All Forum Posts by: Sam B.

Update

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 Now rented for $1700/mo.

Property #4 Complete except for rear french doors. The refi is verbally approved, just waiting for the appraisal that should be coming next week (week of 11-Feb). A little bit of drama with the new bank and getting everything together to make them happy. This is my 2nd refi with them and it definitely has me missing the relationship I had with my first bank.

Property #5 I signed closing papers and 2 of the 3 sellers have signed, the 3rd one is a mail away. Rehab on this will not start until late May. Already rented back to the seller.

Property #6 Paint mostly complete, kitchen paint is just about done, just need to start reinstalling the kitchen cabinet doors and then install new hardware. Flooring should start end of this week. I feel a lot better about this property after walking it yesterday with my contractor. The opened up kitchen to the now enclosed former porch, now dining room, looks fantastic. Once we finish with the light cans, flooring, granite throughout including the huge kitchen island, the property will look great. I dropped off the vanities this morning as well as toilets, sinks, mirrors and some other misc bits and pieces.

Went over budget a bit with my electrician. I need to replace him as he continues to go up in price and he’s pulled a couple shady moved in the past. That said, at this point, he shows up promptly and gets the job done asap, so I’ll ride it out for these last two properties. Updated photos shown below.

Property #7 Kitchen is in, waiting on granite. Finishing up bathrooms. The paint and floors look fantastic, I think I finally nailed on the perfect grey (Repose Grey Sherwin Williams #7015 if anyone is interested). It’s light enough that it goes well with the dark floors but can also be used with lighter grey floors. I love it.

Updated photos shown below.

https://www.sherwin-williams.com/homeowners/products/SW7015-reposegray/7015#/7015/?s=coordinatingColors&p=PS0

Property #6 Progress Photos

Property #7 Progress Photos

@Bruce C.  Sounds good, still really good numbers even through all the headache.

I'm flying into IAH tonight, will be in Beaumont all weekend, if you happen to be in the area.  Or if I end up back in Houston, I'll shoot you a PM and we'll have to get together for some lunch.

Keep the photos coming and congrats again on the appraisal.  

@Bruce C.  Now that's what I'm talking about with Property #2, nice one on the appraisal!  

You made $61k in equity AND have a cashflowing asset.  Great job.

Good luck on Property #1 - what's the target to get that one squared away and finished?

Property #7 Scope of Work Details

Complete interior paint inside, baseboards, new flooring throughout entire home, brand new kitchen cabinets & granite. Bathrooms - new vanities, tub/shower refresh, new flooring, new toilet. HVAC minor repairs, going to try and keep this going for a couple more years. Minor plumbing and electrical (lighting, fans). Minor roof repairs.

Paint all-in @ 4000 (labor & materials)

Flooring Install all-in @ 5000 (labor & materials)

Floor Baseboard all-in @ 1200 (labor & materials)

Kitchen Cabinets + Granite all-in @ 5300 (labor & materials)

Kitchen Sink/Faucet all-in @ 300 (labor & materials)

Bathroom Rehab x2 Cosmetic all-in @ 3200 (labor & materials)

New Lighting Interior/Exterior all-in @ 2500 (labor & materials)

Exterior Siding Repairs - minor all-in @ $2000 (labor & materials)

Minor HVAC Repairs all-in @ $2000 (labor & materials)

Minor Plumbing all-in @ $1800 (labor & materials)

Minor Roofing Repairs all-in @ 700 (labor & materials)

Misc all-in @ 2000

TOTAL @ 30,000

Update

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 Now rented for $1700/mo.

Property #4 Complete except for rear french doors.

Property #5 Scheduled to close next Friday. Rehab on this will not start until late May. Already rented back to the seller.

Property #6 Drywall nearly finished, paint to start Monday.

Property #7 Minor drywall repairs completed, minor roof leaks patched, paint complete, floors nearly finished. Kitchen going in next Thurs/Friday. Detailed scope of work to follow.

Property #7 Progress Photos

Not your first one.

@Bruce C.  I want to get most of these mortgages paid off in the next 5 years.  It's a personal decision, not a part of this challenge and not required but that's my plan.

@Aaron Hunt Thanks for the comment.  It sounds like you're well on your way and are certainly ready to go non-turnkey.  As always, holler if you have any questions, happy to share whatever I know.

@Enrique Huerta  Sounds good, thanks!

Thanks @Rick Johnson

My personal plan includes debt paydown over the next few years, so a market crash doesn't really concern me.  

In addition, due to the equity made, it would take a hell of a market crash to make me breakeven, much less underwater.  I'm not saying it's impossible but not reasonable and not something that I concern myself with.

As posted earlier in the thread, this market is very recession resistant and values didn't take a large hit during 2008.

And at the end of the day, if we really do see a serious correction, I'll start a "Buying 20 houses this year" thread and take advantage of the sale.  

Termites be damned!  Thanks for your comments @Rick Johnson

Thanks @Sheldon D. Cummings

Cool to see such a response from the community.  I've certainly made some mistakes along the way and have learned a lot - the hard way (best way).  Thanks all for posting up.

@Theresa Harris  Thanks, I'm looking forward to having #7 finished as well.  And then take a long vacation, probably on a beach and probably with a lot of Mexican beer.

@Chris Maurice  Thank you!

@Simcha Davidman  Thank you.  Yes, I have an existing portfolio of single family properties in Ohio.  I built that portfolio long distance while I was working in remote British Columbia and then Indonesia.  I have a great team on the ground that helped me cut my teeth and prove the concept.  But it all started with one agent and one awesome dude I met here via BP, a plane ticket and a few days in Ohio see the area and understand what I was getting into.  

@Eduardo Sanabria  Thanks, I appreciate the feedback.  I'll stop as I really don't need to keep growing at this point and I look forward to transitioning into debt pay down mode.