All Forum Posts by: Jason Woodson

Really nice man!!  Looks like you did a great job putting your rehab money into the right places!  Did you do the work yourself or hire out?

@David K. There isn't really CapEx or maintenance to deal with right now, everything gets updated when I buy I'm something (sure those expenses will come up as the properties age). Haven't had a vacancy yet; staying out of the high density areas in town has made my units super easy to deal with at this point.

@Ray Johnson my thought on the trade off is basically economies of scale...i.e. I could do a 6 unit cash flowing 250 each, but one property to manage/acquire. 

Hey Christian,

I've been using Cozy.  It has some drawbacks (most notably the delay in tenant submitting payments to receiving them is 5 business days), but it's free, paperless, allows to view all payment history easily, and allows you to streamline the whole listing/application/background check process.

Hey BP Community,

I'm finishing up a rehab on a duplex and have another under contract.  So far things have been going well; these are my second and third properties, and my primary residence is also a duplex.  I believe I've discovered a profitable niche in my market (mid-range units outside of high density areas) and combined these units will average $500/door cash flow (this would also hold try if I rented out my unit in the owner occupied duplex).  I would love to hear others thoughts on whether I should focus on this highly profitable market for a bit longer, or look to scale into a higher number of units/property for lower returns.  The problem is that I live in a small college town in NH that has very limited inventory.

Thanks All!! :)

Jason

Hey BP Community!!

I just found a great little two-fam in my home town a block away from a rehab two family I'm doing. I'm not sure if I can get traditional bank financing (going for an "in-house" loan with local bank) because I'm about 6 weeks away from finishing the second unit on the rehab and doing the cashout refi. The exterior looks gross, but its a really nice yard, park across the street, and the interiors are actually gorgeous and turn-key. Here's the details and my experience, please let me know if any one is interested or has advice of places to go!!

Price: $120,000

CapEX: not required initially, 15k in siding

ARV: $145,000

Taxes: $2500

Insurance: $750

Unit 1: 2 bed/1 bath

Unit 2: 2 bed/1 bath

Total Rent: $2000

Past Deals:

1st Deal - 2015: Owner occupied two-fam. 50k sweat equity gain ($125,000 all in to $176,000). Unit rented @ $800/month, tenant pays utilities, no turnover

2nd Deal - 2017: Foreclosed two-fam. Approx 55k equity gain ($85,000 all in to $140,000). Unit 1 rented @ $750/month, Unit 2 anticipated @1250 month, tenants pay utilities

Requested Financing: $100,000 12 month interest-only @10%

Thanks everyone!! Looking into the vacant home policy, waiting to get some quotes back today

Hey BP Community,

I'm currently rehabbing a duplex and when I called my insurance company they told me I couldn't put a policy on it until it had working electric/plumbing/hvac/etc.  I'm sure there must be other options out there, but I'm not sure what's available, and if there are caveats such as having contractors doing all the work.

Thanks!! 

I want to homeschool my daughter.  I have a pretty good job, but every day I'm painfully aware of the the pace we have to operate at with our daily schedule.  Memorial day weekend we went to my grandparents lake house and spent about 5 hours just the two of us on their little beach playing with a couple toys and exploring the water.  She is without a doubt my WHY

Hey everyone!!

Really excited to have stumbled across BP.  The Podcasts have been amazing in accelerating how I think about real estate, and I'm really excited to meet some fellow investors here on the forums.  

I'm 32 yr old single dad with the coolest 3 yr old daughter in the world.  Currently live in a duplex I bought two years ago and will be closing on my second duplex in a few weeks.  My goal is to scale as quickly as feasible in order to homeschool the kiddo.  I enjoy the finding and making deals aspect of real estate, and my career has allowed me to get very good at setting up systems.  I'm not so great with the repair stuff, my skill set in this area is pretty limited; luckily my parents who are also in the area are very good at it.  

Looking forward to this crazy adventure!! :)

Hey Justin,

Just came across your post, I live in Keene and just bought my second multi-family.  Have you made it to the area?  Would love to meetup some time chat!