All Forum Posts by: Taylor Jennings

@Tom V. Tile floors would likely be too expensive for C Class. What we did was aligned ourselves with what these hedge funds were buying in Indianapolis. So our vendor has plenty in stock if we ever need it in the future.

It's 36SF/box and runs us $2.80/sqft and that includes install. We will be using the same stuff in the dining, kitchen, and bath.

Nothing is sexy about the house. It's C Class so the planks should add a little something to the appearance.

@Michele Fischer Nice tips.

I was told by another investor not to do the dishwasher or garbage disposal bc it's one more thing you're going to get maintenance calls about?

I figured a solid training in the beginning would help with making it clear on how to use those things and not to break them.

Planks in bedrooms too? Man that would be expensive to do them all over... We are doing a 16# nylon carpet with a 3/8 pad in living areas @ $1.21/sqft.

@Michael Seeker Great point.

The formula is for cash buyers, though I didn't think of the appraisal like you mentioned.

We were thinking of other exit strategies in the future and if we were to sell the house FHA then that would definitely be something we would need consider.

Thanks for the nugget!

We are doing our first C Neighborhood rental and are estimating ~$650/mo for a 2bd/1ba/1300sq.

I was told if I put appliances into the house then that generally will get us a bit more in rent/mo. Understandable, but I also hear people frequently steal these appliances if they are evicted or leave.

Secondly, I am considering putting wood vinyl planks throughout the living space which would cost an extra $1200 to do.

We are a little below our budget for the rehab and was wondering if this could bring in an extra $50/mo in rent?

Any other suggestions would be helpful!

My theoretical formula for selling the houses turnkey would be: Rent Rate / 0.0125 = Sell Price (Conservatively)

So an extra $50/mo would be an additional $4k in sell price.

@Bryan L. What type of food do you feed your Realtor? 1 cup of food or 2?

• Creating standards
• Steps in rehab process
  • I use the 50 steps from FLIP to reference
• How to manage a project
• Creating systems for managing
• The steps in getting the house either staged or sold
• Obviously how to estimate rehab on a house
  • In accordance with this, how to figure average pricing for most common work needed (ie paint, flooring, mechanicals)
• I'd want to see several houses walked through in the video and to be challenged in figuring out what needs to be fixed up
  • We were thinking about gamifying this and allowing REIs to do this in an interactive way

@David Rollen welcome! Congrats on your first step towards Real Estate Investing by starting to communicate with the REI community =)

I would recommend: http://www.biggerpockets.com/renewsblog/2013/05/03/driving-for-dollars-bible-part-1/

then go to Part 2.

You can create a mailing list and find ways to send letters out for a minimal cost if you're boostrappin'. To figure out how you can find strategies by searching BiggerPockets.

If you send out 100 letters based on the mailing list you created through driving for dollars then I promise you will get a few calls.

That would be a great way to get started.

If you have any questions after receiving those calls just jump back on here and post another forum question.

@Nathan Joens

Podio is great for CRM.

Rentometer works well for determining rent rates, but I would add that in with zillow estimates.

I use Google Track (Android only) for driving for dollars.

ContactMonkey is great for tracking emails in Google.

MailChimp is nice for creating mailing list campaigns.

I use YouTube to upload property videos, but make them unlisted so you can only access with a link.

Evernote, duh.

Google Sheets has been useful.

Obviously some sort of cloud service, Google Drive, Dropbox, Box, etc.

Google Voice is good.

Oh and the BiggerPockets analysis tools!

@Robert Molloy

• Change the logo to (1) Oak leaf or a logo that doesn't cut the leave's ends off
• The site looks really clean. Nice work on that.
• Center the three buttons below the banner
• http://www.washingtonoakinvesting.com/need-help-selling-.html
  • If you're not a realtor then I would be careful telling somebody you can help them find a buyer. Actually I would highly recommend you take that out entirely
  • If you're wholesaling then just say "We buy houses" because that implies you are/have buyers. If I said "I" Buy Houses then I feel that is a little misleading if all you're doing is assigning the contract.

Here is what I'm looking to do:

• Sell Turnkey properties to buyers direct
• Sell properties online which won't involve representing anybody
• Selling properties retail on MLS like a regular brokerage
• Property management

The thought was to have my brokerage incorporate (but as an S-Corp or just LLC?) then to create another division beneath it for property management and potentially retail sales.

I don't have any partners for the primary brokerage, but it may be a consideration in the future.

I'm not sure what to set the company up as in Indiana... Any questions about the structure of the company or suggestions are appreciated!

I live in Indianapolis.

Thanks so much.

Not having access to big data (ie accurate rent rates, what neighborhoods are good to buy in, etc)

And having to create systems as you move along.

Oh and having people respond to emails.