All Forum Posts by: Sam B.

@Alex Sanciangco  Thank you.

I would say a few hours a week now, yes.  A little more intensive on the first one as the team was still getting together.  Now that everyone knows the drill, it goes pretty quick with little input from me.

When I do get to spend a couple days in the area, I'm a little more involved but I would say that's still pretty minimal.

@Ryan Johnson  Commercial, 5 yr fixed, 25 yr am.  I was getting prime when I started, now paying prime + 1/2.  I'm happy to send you details and/or a personal introduction.

Thanks @Eric Holman  It's damn cold up here!

@Bruce C.  Thanks, Happy NY, I hope all is well on your end and moving forward with your properties.  Yes, I was familiar with the area and the gross rents vs purchase price often exceed 1.2% + major capex on-going and upcoming for the next few years.  

Update

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 Now rented for $1700/mo.

Property #4 Completing bathrooms and trying to find an in-stock rear French door that fits.

Plan is to have this one on the rental market by the end of this month.

Property #5 Appraisal came in well above what I needed, will only have to bring about $10K to close this deal. Appraisal also noted I was short about 250 sq ft short on my initial estimate (county records are also off). This equals about a $27k increase in overall value, a nice bonus to an already great deal.

Closing will be scheduled for approx. end of next week

Property #6 Exterior repairs completed, termite treatment completed, HVAC install on-going and we’ll start insulation and drywall installation this week, paint to start end of this week.

Property #7 Contractor went through Wednesday and it looks like I’ll be right about $30k all-in, perhaps a little less. Drywall repairs start this week, followed by paint, flooring and the new kitchen.

Property #4 Progress Photos

Property #6 Progress Photos

Update

It’s been a crazy last few weeks, juggling some extensive business travel, a new project assignment with my W2 job, relocating from Mexico to NE Maine USA, while still making business trips back to Mexico.

I love the travel and being constantly on the go – proving that I can manage these rehabs while maintaining a heavy W2 work schedule, albeit not without mistakes, is a fun challenge.

I flew back to Texas for a couple days this weekend to check on the rehabs, understand an evolving (growing) scope of Property #6, pay contractors and catch up with some local investor friends.

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 Still on the rental market for $1700/mo.

Property #4 Floors are in, kitchen is in, appliances are in. Finishing the bathrooms and cleaning the place up. Should be done-done in another two weeks. Working through the refi process now.

Property #5 Appraisal took place on Friday. Looking to close end of this month. Again, this house will be rented back to the owner until May and then I’ll take possession and start a light cosmetic rehab.

Property #6 The **** show continues with this one. After the roof was completed, I had to take down a couple of massive trees that were rotted out and were one windstorm away from coming down on the new roof. This cost $4.5k. Afterwards, as I obviously had a termite problem, I had remediation performed and during this, we started pulling back some drywall & siding to find multiple studs crumbling.

I haven’t completely nailed down the impact yet but I’m budgeting about $12k as we’ll be replacing at least some studs on every exterior wall that isn’t brick (the house is only ¼ brick).

Also, salvaging the old HVAC was a fail and I’ll run a completely new system for about $6.5k.

That said, we are moving forward with what we can. The rotted hardwoods have been demo’d out, house is dried out, and the mold has been removed. New flooring has been ordered and I’ve locked down the paint color. Granite quote came in well below estimates as I’m finally seeing some better pricing due to repeat business.

The action now is to finalize the scope growth numbers and get on the replacement of framing where required. Then treat for termites. Then insulation, drywall, exterior siding (where required), paint and floors.

Property #7 Seller was moving out this weekend, verified in person by myself. I took possession of the keys and my contractor will get in there Tuesday or Wednesday. Going to try hard to keep this rehab under $30k.

Property #4 Progress Photos

Property #6 Progress Photos

Awesome job @Carson Wilcox well done!

Thanks @Cullen Hairrell

I'm glad you've found these posts useful.  I stick to a few specific neighborhoods - I think I've purchased in a total of (4) zip codes during this challenge.  I have turned down good deals that were outside of my target area.  Specificity is important for me at this time.

Please note, I'm investing about 90miles East of you, in SETX.  Far better returns for rental properties although probably less long term appreciation and some may argue more prone to extreme weather.

@Eric Wang  Thanks.

I will not pull permits for drywall and minor plumbing & electrical work.  Yes for major plumbing and electrical.  

Update

Property #1 Rented at $1800/mo

Property #2 Rented at $1595/mo

Property #3 On the rental market for $1700/mo. Steady interest but it's a bad time of the year to find a tenant and this one may sit vacant for a few weeks as I want to screen carefully.

Property #4 Drywall complete, paint on-going, floors will start late next week. I'm working on the refi packet this week to get started with the new credit union.

Property #5 Finally got the loan approved yesterday, sigh. Appraisal to occur first week-ish of Jan. This will be my last loan with this credit union for the time being.

Property #6 The saga continues with this dog of a house. Roof replacement is complete but we had to replace a lot of rotted out framing in the process (see below pictures). Drywall repair, floor demo & paint to start first week of Jan.

I'm motivated to really make this one shine, given how rough it is and I'll need top comps to keep my equity margins.

Property #7 Closed last week using cash and the refi was approved yesterday with the new credit union, which is great. So probably 6-8 weeks out from getting my funds back on this one. Can't start until mid-Jan when the seller vacates.

Property #4 Progress Photos

Property #6 Progress Photos

Seriously awesome staging on that budget, would have never guessed.  Great job @Lee Yoder