All Forum Posts by: Randy Gutierrez

@Cole Farrell

@David Ribardo is an agent and investor in the area

I apologized if I overlooked what your goals are but honestly the bathroom looks okay to me and I wouldn't spend much if it's a rental unit as you are not living in it. A new vanity, new wall paint, repaint the cabentry to match the new vanity, new 5k lightbutlbs, repaint the bathroom tiles, clean the grout on the floor and you are all set. That should be $1500 tops.

@Jason Small

@David Ribardo can help you out!

It's pretty simple, the numbers just don't pan out. Just keep looking, maybe look for properties without HOA fees in your area, but even without the HOA fee you practically still have no cashflow. In this scenario the only way it works is possibly being all in at $101,500 instead of $116,000.

Interesting topic, statistically speaking education leads to higher income but there are so many variables. I think most will agree that education is important, where the issue lies is the cost of education. Unfortunately most people fail in today’s educational system, if you want to work in social work you can’t be dorming at a private

College and be paying 40k+ a semester. The math just doesn’t make sense once you graduate and land a job. It’s unfortunate because at 18 years of age very few will have that perspective and know that. The more I type the more scam-like this whole thing sounds lol.

My wife was one who thrived in the educational system we have today, she knew exactly what she wanted to do from a very early age. She ended up getting her masters and now works for a fortune 15 company. She is well compensated and will have the ability to pay for her remaining 55k college debt within the next 2-3 years, we will be 32. I consider this an anomaly though.

I make decent pay myself but I bounced between law enforcement and management. Now Im looking into real estate. My path wasn’t as defined as hers.

I think education is great to land you your first job, from there it’s just experience and work ethic that will prevail.

@Joe Splitrock

I agree, it irritates me when people use 1 or 2 people on this planet as an example and extrapolate that idea to justify their actions and think it will work for them and the other 7 billion people.

Tristan I can’t say you have done anything wrong technically. You will eventually find a contractor thats works best for you ,and once you do stick with them. That could very well be one the two bids that you already have. Just know your audience is all I can say, a lot of contractors are pretty egotistical unfortunately because of what they bring to the table. Good luck on your project.

Im almost in an identical position as you but in NYC. Im partnering with another investor who is also in the same position as me and we are looking out of state, no more than a 2 and a half hour drive. Just know that your money is worth more out of state, something to consider especially if you are making a decent income in one of the prominent coastal cities. 

Great story but am I the only one suspicious of this OP? 140 comments and two weeks later and he has yet to elaborate on the details.

Your immediate solution would be to increase rent to solve the cashflow.

If you have a decent amount of equity in the property I would look into selling it and start over with another property. Negative cashflow is not a good investment. Just take this investment behind the barn and shoot it. However, I don’t know what your goals are.

For the future you just need to do more research and analyze the numbers better. Download an app like deal check, look at the 1% rule, 50% rule, calculate vacancy, cap ex, repairs etc. Even if you save on labor you still have to pay for materials. All it takes is a furnace replacement or a water heater replacement and your in the hole. Negative cashflow does not allow you to build a reserve for these things or pay for materials.