All Forum Posts by: Harrison Taylor

@James McGovern I'm not sure they had much of a vetting criteria. It seems very poorly managed for many years

@Colleen F. Yea I'm not so sure that these people really know what that is. Ive asked the realtors for the current tenant leases and the response I get is "let me check, most of them month to month I believe, from realtor." Or they say "I'm sure I could get the current tenants to sign a lease for August." Still have not seen a rental agreement from any of the units. But they say they have security deposits. It really just sounds like there are actually no current lease agreements with any of the tenants. 

So I'm under contract right now with two triplexes. They're both fully rented. My wife and I looked at the property last week to see inside all of the units as we are waiving an inspection. 

All the leases are "month to month" I was told but when I asked for lease agreements they told me they could have them sign one for the month of August if we would be more comfortable with that. To me it really just sounds like there are no leases.

This all makes me a little nervous because there are a couple tenants living in one of the apartments that have got to go immediately, their apartment is piled high with junk, they have a hole in the ceiling falling through the bedroom and they supposedly have 4 vehicles on the premesis (only allowed 2 per unit).

So would the landlord/ owner have the advantage in the situation given the lease situation or the tenant? We are new to managing rentals. This would be our first project.

Thank you for all the comments. That quote was from a local credit union. I will continue shopping around, thank you all!

I'm applying for a HELOC on my primary home. Theyre charging me $550 for the appraisal up front. Then if the loan is approved following a title search, $5,000 will be charged to open the account. Is this normal? This is my first time applying for a HELOC.

Thanks for the thoughts and comments. I'm actually located in southern Illinois but I would definitely be interested in any groups in my area.

Yes thanks for the suggestions. I will check out those videos. Thanks a lot.

Hello,

New to the community and also a new investor. I've landed with wanting to try a BRRRR strategy on a house in my local market. I live in the Midwest, Illinois to be exact.

The house would be bought and rehabbed with cash. The house is in good shape at face value but is old. It is a 1300sq/ft 3 bed 1 bath with plenty of room to add a second bathroom.

I guess my question here is how to estimate a decent rehab budget. My plans are to add a second bathroom (sellers have already started this project). Maybe update HVAC system, the house doesn't have central air. Update the kitchen and windows. I'm hoping to keep it around 30K. Is this attainable? Is it wishful thinking?

Ideal purchase price: 65K

Ideal rehab cost: 30K

Ideal ARV: 160K

Thanks in advance for any advice/ input. 

-Harrison