All Forum Posts by: Mike Dorneman

@Matt Tallent That can vary drastically. Depending on the contractor, type of materials and labor. I’ve put in full baths for as little as 4K and some over 25k. Get multiple quotes, go see their previous work, verify their insurance and build out a draw schedule that makes sense based on labor and materials.

@David G. Your best option is to hire a reportable lawn care company and increase the rent to cover the fee. We assign snow removal, grass cutting and keeping of the gardens within of our leases. Since some people are very adverse to doing their own yard work, we make this known to the applicant prior to allowing them to see the house.

@Peter Arroyo I went to undergrad at ESU and currently live / invest about 45 mins away. Per your question, no getting around the registered agent law in the Burg. This is really common in most areas. Basically it is to deter long distance investors from buying a place and then becoming an absentee landlord... One option many use in this area is to register a tenant as the acting agent. Not the best move from a liability perspective for you, however it’s inexpensive and frequently done in college towns. Your other option is to work with a property management company, which is what the borough would like all landlords to do.

@Brian Tran I like to start out by selecting a theme for the house. For example, the house may have great bones and original wood work. So I’d restore as much as I can and when needing to replace something, look for period accurate items to match the rest of the house. If it’s a gut job, then I usually go semi modern with new materials. Keys is to stick to one theme throughout and work within he same color pallet. I like to look on Houzz for ideas also. Good luck

@Marcus Moore that’ll be governed by state specific laws related to heirs and probate. These things get messy and can be drawn out for years. If the “partner” and the actual heirs aren’t working together, I’d walk away and save myself the headache and time you are sure the get from this.

@Milan Obradovic Hi- I’m about 25 minutes outside of WB. How can I help?

@Lydia Bolling my experience has been great. I work with the same loan officer and I think that makes a huge difference. The loans are usually based off of the profit the property will generate. Initially, you will likely be required to sign a personal guarantee as well. The nice thing is that I provide my personal financial statement every 6 months and that’s it. Meaning no credit pulls or applications every time I refi a deal.

@Frank Perkins don’t allow the fear of the unknown to paralyze you. Who’s to say the market cycle wouldn’t have already ran its course a few times by then. No way of knowing if your investments will drop or appreciate at that future point in time. Here’s what I do know; If ou buy today you will Immediately begin building equity with your first rental collection You will Own real estate which can Always be sold Assuming you might the right choices on properties, you’ll be cashing flowing monthly Absolute worst case, you get a grant or loan for the kids and pay it off a year or 2 later when the market is back up. Jump in there!!

@Lydia Bolling BRRRR Assuming you plan to keep his as a buy and hold rental... Get it rented, and refi your cash rift beach out to do it again. I prefer to go the commercial loan route. Around 5% 20 year wirh a resy after fIrst 5. 80% out wIrh force apprecIatIon can yIeld toy a very nIce return!

@Brennan Medford You can consider borrowing from your 401k, then BRRR it with a refi to pay your 401k back.