All Forum Posts by: Kenny Smith

@Jake Andronico

thanks for sharing!  I am going to be re-doing my tub here shortly, but appreciate the feedback.  Do you mind me asking what type of reglazing kit the contractor used and how much you paid?  

Whether you’re a seasoned investor, brand new to real estate, or simply just curious to know more, this is the Meetup for you!! Talking real estate, sharing stories, drinking beer, what more do you need? 🤔

I've built my real estate portfolio through the power of house hacking.  It is my passion to share that knowledge and experience with you all.  Come out and join other house hackers and learn how we did it!

This will take place the second Tuesday EVERY MONTH from 6-8pm at Denver Beer Co. Olde Town Arvada location. 🍺

Looking forward to seeing YOU there! 🏔️ 🏠 🍻

Did I mention FREE BEER!?

@Jayson Valdez

I would also just be very upfront with your lender about it, and tell them what you're planning on doing with it.  You do need to be careful you aren't breaking any laws here.  Typically after a year, you can do whatever you want with the property as far as usage goes.

Is there any reason you couldn't spend 2 weeks out there during the year to qualify?  

And yes, you will get a better rate, and obviously less money down.

Best of luck!

@nicci coffie

First off, congrats on potentially selling!

I'd agree with the other responses. I wouldn't do any flooring or anything else that can get worn until tenants move out.  Then, start doing those renovations. To the other responses point, check and see what comps have sold in the neighborhood the last 90-120 days.  Then from there, see what they did in their home to compare to yours.  It is a subjective opinion when valuing a home and the upgrades within it, but this should get you an idea if other homes are updated, what you need to do to get the price they did.

I would agree, kitchens and bathrooms should always be the top choice.  I wouldn't focus on landscaping..that typically is the last thing you should be looking at.

I would talk with a local Realtor who can walk the property with you and make recommendations on what to do and your estimated ROI.

Best of luck!

@Chris Rodriguez

First off, congrats on getting started! So I have 1 condo, and 2 SFH's. To Trevor's point, it really depends on what strategy you are trying to implement. With my condo, I'll be using switching it over from an LTR to a furnished MTR shortly. Which will be perfect given the surrounding hospitals, etc.

Some of the notable drawbacks to think about when buying in an HOA in general.

1. Financial Health of the HOA. This is something that is typically overlooked unless you're working with a good Realtor who will review both the HOA's reserve funds and the meeting minutes to see what is being discussed. If you are buying in an HOA that does not have proper reserve funds for emergencies, this can leave you at financial risk if something major happened with the building that the HOA is supposed to be responsible for. Without reserve funds, the cost of all major repairs have to be passed on to the homeowners through a special assessment. There is loss assessment insurance coverage you can buy that can help protect you in these situations, but it doesn't always cover anything.

2. There is more red tape. When buying into an HOA, you have to realize you are buying into a set of rules and bylaws, that you as homeowner and part of the HOA, have to abide by. This can be scary when you are an investor. Maybe they allow for STR's when you buy it and then 6 months later an STR guest causes issues, and the board/HOA votes to outlaw STR's moving forward. You are now dead in the water. To me, that is the scariest part of it, so you need to understand you don't make the rules, the HOA does.

3. Entrusting the state of the community with a board of directors. Most all HOA's will have a board of directors. These folks are typically volunteers, older and retired folks that are wanting and willing to help the community out. I've met some really good boards, and have experienced very poor boards. The truth is, you really don't know how the board is until you buy, which is scary. Most of these volunteers may not know about running a community, yet are making very large decisions on the behalf of everyone in the HOA.

4. HOA fees can continue to go up. Just like everything else, things get more expensive, including HOA fees. Depending on the HOA's budget and where they finished the prior year, the fee will likely always go up. So you need to understand that, and realize you have to factor this in when running your numbers.

5. Lastly, condos/townhomes DO NOT appreciate as fast as SFH will. If you're thinking long term, SFH (in my opinion) will always be the better option from a natural appreciation standpoint.

For all these reasons, and others including the strategy I implement, I will only buy SFH's moving forward. However, if you are strapped on capital and would just like to get started, they are better than doing anything at all!

Message me with any other questions.

Best of luck!

@Austin Paige

First off, congrats on getting into REI! Thats awesome to hear man. I think you need to first figure out what it is you are looking for?

Are you looking to wholesale?

Are you looking to buy and hold and BRRRR?

Are you looking to house hack?

Are you looking to flip?

Deals can be found in MANY MANY different ways.  I think figuring out what type of property, what your budget is, what neighborhoods are good for what you're looking to do, and how much capital you need, will help determine what path you want to head down.

Other local investors, or a good investor friendly Realtor would be a great place to network/chat with.  Shoot me a DM if you're looking for a good investor friendly Realtor down in Austin.  I'd be happy to help!

Best of luck.

I've used RentRedi and Avail.co.  I didn't have any issues with either to be honest.  The one big plus about RentRedi is they do have an app which makes things easier for sure.  Also, the RentRedi support was very quick and efficient.  Both are very affordable, and a must have for sure!

Thanks for sharing!

I should have clarified, this is more pertaining to STR's and can be very difficult which guest caused the clog or not. But all great points for LTR's as well!

Thanks for sharing all.

@Brandon P.

Of course!  Insurance is so important..make sure never get cheap with it.  You will for sure need it sooner rather than later most likely.

@Stuart Alexander

Thanks for posting!  I got you on this..

So we've had the same issue with our up/down SFH house hacks. The first and very easy thing you can do to help eliminate noise is insulate the vent exchanges. There is this material we bought at Grainger (https://www.grainger.com/produ...) and then used this adhesive spray to line the ducts near each exchange (https://www.homedepot.com/p/3M...) A lot of the noise was coming through our return vent as well, so make sure not to forget that.  This insualation basically helps with noise dampening as much of your noise is probably traveling through the vents and right upstairs if all of the ducts are on one HVAC system.  This is a very cheap fix for that.

Another thing we tried, albeit not sure if it was worth the money, is you can get blow in sound insulation in between your floor joists.  Essentially an insulation company will drill a roughly 3-4 in hole in your drywall in between each joists and blow in sound insulation.  We used this (https://www.homedepot.com/p/Gr...).  It can be expensive as they will need to drill a lot of holes, insulate it, then you have to pay a drywalled to come and patch the holes.

Both of these combined has helped tremendously with noise though, we barely hear our downstairs guests.  Now to your point, vibrations from walking is a whole different beast and what I've heard works the best is if you re-do your floors upstairs, lay down some type of noise padding on top of the subfloor.

Hope this helps!  Let me know if you have any more questions.