All Forum Posts by: Terrence Guthridge

Never even crossed my mind they could be illegal immigrates. I was more so giving a few suggestions on how to build a network of contractors and not letting language, race etc limit your search. Maybe I’m just naive for thinking a licensed contractor in my state who’s able to pull permits is here legally. Il ask for more credentials next time. Thank you for making me aware. 

Now that you know what you want to do with your property the First thing you should do is go to Home Depot, Lowe’s etc to scout contractors. Any body you see buying a lot of flooring material introduce your self in ask if they have a business card. You see a group buying a lot of 2 by 4 and drywall introduce your self in ask if they do demo work etc. ask them to show you pictures of there work. If some contractors don’t speak English use google translator. It’s free to have contractors come give you a quote so get as many as you can. Be patient in you’ll meet your budget. Keep grinding, good luck!!

 thank you.

Cool. I had it for a year but I completely rehabbed the house. Il send you pictures now

As of now yes. But, once I figure out how refinancing etc works I plan on expanding. 

With labor and material I would say about 3k to turn the attic into the bedroom and bathroom. I see 2bedroom 1 bathroom going for about 900-1k a mouth. So I would say I added about 350 a month in rent 

Is it possible to combine it with other properties I have? In do loan on the portfolio?

Investment Info:

Single-family residence buy & hold investment in Warrington.

Purchase price: $6,100
Cash invested: $48,000

3 bedroom, 1.5 bathrooms. I’m a local investor from Detroit. One thing I’m learning is that if I show my tenant I care about my property, they will care about my property. My rents are higher than most but people are paying.

What made you interested in investing in this type of deal?

Adding value not only into my property but hopefully the surrounding properties.

How did you find this deal and how did you negotiate it?

Google.

How did you finance this deal?

Personal savings.

How did you add value to the deal?

I turned the attic into a bedroom, and added a half bathroom.

What was the outcome?

I was able to increase my rent 200 dollars more a month.

Lessons learned? Challenges?

Waiting on appraisals to see if I invested to much.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Currently trying to find lenders for a DSCR loan