All Forum Posts by: Linda S.

Granted I'm in Richmond, VA, but we just did a 1500 sq ft 3/2, no duct work, for around $5.5K from a guy who does it on the weekends under the table. (When we got quotes from companies it around $7K-$10K) Materials along were about $3K... I will say, absolutely make sure your contractor is licensed and very knowledgeable, if you go cheap here.. you WILL pay for it in repairs!

Are they renovated?   Do you have a link?

It's a 1/1, so you'll get a single person likely or a couple.   Obviously it will rent lower than a 2/1, but if the location and growth is in the area, I don't see why not?

IMO, if you have $20K, I'd put a down payment on multifamily house.   You can house hack, live there, and immediately get rental income from the other units.    You only have to put 3-5% down because it's a primary residence, so you can use anything extra to do renovations to the units.       After a few years, you can do an equity line and go invest in other properties.  

Doing this is like the express lane to wealth!

I absolutely argee with @Kevin Siedlecki, real estate isn't a hobby.. it's a business and requires work... wine tasting is a hobby, that's just fun, also one of my favorite hobbies!    @G Pyros, the way your post sounds, sounds like you may think it's just like the TV shows, and it's easy.. it's not.    It's very expensive, stressful and draining on a lot of different levels, so you need to have that mentality going into it... that it will be a lot of work.  My motto with renovations-- if it can go wrong, it probably will..   I'm not saying this to deter you, but just to have realistic expectations, because it can be done.. IMO it is very rewarding, to see all your hard work pay off after a full renovation..  but again, that's months of stress and sacrifices before the "After."   When I tell friends what we do, they sometimes say "oh, i have thought about doing that," and not to be crude,... but there's a 99% chance they don't have have the tenacity or drive to do it, it's WORK in every sense of the word. 

If you want it just to be income,  I'd suggest just getting a turnkey property and hiring a property management company to deal with the tenants, then maybe you could see it as just a hobby.    Good luck!

I don't know what programs you're talking about, but I'd definitely advise against them.    

If you have that much in cash, IMO your best option is to put a down payment on a multi-family and house hack, as that'd require only 3-5% down if it's your primary residence with a FHA loan. It'd be a low down payment, and you could use the $30K to do renovations, and make them higher end units and rent for more. In the next few years, you should work hard to establish credit for yourself, so you can have additional funds for renovating.

Good luck!

Hi @Nathan Waters,

I think it depends on your market, and the growth of the area.   If it's a hot area, with lots of jobs, I'd keep the rate increase 2-3%, and state it's justified based on your taxes and insurance increasing. 

We focus on lower income housing, so  a lot of our tenants are on a fixed income.   Our plan isn't to raise rates, but instead structure the lease so be at a discount if they get it in on the first.   As an example, currently a tenant pays $675, with a $25 late fee, but when we renew their lease, it will be for $750, with a $25 late fee-- and if they pay by the first it's $675, so again-- raising the rent, but giving them the option to stay where they are at, as long as it's processed by the first.    I think it's a win-win, in that if they pay on time, there is no increase, but if they don't (prob only happen once), it's a hefty fee.    Just an idea! 

We do everything electronically, through Cozy.co, it works great and there's no stress!   People strongly prefer doing things online anyhow, it's 2017.    

Sometimes it's good to think from a bank's perspective.. with no job, why would they loan you money if you don't have any income?  

Can you get your parents to co-sign on the loan?

Maybe I'm just cheap, or very rogue, but I say get a few professional masks, and go in and remove it ASAP.    I'd hire someone for $15/hour, again make sure you have good high grade masks, and take it out.     This absolutely looks like a full gut, don't try to save anything.   Come back with bleach and go to town.