All Forum Posts by: Kevin Hafemann

@James Hamling Wow! Thanks for all of this wonderful information. I was unaware of a lot of this and will head back to the drawing board to continue my REI education process.

Hi @James Hamling, I really appreciate your insight! With your extensive construction background, do you think that a kitchen, bath, flooring, painting, lighting rehab would take longer and be more expensive than I am accounting for? As I stated, I am brand new to REI and I am evaluating properties for my first deal, so your input is extremely helpful to me. At this point, I really don't feel comfortable with any of my projections, because I have never done this before and feel as if I am simply guessing. I have been working with the BRRRR calculator daily in order to see what properties are to be considered "deals" and worth me looking into further. If my initial numbers look good, I then plan on getting more accurate information from my core four. My goal is to BRRRR my first deal, so that I can create some velocity for the cash that I have saved up.

Hi @Jaysen Medhurst-

Thank you for your help once again regarding comps and utilities. I was hoping Zillow comps would be somewhat accurate for at least a rough estimate, so that I don't have to bother my agent every single time that I am running numbers in search of deals.

Shane-

Thank you sir for your input- it is greatly appreciated. 

Do you have a good ballpark figure for complete (down to studs) kitchen and bath rehabs? I understand those costs can vary, but assuming that I am looking at tiling the shower and using modest cabinetry in the kitchen and bath.I guess Im looking at doing a middle of the road rehab in a Class B- neighborhood. 

Best of luck with your 2020 goal- make it happen!

Jaysen,

Thank you so very much for your insight. As I stated, I am brand new to BRRRR investing and I am learning new things every day. I am so glad that there are people like you at Biggerpockets that are willing to assist others.

1. This is a foreclosed SFR- I didn't realize that it is common for tenants to pay for sewer and water.

2. My rent estimate was generated by Rentometer, so I will have to verify that. 

3. I will check on the seasoning period. I didn't know that 6 months is standard.

4. The misc. expenses are for lawn care/snow removal

5. I will adjust the interest rate to something a bit more realistic

I know that I will have to secure accurate comps from my agent, but I was wondering what your thoughts are regarding the Zestimate on Zillow. Do you think those estimates are often in the ballpark? 

Once again- thanks for your help and keep hustlin'!

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello, I am a new investor doing my due diligence regarding the purchasing of single family foreclosures and REO's. Besides not being able to get a full snapshot of the condition of the property, what other pitfalls should I be aware of when purchasing these types of properties and how should I navigate those problems? Thanks for your willingness to assist and I wish you the best in all of your endeavors. Stay safe!