All Forum Posts by: Erica Larence-Penna

I will be in Tampa on 3/27 and 3/28. I am looking to start investing in the area and I would like to connect with a couple of agents and loan officers while I'm down there!

@Bradley Scruggs I think the biggest hurdle that I can't seem to get over is the trust element.  I have been leveraging connections and relationships I do have in FL to help me find the right people, but it is still tough not being down there. I have plans to move, so I think it will be easier once I am there.  I ended up purchasing in RI.  If you're in RI, I'd love to meet up at some point!

@Anthony Thompson I ended up purchasing my first multi in RI in October. I have been traveling a lot to FL and have been setting up connections there. I've been looking to BRRR or flip at least one more property in RI before getting started in FL, but we have plans to move to FL in the next year or so, which is why I'd like to focus there soon.

@John Collins thank you! Market rents in the area are about $1,200, so we expect to get $2,400, but cash flow around $700.

@Joe Timko I forgot about that! Thanks for pointing it out! Contractor came back today with an estimate of $40k-$45k, but I’m going to add a little on to that to be safe.

I am looking at purchasing a duplex in Cranston, RI. ARV is about $270,000 to $280,000 and the seller is willing to sell it at $150,000. I am struggling with calculating rehab costs, however. I did have a contractor come out and take a look, but he is going to need a week to give me a ballpark figure. It does need quite a bit of work - kitchens need to be redone, bathrooms need to be redone, hardwoods will need to be refinished and I plan to rip out the linoleum, tile, and carpet in any remaining rooms and replace it with LVP, I'd like to take the wood paneling down and then repaint the walls. The house settled and the porch is slanted and some of the floors are a bit uneven so that is also going to need to be fixed. One of the boilers is brand new. Roof is nearing the end of it's life, but probably still has a few more years left. It's not in bad shape. House is about 1,620 sq. ft. I currently have a four-unit that we are househacking, so once we actually get in it we plan to BRRRR over the next couple of years.. Here's what I'm thinking, but this would be my first complete BRRRR, so I could be way off. I also included photos.

Refinish hardwoods: $5000

Renovate bathrooms (shower insert, vanity, fixtures, flooring, toilet): $10,000

Renovate kitchens (cabinets, countertops, flooring, appliances): $20,000

Paint/cosmetics: $3000 (plan to paint most on my own, so this may be cheaper, but I'm going to budget for contractor doing it anyways)

Again, I'm new to this, so please be easy on me if I am completely off!

Thanks!

Property in Windermere, FL with seller financing.

Purchase price: $104,950

Down payment: $10,490

0% interest, 7 year balloon, 30 year amortization, $250 monthly payment

Property is currently vacant and recently renovated (I've been looking at BRRRR properties mainly, but this seemed like a good deal).

Has previously rented at $2,400/month.

If any Orlando area realtors can offer some help too that would be great! Deal just seems too good to be true and I’m a long distance investor.

@Will Fraser thank you!

After having four other offers rejected over the past three or so months, we are finally under contract on our first deal. It’s a four-unit in RI for $245,000; all units are currently rented out. My girlfriend is going to live in one of the units, and, granted no major issues arise, we’ll actually make money even with her living in it that first year. We plan to renovate her unit over the course of a year and we’ll renovate the other units if tenants decide to leave.

Is it possible to make money while house hacking?