All Forum Posts by: Michael P.

I am really split between new cabinets or getting the old ones repaired and painted. I think new cabinets would be around 3000 fully installed. And I’m thinking it would raise the rent by 50-100 dollars a month. Now as far as countertops, I was gonna get new Formica, which I expect to be about 1600 fully installed with a new sink. Whereas quartz or granite would be around 3200 installed with the new sink. Doesn’t granite have maintenance issues?

paint them 100%

0 Votes

Tallahassee, Florida

Quote from @Engelo Rumora:

Quote from @Michael P.:

Quote from @Engelo Rumora:

Quote from @Michael P.:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:

1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;

2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;

3. ALWAYS conduct your own inspection, even if the property is turnkey.

Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,

Check out Inspectify.

Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.

They are a saving grace.

You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo

Damn not even 1-2 sentences to help out a fellow investor. That's cold. I guess right now its winter down under.

haha

You know I love you mate

They have various inspections

Cheaper

Digital and easy to understand portal

Best if you need to do more inspections over a year as all data is tracked and in the same place

No BS PDF’s

We love them mate

They are another component that we added in order to pretty much make our entire operation digital and to not be dependent on local and incompetent folks 👍

I just did some Google research and it says Sydney today is 66° (in winter)

1 Vote

Quote from @Engelo Rumora:

Quote from @Michael P.:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;

3. ALWAYS conduct your own inspection, even if the property is turnkey.

Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,

Check out Inspectify.

Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.

They are a saving grace.

You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo

Damn not even 1-2 sentences to help out a fellow investor. That's cold. I guess right now its winter down under.

1 Vote

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;

3. ALWAYS conduct your own inspection, even if the property is turnkey.

Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,

Check out Inspectify.

Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.

They are a saving grace.

You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

0 Votes

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;

3. ALWAYS conduct your own inspection, even if the property is turnkey.

Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

Yes always get an inspection. As far as how, google home inspection company recommendations in X city, then call one to set up an inspection.

0 Votes

If I had 5 million I’d probably just live off of interest on risk free investments.
(after selling the real estate in tax efficient ways)

1 Vote

Check out beautiful Toledo Ohio. Plenty of cash flow and appreciation. Truly the land of milk and honey. Also remembered to play the long game, the entire southwest of the country will have no water soon and there will be mass migration to the Great Lakes bordering states.

https://www.realtor.com/research/top-housing-markets-2024/

0 Votes

San Francisco, California