All Forum Posts by: Nicholas W.

Thanks for the kind words Tony, I must give credit for all design decisions to my wife, I have no eye for design what so ever. The Gray on the walls is "online" and the white trim is "alabaster", both Sherwin Williams color codes.

For the rehab I estimate about 225 hours, definitely no more than 250. If you consider the $64k in equity created it's good for $256 per hour.

I'm going to refer you to the originator of the BRRRR term @Brandon Turner's Blog post: https://www.biggerpockets.com/renewsblog/2015/04/2...

When you go to refinance you will only be able to acquire a mortgage of 75% the appraised value, so $169k in your example. This would be a great deal if the rent were $1700 or more, but a real dud if the rent was say $1100. In my case my PITI payment will go from $855 before the refinance to $1160 after the refinance which I'm more than comfortable with since the rent is at $1700.

Thanks Bo Kim, mostly YouTube along with some trial and error lol. I hired out plumbing, electrical and HVAC as required by the building department but did the other work myself.

Brandon, I have searched and haven't found a clear answer. I know not everything is set in stone yet, but do you have a better understanding on the "half of wages" part of the 17.4%(maybe 20% now) deduction for pass through entities. Is this in reference to the owners wages (like with a s-corp taxation) or does this mean the deduction only applies to pass through entities who have employees and therefore wages? Thanks for any clarification and for all your insight with this bill.

Jd Martin, thank you for the reassuring comments, your opinion is one I very much respect and echo's my thoughts exactly, it's all about compromises and return on investment. Another choice along the same lines was to not include a lazy susan in the corner cabinet. Although I do believe they are more useful the fact is a lazy susan costs more to install, is more likely to damage the cabinets and is much more likely to break than a simple shelf. In a flip I would have no doubt installed a lazy susan. The tenants did ask me about it, but only after signing the lease because it was by no means a deciding factor.

Thanks Michael, you're exactly right. Although the tenant only cost me $950 in lost rent and $350 in legal fees I did lose a lot of sleep over it. I can honestly say that I would think long and hard about buying a house with a problem tenant in the future.

George, Thanks for the comments. Both very good points and were details that were considered extensively during the remodel.

I agree that the dishwasher being next to the range is not ideal. As you can see in the picture below there is a 2 inch end panel in between them. Many of these details were decided on by my cabinet supplier who was tasked with coming up with both a visually appealing, useful and cost effective layout. I could have moved the range over a bit, but 2 smaller cabinets not only cost more than 1 large one, they are also much less useful. Another thing she brought up was that if we were to move the oven and micro over a foot or so then the microwave would have had an awkward offset between a 1' and a 3' cabinet instead of being centered between two 2' cabinets. Putting it on the other leg of the "L" was an option, but I chose not to do that because it would have required relocating the existing HVAC duct as well as running extra long plumbing supply and drain lines increasing the chances for leaks. Doing that also would have required a 21" and a 24" cabinet instead of one (cheaper) 45" cabinet.

As for the bathroom, the shower ledge was installed at 5 ft 6 inches. A bit high but well within the reach of most any adult (kids can use the tub sides.) The reason it was placed there was 2 fold. First the shower ledge that I found in my price range (that one was $22 on amazon) was white so I chose to put it with the white accent mosaic tile. Second if you look at the tile layout (which was very deliberate for other reasons) I would have had to notch a large format tile down the middle which is not easy or aesthetically pleasing.

The towel bar was installed at 60 inches also a little higher than standard but what you can't see in the picture is a vent that is directly beneath it as seen below.

 Clancy, Thanks for the kind words. This is only my second rental, both are in the same town and only a few minutes from my house. The first required very little rehab and was close to a retail deal but has still performed well. I agree at $1300-1400 per month rent you are definitely better off flipping than selling. Congratulations on the deal!

Thanks everyone, I really appreciate the positive comments!