All Forum Posts by: Cory Lucas

@Darius Ogloza thanks for the response. I think either way I go will be fine, it’s just the temptation of offloading it while the market is hot for a good profit that has me perplexed at the moment

I’ll try and keep this short and if you have questions I don’t cover then I’ll elaborate, hope that works

I have 3/1 house I'm currently rehabbing, my 2nd buy and hold investment. The plan was to BRRRR and keep it, but with the market being relatively hot in my area I'm thinking on maybe flipping it? Primarily cause we had some financial setbacks to where we could use a good windfall to kind of reset the coffers so to speak. However I'm wondering if that will be a mistake as by the time I'm done pretty much everything will be done with the house, new HVAC (unplanned) and huge trees being trimmed to name a couple big items I planned to tackle down the road. Not to mention I haven't really explored how selling it and things like capital gains would affect my taxes or really done my homework yet on that if I do flip it

So, while I'm not trying to be vague, I just wonder what everyone's thought may be given the market being pretty good right now, so a good time to make a healthy profit versus hang onto it. Other piece that's attractive to me flipping it would be due to those unforeseen expenses I won't be making quite as much on the BRRRR. However of course holding it my capital expenses should be pretty minimal for awhile

Thank you for the time and responses in advance

@Fred Watson I’m still fairly fresh to the rental arena myself. So other seasoned investors might have a different opinion. A realtor that I worked with that has multiple rental properties himself said to me that he doesn’t do a whole lot to the outside, because that’s when your taxes seem to go up more! Keep the inside nice for the tenants, but only do what’s necessary on the outside was his philosophy

@Chris London I appreciate the insight, I think I’m at least going to explore the option of splitting the cost

@Caleb Heimsoth I agree with this, my only problem is they’re huge and run really close to the houses

@Theresa Harris good info, I did contact them, unfortunately it’s a pole to house line, so ultimately my responsibility

@Justin Schreibeis thanks for the reply and info

K, so hindsight is 20/20 and I’ve learned a ton on this deal, one being trust the gut and figure everything into the budget. This is my second property so be gentle, haha

That said my issue is I have 3 huge trees on a property that I recently purchased that I planned to BRRRR. Long story short one of the branches fell 2 days ago and damaged a neighboring properties roof on her garage. Just spoke with the owner, she's very nice I made friends the first day I saw her at the property so we've already got a good rapport, and she's already spoken to her insurance company about it. Problem of course is the tree is on my property and the adjuster said the tree needs to come down before they do work because if another branch comes down that goes over the roof it'll just be another claim. I totally understand that and see their point. My problem is I did not figure any of this into my budget and I'm already stretching things thin as I had to replace the entire HVAC system, which was not planned. Again hindsight is 20/20 and I know what I need to do going forward with regards to putting everything into proposed fixes.

My question to you all is, I want to do the right thing, but tree trimming was not in my plans and she wants at least two of the trees trimmed before there’s more damage to her property. Thoughts? Is it out of line to tell her no, suggest her going in on half, or just bite the bullet and figure out how to get them down without spending frivolous amounts of money? Thanks in advance for the time taken and replies

@Mitch Pomeroy I look forward to reading the rest of the comments, but just wanted to say thanks for the post. This is an area I’m looking and wanting to get into, so this is very helpful

@Anish Tolia yes!

I was very uneducated on the matter and should have done more to educate myself better. I appreciate you calling me out and asking, cause yes it is most certainly a more dire situation than I realized initially. I had treated patients with Coronavirus prior to all of this, which was the reasoning for me not being as concerned as I am now. This virus has apparently mutated, it is still a strand of corona, but has now become much more infectious and can obviously as we all know now can cause some serious respiratory problems especially in people with co-morbidities.

The big concern is how easily it’s spreading and then the burden it’s potentially going to place on our healthcare system if we get an influx of patients. So my apologies to anyone that my comments may have led astray or misinformed, I will look to do better in properly educating myself on a subject before commenting on it