All Forum Posts by: Tyler Weaver

Been a while since my last post.  Things are moving along inside.  

Getting the kitchen ready.  Pretty much just needs appliances and the trim painted at this point.  Skimcoating that textured wall was way more work than I expected.  

The electrical in this house was silly.  Plates with switches embedded in the plaster with no boxes was the norm.  Got that all fixed up. 

I also got a "work" van.  This thing holds way more tools and materials than my sedan!  Also I don't have to worry about roughing up the leather or headliner etc. This project had a lot of days where the next logical step involved a tool I didn't have on site so I worked on something else instead.  This should help tremendously with that.  I can't fit *all* the tools in there but can get at least close enough.  

Welcome to BP. I am also investing in the Cinci area. There is a decent amount of activity and discussion on bp from this region. Are you looking for SFR's, Multi family, rehabs, buy and hold, or flips?

I know an investor that has experience with sfr's in price hill I could connect you with.  He is not on BP afaik.  What strategy are you looking into there?

Got a new roof this weekend!  Went without a hitch.  

madisonville definitely has more variance. Some parts are reasonable some parts are less good. The closer to marimont square the better generally speaking. I would definitely find someone who knows that area really well before investing there. That being said, because of the variance in the market you are much more likely to find a pricing discrepancy. 

I am with max on pleasant ridge. It is moving in a positive direction.  

Kitty's sports bar if you are looking for a mom n pop sports bar/dive type place.

To further Jared's suggestion of north of i74; north of the norwood lateral, or east of 71 is probably where I would search. The areas south of there have so much block by block differences and a much higher chance of shenanigans in my opinion.  

Private money is probably the next step.  I am working on building a track record with the first couple properties then it is go time.

Those budget numbers included labor.  I might have done 2-3k worth of work that is not budgeted for.  Having a GC handle everything vs subbing out various tasks might have been another 2-3k.  I have a GC handling a decent number of things. Another reason for doing it this way is to dive in deeper and have a better understanding of what is going on in these houses. 

Probably doing property management on these myself.  This place is basically in my back yard.  That way if I am driving there repeatedly, forgot something at home, etc I am not burning myself out on commutes.  There is also a management fee in my spreadsheet.  I don't really have capex included, though I think $95/month for just maintenance is a bit high.

@Sean Cole

Purchase price 39k

Rehab budget 20k

ARV 80k-95k <-- I still need to work on my skills here

Closing costs estimate on loan and original property closing 2500

I did my numbers with a rent rate of $950/month I hope the rent is higher though.

This spreadsheet was intended for buy and hold with minimal repairs.  It does not adequately factor in the cost of capital during rehab.  It also does not factor in forced appreciation. 

Rehab I have a detailed spreadsheet but here is a high level, somewhat inaccurate view of where the 20k rehab is going. 

6k roof/exterior

3k kitchen

3k basement to bedroom

3k paint

3k flooring

1k bathroom

1k misc

@Troy Sheets I have Cork throughout and its great.  This is my residence though not a flip. In this style of house it goes really well, but I am not sure it would add value vs wood in most homes.  I would certainly never use it in a rental though.  It is really easy to damage, it just hides damage a lot easier than wood.  Though it does take impact better than wood flooring does.

@Troy Sheets Thats cork flooring.