All Forum Posts by: Brant Richardson

Will your dad let you continue to live there for a long time?  Are you happy living there?  If your answers are yes and yes then continuing to pay down that student loan isn't a bad option.  If you need/want to get out of there then definitely start saving up your down payment.  Get a house with enough bedrooms so you can have a couple roommates who will pay all or most of your mortgage for you.

Unless your are trading up to a multifamily property I don't see much point in selling one SFR for another, especially if finding one that is undervalued is unlikely. Keep saving up cash and keep making officers with financing for now.

Painting the studs will be laborious. The floor seems like a pretty likely culprit.. and a lot easier to paint.

Need to know what rent will be to make the call on whether to flip or hold.

Buy and hold is always my preference if the rent supports it, its the path to long term wealth.  You can finance it later and get all your money back for the next deal.  Start building your landlord history now if possible.

Everybody out there that says there are no deals to be had needs to take a look at this post. It was sitting on Hubzu like a piece of ripe fruit. It was a very high risk deal the way you did it, but sometimes that's how you score. What do you think the ARV is?

Your P&I is $1000 per month.  If you pay off the loan you are not actually saving $1000 per month, you are only saving the interest.  So compare the investment you make to that interest.  You have a great rate, historically low even.  I'm not sure how freeing up monthly income would be all that helpful when you already have a pile of cash to use as necessary.

Stay patient.  Look for that house you can be creative with that others might not see the opportunity in.  If you keep all that cash in a high yield savings account you are already making back over half of what you would save by paying off your current mortgage.

When you say "historic" is it just old or is it actually designated as a historic building? If so, what kind of road blocks did you hit?  I was considering trying to get creative with a historic building but am scared of potential restrictions.  

Wow, awesome numbers.  It takes some guts and vision to buy a hoarder property that needs over 100k in rehab but your courage paid off with some great equity. 

Beautiful job.  

I end up regretting it when I try to do the whole job myself.   If you had contracted more of it out you might have got it done in 90 days, and got a month of rent to help pay for the extra labor costs.  The stress would have ended a month sooner and you wouldn't have been working your guts out that month.  On the other hand your total rehab costs would have been higher which bites into the bragging rights of how low the rehab cost was.  I sure know what you mean about those runs to the hardware store adding up.

What would you have done different?

Depends on what kitchens look like in your rental market.  If every kitchen has beautiful counter tops and a full set of nice stainless appliances then you will suffer if you don't compete.  If you have a 3+ bed rental and are hoping to have a family move in long term you better make sure the wife is going to be happy with the kitchen, may well be the most important room in the house.  On the other hand if its is a studio or 1 bed that you will be renting to a single person then I probably would not put one in unless the kitchen had an abundance of storage or was really high end.  Tenants don't treat dish washers like you would your own, some will throw plates in, still covered with food.  I had a new dish washer destroyed within 4 years once.