All Forum Posts by: Tyler Weaver

And this could be the problem with my plan lol!  I have not confirmed this with an actual application or anything but there are a few people on BP that claim they do 6 month cash out refi's.  If you have any local contact I would definitely be interested in talking with them.  I figured at scale I would have to refi with portfolio type lenders anyways.  

@Ryan Ball It is in Pleasant ridge

I purchased my first property to rehab about a month ago. Right before the new year. It was an REO that was 39k. I think the bank wanted to get it off their balance sheet before the new year because they wanted a closing date that was before the end of the year, when our offer was in late December. Met them on the date, they moved a little bit on the price. The only problem with that is I had such a short time period to get my act together, get the scope of work done and find a contractor that I really didn't get all that completed until after I owned the property.

I am only working nights and weekends.  So far I have been doing demo, surface prep, and finding a contractor.  I am going to be doing all the demo, refinishing the floors, repairing walls, painting, and exterior work that isn't roofing myself.  I am hiring out roofing, electrical, major framing, carpentry, and flooring.  

The goal is to get this done within 3 months. So by the end of March if I have a listing on zillow I will be happy. I have enough cash to potentially do BRRR on 2 properties at the same time. With a 6 month seasoning period that means I have to complete one every 3 months at that scale. At part time work, I will be totally happy completing 4 of these projects within my first year!

Hardwood once the carpet is removed. I am going to be refinishing this myself. 

Why is the plumbing on both walls?  What a crappy layout!  I am not sure what I am going to do about this.  Perhaps get a smaller vanity and call it a day. Pedestal, toilet, tub on one wall would make more sense but idk if I want to get into replumbing the toilet. 

Closing in a door in the kitchen.  Gotta love that texture, right?

For when my son comes along to help.

 Good work!  That sounds great!

I would say it depends on the source of the funds. If it was from sale of a business or similar, I would probably invest it in BRRR and flips on a 1:1.5 ratio in the 60-80k per house all in range. Doing a lot of the work myself. Paying myself for the work; cashflowing from the work as my job while building my portfolio from the BRRR's and flips.

If its income from job or business cashflow, I would probably continue doing that. Then buy an apartment building that is stable but under market. Improve it, get the better rents and force appreciate it. Nothing so terrible that its a vacant building, but basically a place where the market has improved over the past 10 years but the landlord is still renting at the same C class neighborhood grade. Or I would BRRR with more contractor assistance than the plan above while raking in the cash at the job/business where I built up the 200k.

I am essentially doing plan 2 currently but not with 200k.

If you cannot fix the water issue in the basement perhaps the easiest fix is to not offer the basement use as common area for the building. 

If it is a stone foundation you might never truly fix the leak. Keeping the organic items that can mold out of the basement is then important. 

Or disallow them to leave things in the basement because its shared space?

Definitely not necessary.  I would look at it more as a life experience than a step to becoming an investor.  I got a degree in finance and real estate development.  Other things of interest could be marketing or construction management.  

@George P. Thanks!  This list is very helpful.

Did you refinish the floors or is that vinyl or similar?

That looks fantastic!  It looks like the before pictures on this property no longer work.  Would you mind re-posting them?

I love that you have a system of finishes that they start to look cookie cutter.  Have you made any posts in the past or have details about some of the choices you make for finishes?  It looks very in line with some of the finishes I would like to implement in my projects!

Sorry for not posting first hand info as I am not an expert.  But my general impression is the west side is GREAT for rentals.  I know a few people making it work out for them.  I have my eye on a few neighborhoods.  And there are plenty of places that would be deals according to my standards in east side neighborhoods.  

The combination of them being a bit far from me, and that I can't conceivably just stop by on my way to somewhere else has been keeping me from pursuing them for now.  If the returns started to look even better, or the returns of deals I can find in my backyard change then I will rethink things.  Definitely on the radar.

They don't necessarily have to be an investor to be a good fit.  What services do you value in a realtor? 

• Showing houses
• Recommending houses
• Giving confidence to deals
• Helping visualize rehab/scope
• Neighborhood expert
• Market expert
• Writing offers, possibly lots of them
• Digging up concerns with property 

I find that being a neighborhood expert, and market expert are probably the most important aspects.  Quite frankly they are in a lot more properties than I am.  They have made a lot more offers than I have.  They can look at recent sales data with a bit more perspective because they have seen some of the properties on the report first hand.  Thats the true insight that I value in a realtor.

Side benefits are time saving things.  If you can communicate with your realtor they will probably be able to understand the finish level you are going for.  I was in a property today and starting to add up kitchen gut of the project and my realtor pointed out the flooring was actually in decent shape it just needed a bit of work to tighten up, the cabinets would probably look pretty cool painted black, *maybe* a new piece of formica for the countertop and done.  I have to say though if I was walking through with a realtor and they were like 30k for a kitchen renovation or similar, it would be obnoxious.