All Forum Posts by: Eddie Quirk

Sorry I didn’t give more info. This is still my first flip and I’m nervous about it and excited at the same time. I look at my nervousness as a good thing because I am a generally disciplined person and feel like if I’m not as comfortable I will be less likely to make mistakes but that’s just me. The house is 1280 sqft. 2 Bed 2 Bath. Was told the roof is 24 years old. I did a permit search and did not find anything but it is definitely old. Roofs get about 15 years or so around here. I want to do a more thorough look at the decking and such when we do inspections next week to see if we need a whole roof or just shingles. I plan on buying my own shingles and having a roofer install to save on some money. It’s masonry built with Stucco except the tables are wood. The fascias are all rotted out pretty bad but haven’t looked close at the gables yet, may just redo those as stucco or vinyl siding, not sure yet. I will probably hire out for that work as I have minimal exp with siding and none with stucco but can learn. The AC handler was replaced last year and the condensing unit motor as well. My biggest concern here is the trunk duct in the attic being rotted out but will asses during inspection time. Here we have heat pumps so I will check it out and such next week. I will do all the bathroom plumbing new fixtures and cabinet/door handles myself. Thinking about laminate flooring, I will pull old carpet up myself, tile in kitchen and bathrooms still good. I also do not have any exp laying flooring but a friend of mine that flips houses has a good floor guy he uses so I will get some quotes. House needs painting inside and out. Not sure if I will do that or not yet, I will get quotes some reputable painters I know and assess it. The house is owner occupied which is a plus. So I didn’t get to inspect everything, but during inspection period will go over it with a fine toothed comb. We are rough estimated $20,000 in repairs but will redo that figure after next weeks inspection. Like I said this is my first one so I’m sure I’m leaving something out or forgetting something but will do the best I can. More soon, thanks

To add, we have bought and sold houses for years and my wife as a realtor has many trusted contacts for roofing, electrical, etc. I used to be a home inspector so during our inspection period which starts today I will check everything out and go from there. Will get a full home inspection, termite etc. I will do a lot of stuff myself, painting, cleaning, tearing out old carpet, etc. just won’t be able to do roof, etc. I was hoping for some positive quotes but meh guess not. Unless something comes back super bad on inspections I think we have a lot of wiggle room. Around this area painting the house is about $1000, roof maybe $5000 etc. I will also replace faucets and such myself and some of the plumbing. It’s owner occupied, it’s not like it’s some bank owned sitting around for a decade or anything. Any good comments is much appreciated. Will see what happens but have to start somewhere. Why not here?

Well, have been looking for rental properties but now came across a home for $85,000 cash and market analysis shows should get around 155-165K so may be a good profit. Roof needs replaced, wood rot on Fascia-, needs new flooring in some rooms and lots of cosmetic items. AC is newer. Not sure what I’m doing but going for it, wish me luck!

Hi,

I read the Ultimate Beginner's Guide and am wondering which I should read next?  I'm going for the But and Hold strategy and want to rent houses, etc.  I am looking at the other books here:

1. The Book on Tax Strategies for the Saavy Real Estate Investor

2. The Book on Managing Rental Properties

3. The Book on Rental Property Investing

4. The Book on Investing in Real Estate with No Money Down

I'm thinking the managing one would be last but which order should I do these in?  Thanks for the help.

Hi,

My name is Eddie and I am excited to be here.  Currently working my day job and ready to get busy in some rental properties.  I have rented 2 homes in the past in another state and have sold them.  I used to be a residential home inspector and my wife is a successful realtor.  We are looking to learn more about incorporating and taxes this time and do this right from the beginning!!  I look forward to learning more on this site.  I have already read the intro EBook and ready for more.  Thanks.