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All Forum Posts by: Lesley Resnick

Lesley Resnick has started 135 posts and replied 1023 times.

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099
Originally posted by @Roy Moses:

Hi Lesley, the house looks great!

I don't have any experience with BRRRR but I love the idea...

I have a 2 questions if you don't mind:

1. The project took you 3 months (or close to that), from your experience, do you think that's around average? got any tips to get the process done at this rate and not slower?

2. I love the idea of adding a master bath to drive the value up, do you have any estimate on how much did it cost to make the master bath and how much value did that add to the house?

I have been focused on this house for about a month.  I have owned it for 3 (seasoning for loan).  I called in a few favors to make it happen this quickly.  The rates are going up and if I got it done in time, I would have gotten the better rate.  I will miss the deadline by a  few days.  It can take 3.-6 months to complete a project like this.

I have not put together all my numbers.  The bathroom was purchased with other components, floor, plumbing, second bathroom reno.  I did an estimated arv and I come up with a 25k increase in value.  I am only focused on the appraisal value.  

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099
Originally posted by @Jaron Walling:

@Lesley Resnick Wow! Those floors turned out amazing! I wish the property I just purchased had them. For the tiling in the bathroom and kitchen did you use any spacers on the grout lines? 

Thanks

 I do as little grout as possible.  The tile is lower maintenance than the grout.  The rest of the floor goes in today.  I hate to cover up the floor bathroom floor in the master, but... 

Post: Help me analyze this deal in jacksonville fl, looking for advise

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099
Originally posted by @Dennis M.:

Your taxes cant be  right . I think by the time you accurately calculate everything it may not be that great  of a  deal 

 If it was owner-occupied it would have been homestead.  The taxes will be adjusted when you buy it. Our tax in JAX is $18 per $1000 = $1548 a year

Post: Help me analyze this deal in jacksonville fl, looking for advise

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099
Originally posted by @Nelson Miranda:
@Larry F. Thank you so much for such an honest feed back , ye i just imput some of those numbers without researching the area properly , how do you personally calculate numbers more effectively ? And any tips on how to get HOA accure information and property taxes witout using the MLS ??

HOA should be in the MLS listing.

Google: Duval county tax assessor for the taxes.  I would put the url, but BP does not like it.

You can give me a call if you want insight into the Baymeadows area.

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099

My floor guy is an artist.

A coat of poly is being added today.  This is just the stain!

The living room has 4-inch wide wood planks

Bedrooms have 3-inch wide wood planks

Not going to keep the wood in the bathroom.  I am going to cover it with the other floor.  Water and wood floors do not mix

Bedroom with 3-inch boards.

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099

Spoke to the lender today.  I need to sign their agreement and send over my construction quotes that explain why the property is vacant. 

Lastly, I need the appraisal completed.

Todo

Finish wood floor - Thursday 

install new plank tiles - Friday 

Plumbing completed - Toilets sinks - Monday 

Hot water heater - Monday 

Kitchen countertop.  The granite is supposed to be measured this week and installed next.

A/C needs to be finished - Friday

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099

FLOORS FLOORS FLOORS

The wood is amazing.  They sanded today and will stain tomorrow.

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099
Originally posted by @Ramon Vazquez:

@Lesley ResnickThis is a great post! Would you mind sharing how you got the property? Did you have first bids as a realtor? Any advice for out of state BRRRR investors? Thanks and good luck with the REFI!

 This came through a wholesaler I do a lot of business with for myself and other investors. I am generally one of the first calls he makes.

A solid team is essential for out of state.  You need people on the ground that can get things done.  

Next Wednesday is the appraisal, fingers crossed.  I will do a post on the refi and the numbers.

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099

New Kitchen.

I used the Lowes cabinets.  They look good and are cheap.  I will not be using them again, they are not well made.  I have a cabinet guy but did not use him this time.

I hate that window.  It is a jalousie window, Florida's contribution to architecture.  It cranks out small panes of glass.  If it breaks, then I will replace it. I thought about just filling it with window blocks.

Leftover shower tile.  3x6 subway tile 

Blinds are in the house.  Just waiting on everything else to get finished, then I will have the Lowes contractor install them.  See quick tip!

Post: My step by step BRRRR

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,045
  • Votes 1,099

Walls are done and looking good.  That front wall was paneling and there is a pic of it before painting in a previous post.

   The floor needs to be refinished...MONDAY!