All Forum Posts by: Robert Arquilla

@Robert Arquilla

Can’t post pictures for some reason. If you’re interested let me know I can email it text you.

Good luck

@Alexander Johnosn

I would leave the floor tile because it’s durable and won’t look dated with new finishes.

Things I would do myself to save money:

scrape off the wall tile.

Buy a new vanity and faucet (300-800)

Buy new light (150-250)

Paint the walls and ceiling (100)

I would hire someone to:

skim the walls/patch and repair. (Depends but I would figure a guy for two days so maybe 400-800)

Re-tile tub area and install recessed shelf (750-1500)

I redid my bathroom for $3000

-I did demo

-hired a painter

-new floor and wall tile

-new vanity and mirror

-new lights

-re finished tub professionally

I’ll try and show before and after pictures if I can figure out how to insert them.

@Robert Arquilla

What would you suggest for I have for cash reserves? Do you plan for a couple months of mortgage payments or a couple grand Incase a furnace goes out year 1?

@Mike McCarthy

I have called a property manager who said the area I’m looking in is renting fast. They have good reviews online and seemed professional and helpful. Confirmed my estimates in rent for the house.

Also the realtor I’m using is my mother in-law so I should be good haha. She takes to another realtor who works with investors and let me know averages of rents in the area also so I think I have a solid idea of rents. I also included $50 per month for vacancy, cap ex and repairs so total at $150. Plus 70-75 for property management. And it should still bring in 200-300 profit.

Thanks for your help!

@Nathaniel Hovsepian

Thanks for the info I’ll check out that website!

@Robert Arquilla

What steps do you go through you do once you have an offer accepted to finding a tenant?

Okay so I’ve done a couple of these but after saving up some cash reserves for awhile I’m finally ready to make an offer on a property.

I found a single family house in a quite neighborhood which I know very well (used to live on the same road). It’s listed for 43k and someone could move right in. It has 3 beds and two baths with about 1500 sf built around 1960. I’m hoping to get an offer accepted around 36-39k which would bring the principle, interest and taxes around 300. I figure another 50 for capex, 50 for vacancy, and 50 for maintenance so all in around 450.

I did some research online and also asked a realtor that works specifically with investors about rent estimates and she believes it should rent from 675-775. So should cash flow 225-325 per month.

I would appreciate any thoughts or insights, tips for a nubie.

Thanks everyone!

There’s a pretty good episode (#1145) on the Joe Rogan podcast on this topic with Peter Schiff. Very interesting and worth the listen!

@Josh Bast I’m curious, what kind of returns are you getting with your index funds? I have some cash I’ve been saving up to invest in real estate that I’ve just been keeping in my safe (too easy to access putting it in the bank for me) that I am thinking about doing the same thing you did and put it in robinhood.

@Patti Robertson. Thanks for your advice. As far as finding out zoning issues is that most commonly found at city hall?

Thanks!