All Forum Posts by: Dennis Wasilewski

Meabt to add this is out by the airport as opposed to downtown. 

Planning for a project that I just got under agreement... a BRRRR deal. I'm looking for a folks that are reasonably priced & competent.

Roof is a fairly straightforward job - pitched 3rd story and small porch. 

Contractor for some general finishing work, flooring & possibly some tiling.  Basically someone I can offload parts of this project to in lieu of DIYing. 

Appreciate any recommendations. 

Thanks!

Absolutely you can do what you outlined. The reason to seek out BRRRR deals is to preserve capital for the next project so you aren’t waiting years to scale. I had a similar mindset as you and in trying to think through achieving the scale I wanted I realized the cash for DPs was incredible.

I would be upfront & say exactly this. If your landlord has plans to move onto bigger properties, change areas, retire, etc this might be an attractive route to go for them.

I would guess the money moved to the end/user distribution & boutique products - oils, edibles, pain reducing compounds, etc. Growing the plant has become commoditized, it would seem.

Closing on a 6-unit next month. Yes on home inspector, just make sure they do commercial and what they will charge you. Mine was $1200 but took 2 hours per unit, so very thorough. For the appraisal that is very different so be prepared for $1500-$5000 for that.

The articles I’ve read stipulated greater than 25% DP for these non-primes. Don’t know how accurate that is but it made me less concerned.

Do you have a 401k or something to show banker you have funds? If not, a lot of lenders are going to require that $150k to sit & season in your account for a few months. So plan on that. What is your plan with this property? Cash flow, appreciation play or ?? From a cashflow perspective this looks like a dog unless those Airbnb units bring in a couple thousand on a regular basis.

When I finished off my basement I used Roxul Safe & Sound bats between joists and resilient channels for drywall. It seems to have made a big difference.

I wouldn’t want someone running an extra oven wired up by a bottom dollar electrician (if lucky) to facilitate a business operation out of my rental.