All Forum Posts by: Pimwadee Limsirichai

@Simon Obas

Oh! You can also let them know that it will decrease their insurance premiums since it's a brand new roof. The cost savings is 100% worth your asking price ;) it'll also appeal to all of us rental investors that look for the majors when purchasing.

@Victoria Torres

Quicken and Rocket are both horrible.

Get in contact with several big real estate broker near you (eg Keller Williams, Coldwell banker, remax, etc.) And ask a bunch of their agents for lender recommendations. Agents work with lenders every day and have very passionate opinions about them! They're sure to lead you down the right path!

@Simon Obas

As a contractor, we always recommend only a single layer. Depending on the age of the old roof, if those layers start to peel or buckle, it'll affect the new roof on top and just isn't worth it to us since we warranty the work.

Also, anytime we replace a roof, we always replace the black tar paper commonly used by builders with a waterproof synthetic underlayment. Depending on the company that produces the shingles you purchase, it satisfies a transferable manufacturers warranty to cover the roof for either 25-30 years (most companies) or lifetime (if using GAF).

If you're installing something like a metal roof, that comes in sheets, that can go on top of an existing roof to help with sound dampening, prevent leaks, and increase insulation.

I hope this helps!

@Ryan Britt

A lot of the Dallas-Ft. Worth area is great for appreciation right now, but less so for cash flow. That being said, you'll likely be able to live for free using your VA, and still have a little leftover.

Don't rule out new builds, compared to something that needs work. The numbers might make more sense depending on where you go and what you find.

I'd love to connect you with the contractors we use if you need someone reliable. Feel free to DM me with any other questions you may have!

@Matthew Smith

Most of our portfolio actually started out with these turnkey rentals mixed in. Sometimes the banks will foreclose on properties with tenants still in place, and we bought a few from the bank just like this, though not necessarily flipped.

We mainly invest in Greenville, Mississippi, a small town 2 hours NW of Jackson, right on the MS river, famous for their Blues festivals and hot tamales! :)

I digress. A lot of these properties can be purchased in good condition, with a tenant in place, and fully managed for 40-70k per property. We like to invest there because you can really stretch your dollar compared to some markets like Dallas, TX or Cali. We've connected some of our friends and family with turnkey properties there, and would be happy to do so for you, too.

From my experience in that particular market, you're mainly looking at cash flow, and not necessarily appreciation. I'm not saying this is the case with ALL turnkey investments you may find. For example, a turnkey property (renovated, rented, managed) in Dallas-Ft. Worth, TX will be an appreciation play with less emphasis on cash flow (as this time of writing).

I feel that investing in smaller cities like this can be a big win for the investor. I'm happy to answer any questions you may have on the topic, so feel free to reach out!

@Mark Clayton

Remember that buyer's agents are "free" to you. If the seller is using an agent to help them sell their house and represent them, I highly recommend finding an agent to represent you as the buyer. It doesn't cost the seller any more $$ in this situation, and it won't cost you anything. In fact, a good buyer's agent will be able to walk you through the selection and purchasing process of an investment property.

Remember that real estate is a very big field, with a large variety of specialties, and not every agent out there understands investment real estate. Interview several of them to understand their scope of work before signing on with them.

After you close a few deals, you'll start to feel comfortable running comps, making offers, and seeing the transactions through to closing. At this stage, if you decide not to work with an agent when dealing with a homeowner directly (instead of a seller's agent), just remember to be just as diligent as the buyer's agent throughout the transaction, so the deal doesn't slip through the cracks for a missed deadline of something minor.

Sent you a PM to connect you with a builder :)

You can PM me as well, I'd be happy to connect you with our GC :)

@Gordon Sheehan

I know this is a bit late, but I'll DM you, too!

Next time you see a project that needs work, first, talk to other investors to determine the renovations that give you the best return. It's not always cosmetic, and is usually something functional and/or structural, like a roof, or water heater, then maybe flooring and paint. 

After receiving adequate advice or conducting enough research, make a comprehensive list of the items you would like a contractor to work on. Be specific, but don't get carried away with the renovation.

Next: ask several contractors for a quote and walk them through the property so they can see what they're working with. Get quotes within 30 days that you would like to start work. Asking them 6 months in advance is not advantageous to anyone. It may seem like a good idea to start, but the condition of the unit can be completely different 6 months later, and the quotes will likely be reworked.

Check their referrals, talk to them, see how you feel about them :)

I hope this helps!