All Forum Posts by: Johny Omaga
Johny Omaga has started 10 posts and replied 63 times.
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you. Yes weve heard. Also the schools around the area are great!
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you. There is a lot i was unable to do and we really pinched the penny with this one. We are not selling! we are renting then refinancing. Our only worry is that our comps were as close as the ones we projected otherwise we do not think we will be getting all our money back on this one. Stay tuned for the numbers i am working on them right now
As for the flooring, I will have to check with our books to see what they were called. Most of the materials were bought online.
The stairs steps. Are you referring to the ones inside the home?
Originally posted by @Jennie W.:
@Johny Omaga
Looks so nice! I hope it sells for a great price. What’s the name/color of the flooring? Did u paint the stair steps?
We invest in KCMO too!
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you!
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you!
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
thank you! After the rehab we were told not to display for rent signs on the yard. It attracts those scoundrels you speak of
Originally posted by @Anthony Shavies:
@Johny Omaga Congrats Johny, the rehab looks amazing!!!
Anybody have suggestions for dealing with “copper stealing scoundrels” security system? attack dogs? Etc?
*Kidding about the dogs
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you! We appreciate your words!
Originally posted by @Ehsan Rishat:
@Johny Omaga the renovation looks awesome! Congratulations on this deal.
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Thank you! We are hating and loving the learning experience!
Originally posted by @Colton Howell:
This looks great, congrats on getting through the ups and downs of the process.
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
64054!
Post: Second BRRRR, Kansas City, MO
- Posts 77
- Votes 32
Our Second BRRRR! We went over budget and finished later than planned but it's finally completed; enough to at least put on the market. Definitely learned a lot from this project. This was our first home that we won through a state foreclosure auction. There were huge delays because It was tagged as a dangerous building and we were never told prior to bidding. We were able to negotiate and get discount from the bank but we never knew the extent of the work involved. We also didn't know there was a swimming pool in the back that we ended up taking down. Moral of the story, always prepare for the worst. Keep numbers as tight as possible. We will now project numbers at 70%-75% ltv of arv not comps alone and keep a solid contract with specific dates with our contractor. The yard still needs a lot of work and the porch needs to be painted but we now have to wait for winter to pass. To the least we can now have it rented and refinance as soon as possible. As you might've noticed. The materials were similar. The goal is to have a self sustained system where we can manage to rehab multiple a month. That said, single family homes are fun but we are definitely going to move to multi families which are probably more efficient. Don't think we will hit our 5 home goal by eoy but definitely enjoying the learning experience and process to get there.
BEFORE
...We replaced the hvac system, the whole plumbing, some electrical, base boarded the whole house, replaced doors, painted everything, cleaned out and rehabbed the basement, tiled up 2000 st ft, removed over 1000sqft above ground pool, repaired the roof, re shaped the porch, sanded and prepped the bottom portion to put stone, plowed the dirt to put seeds, repainted the complete interior and complete exterior, and got appliances. ALSO, homeless came in and stripped the whole home with copper and most likely camped in it while it was uninhabited...
I will update the post with numbers as soon as possible.
AFTER
We appreciate all the comments and opinions!
Originally posted by @Rich Kniss:
@Johny Omaga, really nice job. I'd be proud of it if I were you. I might suggest cabinet pulls and a slight upgrade on lighting to further distinguish your property for a few hundred dollars more. It will help it sell faster for more money.
I just realized these pictures were taken before we put in the cabinet pulls. Completely agree with the lighting! Will do that on our next project.