All Forum Posts by: Chris Vail

@Jay Luke I know there are quite a few folks on here that are in the Sac area, I am sure if you posted some information about what you had available you would get lots of folks poping up.

@Shakara Pittman 

 Thanks for the heads up on the miss spelling, I have updated the post.

Any pointers on the listing would be appreciated:

Craigslist post

Welcome to the site

@Tim C. 

Well I am just about at the end of the rehab stage and will be putting up an ad to get this place rented by March 1st.  Here are some final pictures:

Front of the house:

Kitchen:

Shot from dinning room to family room:

Family room / living room and front door:

Front bedroom:

Original full bath updated:

Second bedroom:

Third Bedroom (Master bedroom)

New Master bath (originally a Jack and Jill bathroom between second bedroom and now master)

I will post final numbers in another post later in the week, rough numbers though are as follows:

Purchase price 125k (down payment and closing costs ~30k), rehab and carrying costs to date 37k, Will be getting 1350-1400 for rent, Tenant will pay all utilities.  Around June / July I plan on refinancing and the property should appraise conservatively at 190,000.  Which will allow me to pull ~45k - 50k out of the property which will leave me with ~ 15k - 20k of my money still in the property but will allow me to go and look for my next project.  I had an investor friend of mine come by and take a look at the property today and he said I just think about selling it due to the job I did on the rehab, so maybe I will think about that.  Curious what the other Sacramento area investors think? 

@Pat McGrath Yup up until 3 something and than back up at 7:30 this morning when my son woke up.  Today I am planing on a lot of cleaning, installing the vertical blinds for the back yard slider, painting the inside of the hall storage cabinets, putting the mirrors up in the new master bath, installing a storm door for the front of the house, and then some landscaping in the front yard if there is time.  If I accomplish all of that I will also take some better pictures

Some updated pictures, hopefully I will be able to get the majority of the cleaning done tomorrow and get some better photos on here.

Here is the new kitchen

The old kitchen

New living/family room

Old

Hopefully I will have the more professional looking photos in the next day or so, and will post them of all the rooms.

Sorry about the gap in posting :( @Pat McGrath I have taken over watching our new son and my focus has shifted slightly to getting our routine down :).  

Let see... My contractor has continued to blow timelines he has given me so Last week I filed a formal complaint with the California State Licensing Board (CSLB).  From what I can tell this will not be a quick process :(. However I thought it was necessary to go through these steps to hopefully insure this contractor does not do this to someone else in the future.  I will be driving by the property later today and will snap some pictures to post on here.  I will also be out at the house tomorrow afternoon to hopefully be putting on some final touches and doing cleaning so I can take pictures to post the unit to get a renter in (which I will not rush through).  On the next one I will be doing a lot more due diligence on the contractor I chose, as I have discovered that just because they have a license and are bonded does not mean they are qualified to do the work correctly or will do a quality job.    

@David Oldenburg I will see if I can make it out to Roseville but cant make any promises at this point as I am on Baby duty for February :).

I just read the link, when do you need to know if folks will be attending by?  Also if you can elaborate on what the core group is all about?  I am in the midst of finishing my first investment purchase, fix up, and rent.  I am not 100% sure what the meeting is all about so just looking for more information.

@Taylor Comer 

that is the million dollar question :). If you can find a true wholesale deal that might be an option, or Driving for dollars, or direct mail campaign, or bandit signs, or, or ,or the list goes on and on. You ultimately will need to go after what will work best for you. For me it was lots of offers on MLS properties that got laughed at by the folks I was making the offers to until 1 that finally stuck. I think in the summer time though I might look into other avenues of deal flow as MLS right now for investors is like looking for a needle in haystack type investing for our area. It can be done but it might take you awhile.