All Forum Posts by: Valerie Hiscoe

If you have already been looking at places, you need focused information fast and advice on specific deals and tactics. You'll be very frustrated trying to get that kind of information at a weekend sales pitch. They will not only not want to give you answers without buying into their mastery program, they will probably also not know the answers. They are, first and foremost, salespeople with a specific course to teach.

@Paul Timmons above mentioned some specific steps above - there are a huge amount of resources available on BP that would cover the information at the fortune builders course. Instead of just hearing it once, you can go back again and again to clarify any aspect that you didn't fully appreciate the first time around. Most importantly, you can post questions about every specific deal you're considering - and you should. Every time you lay out the details, you'll be teaching yourself. And you're guaranteed to get the right kind of questions and feedback from people who DO this.

Look for a real estate club or meet-up in your area for inspiration and to surround yourself with people who are not only taking action, but who also have the CONTACTS you need. Real estate is very local in nature and you will benefit from their familiarity.

It sounds like you are focusing on flipping. The best investment you will ever make is to get 'The book on flipping' which, if you buy it on this site rather than Amazon, you'll also get 'The book on estimating costs'.

Best of luck with everything. 

For 'The book on flipping houses', click on the menu at the top, then education, then books and resources and you'll find it.

There's also an article on here called "The simple step by step guide for rehabbing your first rental" by @Ken Corsini that's great.

But if you really want to do it all the right way, get the above mentioned book, also from this site.  You will never be able to buy that amount of self-confidence any other way.

@Jordan Low

Oops. Accidentally sent before I finished the sentence.

Anyway - I'd worry more about making the main bathroom a little more appealing. The tile and vanity are great but if you changed the wall color and countertop to something with a little more depth, you can make that bathroom a little sleeker as well. The mirror and lighting are a little old fashioned and are little things that can change the style quite a bit. These small changes will address the challenge of continuity and allow you to make the style more seamless.

Love your vision! 

Hi Jordan

I agree with @Sue Kelly's response that a sleek shower is a perfect option for the master bath. As for specific colour and style, the focus is probably best on making the bath an extension of the master bedroom.  That being said however, it's advisable to have continuity throughout the house.  A color theme for example - different shades of the same beige or grey. Apart from that, you don't need to duplicate a certain tile or anything.

Your main bathroom has a lot of contrast in it.  The tiles and vanity being darker and the walls and countertop being light colored. The more contrast there is in a room, especially a small one, the smaller it will look. Instead of worrying about trying to get the master bath to match what's existing,  

From what I have seen, appraisals run on comps in the area according to three things: square footage, beds/baths, and whether the property is in 'not-good, standard, or good' condition.  If the improvements you have made would make your property qualify as "good" condition, then your only other options are looking at the other two.

'Good' is tough to define but it means that, right from the street, your property looks well-maintained and skillfully updated.  It doesn't mean that it looks modern or trendy. If the exterior looks good, the walls, flooring, countertops, electrical and plumbing look, as yours most likely do, recently replaced or repaired, then you have done what you can to ensure your maximum return. If you were putting your sale, that would be different because then, as @Justin Fox alluded to, your buyers will respond to your property on an emotional level and, yes, the woman, will care a lot about the bells and whistles in the kitchen and bath.

Two things jumped out at me though: flooring - you mentioned carpeting. If your flooring is a little here and a little there, it might detract. Two: although it sounds like you've acknowledged the importance of curb appeal, just make sure your front entry is appealing and paint is fresh.

Sounds like you're well on your way to another BRRRR (with a strong focus on the "Repeat" with that slush fund you have). Good luck!

Don't forget the V in the ARV. Value can be counted in more ways than just money. Your personal enjoyment has value as well, and with a principal residence - even if it's one you stay in for just two years - you should factor that in. You never know what the future holds. I vote do the spa in the master bath. Check used building supply stores to replace the fluorescent lights in both rooms though. Too nasty but cheap to change.

I have been looking everywhere to find where I recently read it but can't find it.  A list of 10 renovations not to do to sell your home.  The usual stuff like "don't put in a pool" etc. To my surprise one of the things on the list was "Don't take away from the closet to expand the ensuite". I kid you not. I would have thought the opposite but it's the "sell the sizzle" I guess. As long as you create a spa-like environment people will be able to imagine the potential for what they might want to do down the road. They might like baths instead of showers so tiling the shower could be a waste. As long as it doesn't detract too much, I'd save the additional time and expense and not give an opportunity for Murphy's Law to kick in. Lol. I guess the pivotal question is "Does it detract too much?"

There's a post called 'Too good to be true? - A quick property analysis' by @Brett Alphin that you can use the search key to look up either by title or Brett's name, that I hope you find as interesting as I did if you get a chance to look it over.

Best of luck!

@Joshua D. You make BP a great thing to be a part of! @Jeremy Corcoran, not only did you ask for advice, you followed it, going right out and getting the CMA that Joshua recommended. Looks like you can now seriously consider refinancing instead of needing to sell in order to expand your real estate business. Congratulations!!

Completely unrelated I know, but I have to say - putting in new carpet is like throwing your money away. For tenant appeal, easier maintenance, and an extended lifespan - everyone wants the look of wood these days. You have practical and economic options in laminate, linoleum (planks), and even tile to get that look. It might be worthwhile to take a look.

Painting the exterior and changing the flooring, as you made reference to, could change the bank appraiser's perception of the property from OK, to good, or from good, to very good. That's how the bank will decide on the value of your place in comparison to other similar properties, therefore how much they'll consider extending you. Might be worth doing before they send the appraiser out.

Congrats again on the gain!