All Forum Posts by: Tony Nguyen

Hey guys,

It sounds like it will be a case by case and not a blanket approach with each property. I will go ahead and analysis each property as I get them and only make repairs where it counts most. Good advice too from you guys about looking @ the returns more from a annualized point of view and not just property by property.

Once again, thanks for your help!

Hi,

I've been rehabbing homes for about a year now and have only been doing paint and carpet for more of my properties - very light rehab work. I've been learning about other investors around the country who do EXTENSIVE complete renovations and getting pretty damn good returns.

I am debating of changing up my game plan and spending more money on rehabbing for nicer properties. Not only for a better portfolio but also for top dollar. My returns have been mediocre (average 10-20%) and I'm wondering if I did more extensive rehab, will I make more money? Would love to hear your thoughts - thanks!!

Thanks CJ that makes total sense now.

Thanks again to everyone!

CHARLES - thank you for those methods. i will definitely keep those in mind.

JON - If I call on 300+ unit complexes to get numbers for my 10 units and under complex, would that still be comparing apples to apples? Some adjustments would obviously need to be made, but how do you go about doing that?

MARK - I will have use your idea of a recent college grad, good one!

Hey guys,

What's your most efficient way of finding rental rates? Shopping for an apartment complex right now and would love to know what kind of source you guys use for rental rates to run your numbers.

Thanks for any advance!

Andy,

Thank you for your insight. We've luckliy been turning our properties around, on average, in 3-5 business days (light rehab) and getting offers accepted in 30 DOM or less, close in another 30 days or less, so total holding time is realistically 60 days or less.

I will see how things turn out and keep you posted.

I just got an offer accepted by Fannie Mae. We bought the property @ REDC. The purchase price is 84k, ARV is 140k. There is a clause in the contract that says I cannot resale for more than 100k within the first 90 days of obtaining title. The situation is that they don't say what the penalty is if I were to do sell it within the first 90 days.

When buying properties as REOs from the MLS, theres a FM addendum stating that if you sell within the first 90 days, there's a $5,000 penalty. I would be more than happy to pay the 5k but the contract I currently have with the REDC property doesn't say anything about it.

Any of you guys ran into this yet? How'd you get around it? Would love some feedback. Will also keep you guys posted as to what happens.

google Wrenn Insurance out of TX.. I've gotten prices from $50 - $125 /month from them before depending on the property. i still use them now. good luck.

Bryan - Is there a specific person there that you use so that maybe I can give you credit for the referral? I plan on calling within the next few days in order to establish a relationship and proceed with a project.

Thank you.

WOW!

This post is amazing. I'm learning so much here. The guy is right, this site is better than most of the stuff you see at Barnes!

Anyways, so my next question to you guys is HOW DO I PROCEED WITH FINANCING? For example, which banks are you guys using in todays world and how much down payment are the banks expecting?

Again, thanks for any advice you guys can provide!