All Forum Posts by: Russell Lavoie

I’m about to tackle my first live in rehab (first full remodel as well). I’m purchasing a personal residence and it needs a complete interior remodel. I’m looking for any tips, tricks, hacks, or knowledge on making my families life easier during the process. Also if y’all have some favorite materials you guys like to use in your remodels I would love to know what they are!!! Thanks in advanced.

@Micah Starbuck Personally I would not u less I was 1039 exchanging into a single property that was In an area were I have a competitive advantage ( Solid PM) There has to be someone on here who can help or knows someone who can point you In the right dIrection, or a great area to start looking in Selling a property comes with closing cost, taxes. If you wanted to invest in multiple new properties that are smaller also has its own closing cost and CAPEX for every property. Then the properties in a different location to manage instead of them all being under one roof.

@David Robertson Thanks man I appreciate it!

I’m about to begin a rehab on an old house built in 1879. Like most houses built in that day the bathrooms/kitchens are very small. I’m looking for suggestions on the best looking and most useful hacks I could use to maximize the spaces! I am also curious about design/renovation softwares if anyone has any experience with them.

@Samantha Miller like @Jay Hinrichs said a year goes by so fast. As long as you can afford it on your own and it will rent and cash flow after a year than it was a good buy especially if it’s low money down and your first buy! So do what your comfortable with and if I got stuck staying somewhere and couldn’t rent it out, I’d be looking at how I could force some appreciation into the property in my spare time while living there.

@Jason DiClemente I haven’t heard many people say that they use them as part of their team/analysis. That’s awesome and I’ve always had that in mind if I was going to flip. What is the charge for them to look over a deal usually?

I would do everything I could to stabilize your free and clear properties for the near future so there are minimal cap ex.  Then I would take steps towards finding a quality property manager and removing yourself from the process.  If building your portfolio or managing what you currently have is a stress after the success you created, I would think this would make it easier to hold on to or acquire more.  There is no greater wealth generator or small business to put your money in regardless of the market if you know what your doing and are open to options. I highly suggest reading or listening to David Greene's book "Long distance Real Estate Investing". Even if you don't plan on investing out of your market it gives you a step by step way to remove yourself from the process and focus on what you enjoy about the process. If it was me I would 1031 exchange your biggest headache for a property that could offset some of the property management cost. I'm a novice investor but I love to learn and I'm miles ahead of where I was 2 years ago. Mostly by listening to people that I found on BP!! good luck @Oliver Martin 

I’m looking for an investor friendly lender. My plans are to purchase a home from a family member that has a decent amount of equity and then take out a heloc. I would like to Brrr multi-family in my area. I currently own one three family property’s in Fall River Massachusetts. 

Thanks  @Michele B. my uncle actually owns this house but lives in his own personal residence. Its the house he grew up in, so he's never sold it for the same reasons he didn't pay his taxes I guess lol just not that into it. I've thought about it for a while but never been in position too and I am now and it looks like he's ready to retire. Thanks for the reply all the way from Michigan I love it!!

Hey BP I've come across what I would think is an amazing opportunity. My uncle owns a property free and clear minus the estimated 24000 in back taxes. He needs to cash out to retire a little early because he is now on dialysis. I know this property inside and out it needs a bunch of work but I think I can purchase it as my primary residence it with about 75,000 in equity while still helping my uncle get rid of what is a liability to him. I own a 3 family investment property that I self manage and house hack. I was thinking of mailing to 3 family homes in the nicer area that are off market and try to buy the best of the bunch and then BRRR it. I'm wondering if all of you amazingly helpful and smart people out there have any advice on this or maybe another strategy to best utilize the equity in the case I am fortunate enough to be able to help my uncle out and ramp up my business at the same time. Thank you in advance!!