All Forum Posts by: Matt Turbitt

just depends on your market and your comps. If it's something middle if the road or under I wouldn't waste the money on ss, especially if you already have another set. If it's higher end area and your rent can support the increased rates then go for it and sell the white set

The issues I see overall are what happens if someone steals your 2k in ss appliances? Also I'd push you to a less porous countertop for a rental. Last thing you want to do is come in to find that someone left a spill on the counter all night and the counter is ruined.

selling: carpet

Renting: vinyl or laminate 

it's essentially been covered already but if you owe a few years in back taxes then you probably haven't done a lot of home maintenance over the past ' years either. Often the houses look dirty as well and people are embarrassed to have a realtor, inspectors and potential buyers through the home. 

When someone says I'll give you x in cash and close in 5 days that becomes the easy out. It also helps settle Estates quick and easy.

I would strongly encourage you to look at something with less work as your first one. Find a HUD or something dated that hasn't been updated in 20 years or something. That way you get to see the finding, buying process, the Reno process and the selling process. As someone who o/o renos and has 2 little ones, kids are one of the toughest parts of your scenario, before I could spend all night or weekend on projects but that time disappears with kids (though I'd rather hang out with them anyway).

The other big thing is your talking about 75 -100k in reno, do you have the line or cash to make that happen. Remember once you open those walls everything has to come up to code, that will for sure mean all new electric and panel, alot of new plumbing and HVAC and can mean little more annoying things like framing not being sufficient. 

As for walking it, yes, have a gc walk it with you, explain roughly what your looking to see as the end result and request a detailed bid, expect to have to pay a 100-300 but it will give you some of the best ideas as to what to expect.

I commend your spirit but are you biting off more than you can chew for the first go round?

what kind of price ranges are you talking about? In most parts of the country it's basically impossible to spend 60k just bringing a house up to standard without that house being extremely distressed. My guess is what your saying is these houses will take 60k to get to what you and your wife are dreaming of. 

To answer your question most houses sell at market value that's probably why you feel your having such a hard time. People are buying houses because it's a 3/2 with a garage and a basement. The fact that it's fully updated or not only impacts the number of offers but there will still be people looking for that house in livable condition that will pay market rate. 

Either buy something distressed and do your dream rehab or buy something around market, do some Reno and see where the market is in 5 years. Even if you just break even the tax write offs and decreased rent would probably be worth it.

Yes you can, they just normally become a commercial product at that point in most states and often have lower LTV'S (think 75%). Or they become portfolio products that do not align with fannie/freddie guidelines.

As long as it's only 1 project I would show it. If it's construction in 2 or 3 locations of the apartment I'd wait til it's just the one. In the past I've seen others play up the fact that things will be brand new and the tenants will be the first ones in. Renters live exclusivity. Ps assuming your not moving walls any reason you expect the bathroom to take so long? Gut to completion it's often a 1 week job, 2 max.

you need to start talking to lawyers in CA. CA has the most anti-landlord/anti eviction laws in the US. If you currently own the property you need to start the eviction process now based on the assumption she is not going to move out at the end of july. If she fights it, it will take months out there.

I've never done it so take this with a grain of salt but no it would not be better. With many lenders and certain states lending to an llc makes it a commercial product which limits the products amounts and terms you have access too. Also with only 30k youd still have to supply your own financials to secure the product which technically is going to pierce your llc protection anyway. You'd be better served to go in as jv or partnership and you can always quit claim it to the llc later.

what are your short and long term real estate goals?