All Forum Posts by: Phillip Vera

I've had some success with it.  As a matter of fact, I search long-term investors who are looking towards retirement and tired of self-managing their properties.  They don't want the capital gains of selling, and prefer the steady monthly cashflow without dealing with late rent payments and maintenance calls.  It's a win-win.  Keep at it, but as someone mentioned, it's an opportunity to "help" them.

@Reggie Rearden looks like you made a decision and with this one, you can't really go wrong.  I'm down the road on the Georgia side, but Aiken is a great market.  

I like @Ben Dean's advice, especially if you can sell upwards of the $90k range.  It'd take a while to make $65k at $500 per month in rent.  At the $50 sales price, I'd probably keep it for cashflow.  Not sure if a refinance is an option, but the rental rate is pretty low that you most likely wouldn't get any cashflow out of the property.

If you need any help on the renovation, let me know.  I know of some folks that would do some renovations in Aiken and have for us before.

@Riley Shea looks like you're getting some solid advice and recommendations. The only thing I would add is that the current house will be a neighbor and comp for your new duplex/STR. You mentioned several things in your post, "re-store" "expedite the project" "$20-$30k".

Some things can be reused, but "new" always looks good for a renter and isn't always expensive.  Many have learned their lessons of wasting time, money and resources trying to reuse something than just going new.  Not always the case though.

"Cheap, fast, or quality.  Pick 2."  Someone told me that long ago and with a business background, we always are the value triangle.  You get what you pay for and as someone on the thread mentioned, finalize your plan and stick to it!  A $20k renovation is vastly different than a $30k renovation.  Also, that extra $10k can be spent in so many ways.

Good luck with the projects.  Sounds like you've got a good opportunity and property to start with.  Feel free to reach out.  I always prefer investors learn from my mistakes!

Granite.  I've been making the swap, mostly for durability.  Even took the risk in putting them in some C+ properties.  However, we're in a market where granite is relatively inexpensive.

I like it!

The first house I ever bought, the resident's rent was due on the 1st and their check (don't remember how it was subsidized) came on the 2nd Wednesday of every month.  Each month, they paid a $50 late fee to the old property management company.  When I purchased, I raised the rent $25 (they no longer had to pay the $50 so they were happy) and move their due date to the 2nd Wednesday.  Like clockwork, the money was there every month.  Sometimes it pays to be flexible and as you mentioned, the residents are extremely grateful.  

Looking forward to stopping by this evening.  See you there!

@Account Closed sending you a PM.  I think we may be able to help.

@Winn Merwin thank you for the referral.  @Deborah Shieh we would love to help in any way.  Would love to do coffee or lunch next time you are in town.  I’ll PM you.  Thanks.

As many have already said, you must determine your goals and the steps to get there. In regards to all the "shiny objects," focus in one specific area. I enjoy single family homes. I have an interest in multi-family. I have zero interest in short-term rentals or mobile home parks..RIGHT NOW! I focus on single family, but listening and reading all of the information can give me ideas on how to improve my SFH portfolio. I see many investors "pivot" at certain points in the cycle and that's totally fine, but they always seem to focus in one or two main areas.

Also, NEVER be afraid to ask for help.  I'll always bounce ideas or have an investor friend look at some properties with me to discuss the deal.  Never hurts to have additional eyes with more experience.  The anxiety will lessen as you get comfortable working through deals.  The most experienced investors I know still make mistakes!

Similar.  Definitely consult an attorney for structure, but I am writing out detailed instructions as to what to do and who to talk to.  Ideally, she hold on to them (we do have life insurance) and utilize a property management company and she get some help from some of our close investor friends.  Also depends on our age.