hard stuff mostly done so should move along a little better now. Couple pics of what plumbing was and is now. More pics to come when get things cleaned up.

I am a huge proponent of the alarm.com platform In conjunction with a Qolsys control panel. This platform allows for complete remote management of security thermostat lighting and access control through door locks all without having to have a separate Wi-Fi connection at the property. Also unlike other platforms it is completely secure through a backend on Alarm.com servers which provides great functionality for you and a secure platform that someone cannot hack into and disrupt. Video surveillance can also be added to this platform if you have an existing high-speed Internet connection at the property. I will gladly answer any questions I can about this system or other systems you may be looking at as this is my primary means of business for the last 16 years.

Thanks guys.  Totally lost track of time and realized way to late I may be doing this on my own this year.  Used turbotx for years so may go that route this year.  Checking today with some people, none have openly laughed at me but did get the polite we will not be able to help at this time routine.  My fault. Luckily we have all receipts and stuff in one place.  May just bite bullet and do myself.

I had a realization tonight while driving home that oh crap, taxes are due less than a month away and I haven't found a CPA yet. I live in Front Royal VA but work in Northern VA and wanted to see if anyone has a CPA they work with who specializes in real estate and does taxes. We purchased our first investment property late last year and think this years taxes are going to be beyond my abilities to do properly. Someone around Winchester or anywhere in the Northern VA area would work fine with me. If you have any recommendations please I would be all ears.

With a full rehab that extensive I would estimate $50-80 a square ft unless you doing some work yourself.  May consider tearing out walls as may be cheaper and faster that route especially if all electric, plumbing and heating need done.  lots of cost depends on final finishes you use and how good contractors are, at least from what I have found in the past.

All this is ballpark without putting eyes on project.  This is what I would think as a minimum when I would walk through a house 

HVAC could be 5-10k

Electric 2-3k

Plumbing 2-3k

Kitchen 3-6k

Bath 1-3k

Interior painting 2-5k

Drywall ?  

It all adds up fast.  When I look at properties I usually estimate high to be safe. I would find a good GC who works with investors and have them walk properties with you give you an idea if you not good at estimating what needs to be done.  Good luck.  

I too have been trouble finding someone good myself. Seems to be a reoccurring thing in our area.  I chaulk it up to everyone goes toward the city where jobs are more plentiful and higher price points.  Any recommendations on someone I am all ears.

Buy a duplex