All Forum Posts by: Jen R.

Personally, I think money should be a huge consideration in which school to choose. That is a substantial price difference. I’d encourage you to look at your schooling as an investment, as that is really the only good reason to take on any kind of debt. With that, the only reason the more expensive school would make sense is if it would give you substantially more earnings opportunities upon graduation. And if that is the case, you still need to conduct a cost analysis to find if it’s truly worth it. Make sure you take into account the opportunity cost of having to spend several years paying off your loans instead of investing heavily over that time period. 

The things on my checklist when looking to stay in a short-term rental are:

1. WiFi

2. Washer (dryer not as essential)

3. Hair dryer (due to electrical requirements if traveling overseas, so this would apply if you attract international guests)

4. Linens included

Things I appreciate when checking in:

1. Info on the immediate area, closest grocery store, restaurant recommendations, etc.

2. Cleaning supplies and extra trash bags.

3. Toilet paper! Nothing worse than showing up exhausted after traveling to a single half-used roll and knowing that the first thing I’ll have to do is go shopping in the morning...

For most lenders, yes. They prefer stable, W-2 income. You could try to find a local private lender to work with you, or look into partnering.

You’ve gotten some good advice here. I’d also recommend that, as your first flip, you absolutely get a thorough home inspection (if you haven’t done so already), as you can use that to help create your scope of work as well. 

Beyond that, as you collect quotes, make sure that you have everything in writing and highly detailed. And also plan on a hefty overrun budget.

Good luck!

While I don’t disagree with all of your points, I couldn’t get beyond your $7,000 estimate for a turnover cost. My tenants stay on average 2-3 years, and without looking through my records and doing the math, I would estimate the average turnover to be between $500-$1k, including vacancy costs. My last turnover cost me a week of vacancy and about $200 in repairs/cleaning; the previous turnover cost me 1 day of vacancy and about $500 (a family with 4 kids had moved out after being there for 4 years, so there was a bit of painting to do and some other minor damage).

A ceiling fan, or an exhaust fan? An exhaust fan shouldn’t produce cold air. If one is not installed, I’d get a high quality exhaust fan in there and as was mentioned, connect the power to the lights so they have to run it while showering. Also, I assume it is mildew on the ceiling and not mold? Mold is a bigger issue...

If you submit the offer without the financing contingency, yes, you are contractually obligated even if your loan does not get approved, and could lose your earnest money if you back out. Alternatively, if the appraisal comes back low and you still want to purchase, you would just have to make up the difference between what the bank will finance and the offer price in cash.

Submit an estimate that is $500k above the realistic ARV, buy it yourself, win the million, then resell. You're still ahead $500k.

What a strange layout! How big is that first bedroom? Any chance you could build a wall to give access to the hallway from bedroom #2?

I have the same experience; the refinishing kits are not meant to last. Hire a pro who will offer a warranty. The only time the DIY kits are worth it, in my opinion, is if you have a tub with minor blemishes/scratches that need to be coated over instead of a full-blown refinishing.