All Forum Posts by: Derrek J Hooyman
Derrek J Hooyman has started 13 posts and replied 25 times.
Post: What low or free cost software management programs would you recommend? Rent Redi?
- Posts 25
- Votes 10
I'm debating between baseline, avail, Rent Redi, and Innago. My main concern is payment and automating that and communicaiton. Rent Redi is only $86 for an annual subscription. I own 4 doors not but I need to stay more organized. I'm debating whether I need to pay for a software now or just use a free program like Innago. Any advice?
I'm glad I joined it's been very helpful.
Post: Would you recommend adding a Bedroom to BRRR a property?
- Posts 25
- Votes 10
Quote from @Chris Barrett:
How could you add a bedroom in 1 week?
Yes it's 4k tho and have a roof needing redone and windows.
Post: Would you recommend adding a Bedroom to BRRR a property?
- Posts 25
- Votes 10
I currently have a 2 bedroom and the tenant moving in 8/1 does not need the 3rd bedroom. It currently is a sunroom/3 seasons room. Converting the sunroom into a bedroom would cost 4k-5k. My realtor suggested about 10k-20k extra in value. I'm trying to BRRR and add value to cash out refi in 3-6 months to buy another.
I bought it off market and it does not need a lot of work but trying to get the ARV value up. I will be adding a bedroom, possibly newer windows to the top unit, fix a pipe, and redoing the roof. Any recommendations?
Quote from @Chris Seveney:
@Derrek J Hooyma
Personally I would say BRRR is dead right now. You wil struggle to make the numbers work.
Curious to all those that joined this group how it’s working out for them and their network
Id say it's much harder but not dead
Post: Online Gurus - Tom Cruz (Section 8) and Nate Barger (BRRRR Invest)
- Posts 25
- Votes 10
Quote from @TJ Woolum:
Update... I pulled the trigger and joined Nate Barger's BRRRR Invest Academy. One week in and it is already leaps and bounds better than what I experienced in Tom Cruz's Section 8 Secrets. The support, training, and organization of this group is (so far) exactly what I have been looking for!
I have some concerns. Are you willing to jump on a call or answer some questions about it as well? I'm nervous
Post: What are factors to look at for properties/locations with the best appreciation?
- Posts 25
- Votes 10
I'm trying to focus on properties that appreciate. What factors are best to look at to determine if a property will appreciate the most? Any advice?
Quote from @Janel Kolbo:
Quote from @Jesse Gomez:
Did you end up joining the academy? I'm debating this as well but can't find any reviews of it outside of their own platforms. Sounds beneficial but for $5K, I want to hear a person's actual experience.
Hi Jesse, I like to diversify and get my knowledge from different sources and I am part of several paid memberships. I do the bootcamps here, I am a member of my local REIA and I can say with certainty that the BIA is 100% worth every penny! I love this site and have read about 15 books by the various rockstars here including everything David Greene has written. The principles in the Academy are aligned but what sets it apart is that with Nate it's a more granular level. The resources are abundant - spreadsheets, contracts, tangible items to help you succeed. There are also discounts to other programs and products and the community itself is hands down the best of all the groups I am in. There are no stupid questions and there are many successful partnerships that have been created within the BIA family. There are city groups all over the nation so you can meet up with your local BIA family members once a month. Nate is super approachable and very active in the community. He truly cares and it's clear by his actions he wants everyone to succeed! Feel free to reach out if you have any specific questions, I'm very open and will be fully transparent in my experiences across all the groups/platforms.
Have a few questions about the course
Post: Nate Barger BRRRR Investment Academy for Flipping & BRRRR's???
- Posts 25
- Votes 10
Quote from @Lena Truong:
Messaged you. I have some questions
Post: What are the best ways to get estimates on contractors before buying a property?
- Posts 25
- Votes 10
I just started using the BRRR method. I bought a side by side that needed a little work. I was not as familiar then with the idea of BRRing it. However, the bathrooms were outdated. Thus I will cash out refi after I renovate the bathrooms. I have a decent understanding of flooring and painting now. The bathroom will be roughly 5k if I do the work with my dad.
However, I'm struggling to determine the costs of rehab if I would have someone do it like drywalling and more extensive BRRRs. Any advice on how to get better at estimating my rehab costs? Also are there any ways to get a better understanding of how much it will appraise for? For arv, I can look at comps. Guess I could get some connections to contractors as well/. Any advice?