All Forum Posts by: Fredie Robinson

I used carpet mart on Shelbyville rd on my last flip. I think it was around $1.30 per sq ft. That included everything and install. 

What area(s)/addresses?

It looks really nice but I agree that it’s a little over priced. After paying all the utilities, it would be hard to hit the 1% rule. Good luck on the sale!

Just an update on my end. So the house failed for minor stuff the first inspection. So I fixed a few gfci outlets and a new sprayer for the sink. I called the applicant and told them to have a re-inspection done since the landlord can’t request that on the S8 program. Side note: While I was waiting on the first inspection to take place, I went ahead and installed central a/c since that is one thing the applicant requested. Now back to yesterday, I get a letter from the S8 office and it said the applicant no longer wants to proceed. So after waiting almost a month for this process to take place and I’m putting in nice amenities like central air, I’m left with a vacant property and am starting back at square one. I’m not to happy with the S8 program at this point. 

@Scott A Smith The property I am talking about is actually in Portland. It is a complete war zone in my opinion and wouldn't advise anyone investing there yet unless your game plan is to hold it at least 10 years and see what happens. 60-70% of the properties are either boarded up or in really bad shape. I've had to call the cops numerous times to get the bums out of the shed on the property and good luck on getting decent renters down there. I wish I would of stuck to my own rule of staying east of 7th street but the numbers looked too good to pass up. Just to give you an idea of the numbers, I bought a 2/2 camelback in pretty good shape (new roof/windows/electric) for 21k. S8 has approved $723 in rent. I had to fix a few things, put in central air, and termite treatment. So I have roughly 3k in repairs so far. I would love to see more investors come to Portland and maybe turn it around but with all the projects getting demolished, those tenants are needing places to stay and a lot of them are headed towards Portland. Good luck if you do take the leap.

@Adam Shelley yes I did make the plunge and while it’s a money maker, it’s in a bad area and I wouldn’t make that type of purchase again. Also the section 8 inspections are kind of ridiculous. They make you fix petty stuff that you wouldn’t normally have to do with a normal renter. 

It can be an ok area. There’s a wide range of people that live in that area. I would need a street to narrow it down and give you a better answer.

I use Steve King. He has been great so far. This is the first tax year I have used him.

Don't forget to get insurance on the property asap. And like everyone else has said, get a title search done. I think you have 10 days from the date of purchase to have that done. Good luck!