All Forum Posts by: Katherine T.

Yes I agree, utlimately it boils down to what my intent with the property is.  But it does sound the the majority are discouraging the painting options.  I have lots to consider. Thanks for feedback Carl.

 Haha! I like how you deflate the situation.  Made me realize things can be a whole lot worse!  Afterall this is my first.  Good to have other peoples perspectives - especially in a new industry to some like me.  Thanks Barbara for your candor.

 Thanks for response!  And yes when I called around the painters told me... rule number one is not to put a mat in the tub if I chose to go that route. Still looking at my options! 

Hi BP, 

I am looking for a professional who can assist me with my bathtub in the Birmingham area.  The bathtub is fiberglass and has stains that will not come out- otherwise in fairly good condition and hoping to find a remedy for this issue without having to redo the whole tub.  Any advise / leads will be greatly appreciated.

Katherine.

Hi BP,

I recently purchased my first investment property and quote excited!  The renovation is going well as far as I can tell.  My present dilemma is the bathtub.  It is has yellow stains  which I thought would be an easy fix with strong detergents.  Overall,  the fiberglass tub is in fairly good condition but the stains.  My question - Are there durable ways to fix the tub ( perhaps paint) or do I need to replace the tub. From my research there are bath fitters and painting over the tub options.  I am not sure how effective this methods tend to be.   I am afraid replacing the tub will cost me more than I am ready to spend on this one item.  I would appreciate advise  from  investors/ flippers.  

Also,  I am in the Birmingham area.  Any leads to professionals that can help with this job will be greatly appreciated. PS - I do not mind taking on this project myself as a DIY if  its not that involving.  How have people handled bathtub renos? 

Thanks,

Katherine

Congratulations!  Great content. 

Welcome  to BP Bailey,

Check out the podcasts.  Rich information out there!

Thanks Mike! Will check out that insurance company.  I am out shopping and comparing quotes. And yes interested in the plumber references.  Will contact you.

Hey BP, 

 I am looking for references to  good plumbers and  companies that provide good rental home insurance rates.  For the plumber, I am looking for someone that can change a home from gas to electric water heater with fair prices.  Quotes I have gotten this far are overpriced.  Any references will be greatly appreciated. 

Thanks!

Katherine.

@John Thedford

I think your vacancy factor and maintenance factor appear low. Take your yearly estimated gross rental income and figure about 5-8% (one month or slightly less) if you have a strong rental market and your property will perform well. I also use about 10% of gross rents for maintenance estimates per year. It is easy to spend that when you turn over a tenant. If you don't spend it, your returns will be higher than anticipated. These figures may be a little more realistic. Plug those in and see how your estimates for NOI look. Also, once you have NOI, you can use your financing figures to estimate cash flow and also calculate COC more accurately. If you don't have Gallinelli's book on calculating cash flow and other financial metrics buy a copy.

Thank your for your input as well as the book recommendation.  That sounds like a great resource to have as I am new to the industry.  Will definitely check it out. You and Johnnah (other responder) both suggested that I  increase my expense percentages to be on the safe side.  It may not be a deal afterall.  So let me check out.  Appreciate feedback.