All Forum Posts by: Dale Crawford

We bought an older duplex as a buy & hold. The attic has space has a stairway & room for about a 12x12 bedroom. I would guess I could get an extra $100/month rent by converting it. My contractor originally told me about $2000 for the work. Now we need to add a new motel style heating & air unit because of the way the HVAC is so now we're looking at $5000. At what point is the cost of the conversion prohibitive? Has anyone used any other options for heat/cooling?

I had an opportunity presented to me recently that I don't know where to begin to evaluate. I was walking my recently purchased duplex with my contractor whom I've known for 13 years. I asked him if he knew of any deals on other houses. He proceeded to tell me he's building a house in a newer subdivision and because of a conflict the person building the house is backing out. He has $150k in the ground and would offer the house to me at he cost because he wants to finish it. Depending how we decide to finish it the cost would be between $380k & $425k. The appraisal on the house to be built was $525k, so possible $100k difference. He says he needs $150k now for what he's got in it then we can finish however we want. How would you proceed? What kind of cash would I need to get a loan to finish it? Is it worth the risk for a newer investor? Thanks for your input.

Jeff please keep me in the loop also. Thanks

I will look into it more. Thanks

We just had an offer accepted on an older duplex in need of repairs. I definitely want to have inspection(s) done. My agent suggested instead of having a whole house inspection done to just get individual contractors (plumbing, electric, heat & air) done. Her explanation was the whole house inspection would just tell me to contact individual contractors anyway. Does anyone have any thoughts on this? What types of individual contractors should I have do inspections? Thanks

Thanks for the replies. I'm looking in the Lincoln, Nebraska area but I haven't looked in to a turnkey provider. I'll have to check that out. I have seen a few that would need work but due to my inexperience I've been a little apprehensive. The ones I've seen have more work than I'd be comfortable with. I have looked at a couple of single family with two kitchens to convert but one was sold the day my offer went in and the other the numbers didn't work. I've only started asking my agent about foreclosures (I found on Zillow) but I'm hoping something might come of those. Maybe there's a better way of looking to those other than going through an agent?

I'm looking to purchase my first buy & hold property. I've been looking at Multifamily & using the MLS with an agent. I live about an hour from my target market so I have to make the most of my time. I looked at a couple dozen and made a couple of offers, which we weren't close to getting together. In my analysis I'm looking for $150/per door cash flow & 15% cash on cash return. Am I being unrealistic on my analysis, are there other things I should be looking for in my analysis or am I just being too impatient? Thanks

Dang, I'd love to make it but I'm already locked into another meeting at 7 that night. Please let me know of any future gatherings.

Just joined BP and would be interested if there is another get-together in Lincoln or in the area, even if it's just a few people.