All Forum Posts by: Aaron Mikottis

@Matt Holmer, I'm a meticulous data crunching kind of guy and your post piqued my interest. Do you mind sharing the process that you follow for tracking rents on zillow?

I will be there!

@Doug W. Thanks for the detailed reply, I really appreciate it! I might have to do some major mechanical stuff so I'll be sure to hit those big ticket items first.

@Rob Krach, I don't have the loan approved yet (just pre-approval - I'll be signing the formal application tomorrow) so I guess I can't say for sure that I can combine the grant with the 203k. My banker didn't seem to think that it was an issue, however. I'll PM you his contact info.

@Cory Hansen Thanks, I appreciate it! I was just in Madison a couple weeks ago - you guys have some absolutely gorgeous historic houses up there. So much character. They definitely don't build em like that anymore!

Thanks @Ben Clinger. I will definitely be posting a progress thread and fill everyone in on the real numbers as things move along.

@Cory Hansen Thanks for your comment!! That's a great catch on the doors; it would be a dream for me to restore this house to a more historical condition. Some of the proportions of the windows drive me crazy, too. Unfortunately, I don't think that I will be changing out any doors unless they are broken. 

I have to keep asking myself how much I want to rehab an item for emotional reasons. Putting in nice doors is definitely an emotional want. I don't really think that the market will support that move, however - I don't see a renter being happy to pay more rent for an aesthetic item like the doors. As far as millwork is concerned, I'm going to paint the trim where necessary.

Thanks everyone!

@Ian Scalzo I took a screenshot of the data from Rentometer.com and pasted it into my analysis. If you haven't heard of that site before, definitely check it out. The upgraded version gives you a lot more data than a free account - I purchased a 1 day pass so that I could get the scoop on my competition.

@Mateo Carrera Thanks for the comment on insulation. I'll definitely check that item out!

@Scott Dixon Thanks to you as well! I will make sure to walk through those items with the home inspector.

@Sam L. It is kind of surprising... I'm not a fan of the siding on this house, because I believe that it might be allowing water to run down the face and get stuck on the wall. I'm going to be checking that out in detail this week.

@Jaime Frausto I would love to get your input! Send me a message with some times you're available and we can meet up.

Hey guys.

I just got my first house under contract (!!!) and I'm equal parts excited and terrified. As a result, I'm turning to the Bigger Pockets community in the hopes that I can get some outside opinions on what the scope of my rehab should be. I often hear of people saying that they over did it on their first project so I'm looking to avoid that problem.

Here's the deal: House hacking a 2100 sf duplex. (1050 sf per unit) 70k purchase price, wrapping rehab into a 203k loan. Combining 3.5% down with the Illinois Home First Grant, I'm shooting for zero money out of pocket. Property is located at the southern edge of the "Cathedral Area" of Joliet, IL, which is considered to be one of the more desirable areas of town.

My goal: To provide a quality rental that sits one tier below the highest rent chargers, hitting the sweet spot between cost and return for a B- neighborhood. Participation Award: $800/door Bronze: $850/door Silver: $875/door Gold: $900/door

I have interior photos uploaded to my google drive here.

Here's my analysis of the local rent and the rehab items I'm considering. (click to enlarge) Average neighborhood property value is ~120k.

What do you think? 

I'm going to be out of town that night. Count me in for the next one!

Welcome! If you're looking to escape a job, you probably want to look more at long term wealth creation via buy and holds instead of flips or wholesaling. Those can be great for earning money quickly, but unless you're tossing the profits into an index fund or a down payment on a property, once it's gone, it's gone.