All Forum Posts by: Sean Rooks

Nice job @Skyler Mckinney!

Ryan, 

I'd partner with someone doing what you want to do who normally pays a contractor but go in on the deal. Then you can learn  the strategy side by side, earn a share of the profit, and bring the contracting experience to the deal!

@Paul Allen is a real estate conscience CPA in Va Beach that may be able to help.

Looks pretty good. Others might know better for pricing. But I've seen:

Windows: $300/window ($150 material, $150 labor)

Flooring (Vinyl): $5/sqft (2.5 material, 2.5 labor)

@Kevin Sack yes we did achieve those rents. Additionally the tenants agreed to pay it upon their move back in after the renovations. The one vacant apartment rented out within 2 weeks. Wish I could have found room for a 4th unit in the attic, but in the end it looked like it would have been too costly for the return. 

Tends to be between 8-10% around here with a placement fee. Haven't seen any discounts for multi-family, but a PM here may be better equipped to answer that portion of your question. 

2nd the @Patti Robertson plug. 

@LaTonya Snow we found ours on Thumbtack. But if something changes, I'll keep you in mind!

Dollar Bank is also a good option if you'll have it in your name. They are trying to break into the market and usually about .25% less than everyone else, however they will only do 70% of ARV on the refi. PM me for contact info.

I would just factor it into your costs. If the numbers work, the numbers work. Just have a reserve ready in case the worst happens. I currently have a primary in a flood zone, and it hasn't been a problem yet. Just higher insurance costs. Additionally an elevation certificate will be require, which could help the insurance cost if the home is built up on a higher foundation to mitigate the risk, or maybe just the garage is exposed to potential floods. 

Like Brandon Tuner always says on the podcast, he never thought hard money would work, until he just started factoring it into his analysis. Then if the numbers still worked, its still a deal. Happy hunting!