All Forum Posts by: Landon Rasmussen

Yeah, I plan to keep the property for a long long time Tim. I know it will be worth it in the long run, but I'm wondering if the idea I've got will work or not.

I'm closing on a 3 unit property in a couple weeks. The attic of the property is massive and easily large enough for a 4th unit.

My idea is this: At some point in the near future I'd like to add that 4th unit. My brother has around 30k to invest and he wants to help me out. If I can get this 4th unit built for somewhere between 20-30k (which I believe I can), I'd like to get a tenant in there for 800-1000 a month, then get a HELOC and use that money to pay my brother back in part or in full. (Timeline is to have the unit done and tenant in by the 6 month mark).

The problem is that I'm not exactly sure how much the property will appraise for post reno and or if I can even get a HELOC on the property right after purchasing.

Has anyone had any experience with anything like this?

Thank you so much @Karen Sanders!

So if all the things you've mentioned are taken care of, where would you spend your money? What things give the most bang for your buck? Paint, flooring, cabinets, bathrooms, lighting, windows, landscaping?

I'm looking at BRRRing a house that only needs cosmetic updates. It's a 3 bedroom, 1 bath house with an attached 2 car garage. The house probably needs a new roof and maybe 1-2 other things but it's mainly cosmetic updates. Where do I spend my money to get the most bang for my buck come appraisal day?

Hey Edward! I'm in Syracuse as well! I learned about BP recently and am in the process of closing on my first property.

There are a lot of opportunities in the Syracuse area depending on what you're looking for. 

A good way to get connected would be to look up @RobSawyer on BP and attend his events. They are hosted on the first Tuesday evening of the month (I believe). 

Good luck out there and hit me up if you want to connect or have any deals to talk about!

All these tips have been absolutely phenomenal. I'm going to set myself up with a Google Voice account while advertising and vetting and then hand out my personal cell to tenants who I've signed a lease with. Thank you all so much!!!

I'm in the process of closing on my first property. I plan to be self managed. It's a 3 unit that is currently fully occupied. All tenants are on month to month agreements which means that it's possible for me to need to start looking for new tenants at almost any point. 

My question is this: when searching for new tenants and posting your property without a real estate agent, do you use your personal cell as a point of contact or do you do something else? Do you have a separate cell phone? 

Same question applies to tenants you already have. How do they get a hold of you when they call? 

I'm not so sure I want to give out my personal cell number to everyone that applies or even to tenants I might end up with. How do you deal with this problem?

Thanks in advance everyone!

@Will Chamberlin Yeah I plan to attend the one tomorrow evening. I'm excited to meet some people and connect a bit. What do you know about them? I'm a bit nervous to go because my experience with REI is very minimal at this point haha. I'm very excited about the potential in my area though and hope to buy a property in the near future.

@Ronald Starusnak I absolutely will Ronald! I will be going to the Meetup tomorrow evening at Kelly's Bar. I saw that you commented on the meetup page. Will you be attending? I am interested in talking with you. I have a property that's on my radar that you might be able to help me with.

@Esmir O. I don't know much about Solvay. I grew up in Georgetown, NY but moved to DeWitt once my wife and I were married so outside of the East Syracuse, Minoa, Fayetteville, Manlius, Jamesville area I'm a bit lost. Haha. What makes Solvay fly under the radar? What types of properties are being overlooked?