All Forum Posts by: Bill Goodland

@Chelsea Wallace probably not what you were looking to hear, but if you’re renting in an A- neighborhood, I think that’s what’s going to rent your place and not your cosmetic upgrades. My househack is in a desirable school district with almost no affordable rentals, so I just posted a unit at what I thought to be a ridiculously high rate before I was planning to rehab it and ended up not bothering because of how much interest I got. Remember, this is an investment, not your primary residence anymore or a flip. Best bang for your buck in the bathroom though would be new shower fixtures or just shower head, either new vanity hardware or an entire new vanity all together. Lastly, I wouldn’t spend a ton on tile work, if you already have tile I would considering reglazing it or if it’s a tub surround reglazing it white. They sell kits, but honestly a few coats of rustoleum white paint would get the job done too

@Erin Dorsey Robinson you make money by creating value. Do you mean a million dollars in net worth? Or a million in cash? If we're talking real estate, the fastest way to a million would be to BRRRR commercial properties and if cash, probably flipping. If we're talking outside of real estate, fastest way to a million in net worth would probably be to start a business that get an infusion of venture capital money that would not allow the level of your equity in the business to be over a million. Fastest way to a million cash would probably be to buy a business, turn around it's operations and exit via a sale.

@Kevin Paglia I would highly suggest avoiding a big rehab for your first project. Contractor quotes are almost always astronomically higher the first time you use them and come down with experience. Start with a below market deal that only needs some paint, flooring and fixtures. Easy cosmetic updates can go a long way for building equity.

@Tony Robinson looks awesome. Mind sharing what that 55k rehab consisted of? Seems a bit steep for the paint, flooring, bathroom and kitchen work I can see from the pictures.

Hey man, I’m a PA too. Just got my first househack. It’s a lot of work but definitely worth it. I would boot strap a rehab on your current place to boost the value and sell it to househack something that makes sense after you graduate. Haven’t gotten one yet but student rentals make a ton of sense.

@Abel Curiel awesome insight man!

@Marcus Koonce never hurts to start, but if you don’t have financing lined up I wouldn’t bother wasting sellers time. You may be better served getting a partner involved beforehand. If you haven’t been learning for that long yet, I would legitimately recommend reading at least 5 real estate books(free audiobooks from public library) and listen to at least 100 podcasts. It may seem like a lot, but if you’re not ready for your first deal and you jump in before being educated it may be your last

@Marcus Koonce nah dude, there’s so many free resources out there. If you want to network, go to free meetups. Listening to every BP podcast was better than any book I’ve read or lecture on real estate that I’ve been to

@Marlen Weber @Kelsey Tanner thank you both! Looking forward to the next one!

@Basit Siddiqi yeah, I actually started really low at 260k with 6% in sellers assist. Then after a bunch of back and forth, my agent got the sellers agent to admit they wouldn’t go lower than 300k net. After talking to my lender @John Capehart , he did a really good job estimating my closing costs of 14k so I just offered 14k above what the sellers were looking to net to have my closing cost included in the purchase so I could bring less to the table. Deposit of 3k, inspection was like $800, maybe $600 for an appraisal and then brought a little under 8k to the closing table.