All Forum Posts by: Tricia York

C- in my mind is replacing cabinets and fixtures in bathrooms and kitchen. Paint inside and out but little to no wall repair. Replace roof, fix soffits, and removal of a moderate amount of overgrown shrubs.

What apps/AI do you use to help inspire cosmetic changes to enhance property value?

 The most expensive part of the pool removal will be the fill dirt. The driveway needs to be fully replaced. My current plan is that the debris from the driveway can go into the pool. However, IF the pool could be saved, it would be a nice bonus here in hot South Carolina. I am not hopeful that saving the pool would make financial sense however. It is a jungle back there and I couldnt get close enough to see the extent of the damage. 

Find a job that pays enough to qualify for a conventional loan. You don't have to love it or have it fulfill your every dream. Then find a fairly decent cheap house. Rent out your extra rooms. Deposit the rent for future purchases. Never be late on a payment. 

Rinse, repeat.

Looking to do a fix and flip. While this is not my first time managing a major renovation, this one appears to be the most extensive one yet. Home is from 1960's in a solid neighborhood. I used to live in this neighborhood just a few years ago. The big ticket items that I see are that the floors are "springy". Anticipate joist issues and possible termites. Both bathrooms are total gut jobs. There is a huge hole under this plywood. Kitchen needs gutting and opening to other spaces. Paint and about 30% of floor finish replacement. Backyard has an old and possibly unusable swimming pool. Driveway needs to be replaced.

My past experience includes my first house in 1996. Purchased from a REI friend that was going to have to rehab house after bad tenants. Assumed his loan and did all repairs by myself with help of my dad. Yes, I even roofed it with my dad.
Second house (2001) was purchased by my husband and myself. It needed extensive updates and had water issues. Some work done by me but GC'd the rest. 
Current house (2021), added an ADU above the garage. It has been consistently rented as a fully furnished unit for nearly 4 years. It could easily pay our mortgage payment.

I am still looking at funding/investors. I have priced a bridge loan with several providers, but that would eat into profits significantly. I do have and Equity Trust Real Estate LLC but could use a partner to work the deal.

BP calculator done using rate sheet from best current loan offer.https://www.biggerpockets.com/analysis/flips/65402a1f-e516-4...

https://postimg.cc/gallery/cH5cYbv

Who do you love and why? Who do you avoid and why?

I am a new member in Florence, SC just an hour and half away.

My question involved modifications to the base lease agreement.

If I want to require all children who turn 18 to be subject to background checks to be continued to be allowed to stay in the property, where do I add this and how do I word it?

Secondly, if I want to restrict homebased businesses from being operated on the property it seems as if it could be covered by the topics of increase of insurance or hazardous activities. Many home based businesses are baked goods, t shirts, and such. How do you restrict those or do you even worry about them??

Here is the quote from an approved SC lease agreement.

"The individuals named as “Tenant” in Section 1 of this Lease and any of their children named in such Section 1 are the only individuals who may occupy the Premises, and the Premises may be used only as a private residence for those individuals. Tenant may permit guests to stay with Tenant in the Premises for up to ten (10) days. Any guest staying with Tenant for longer than ten (10) days shall be considered an occupant of the Premises. Any guests of Tenant must abide by the applicable terms and provisions of this Lease, and Tenant shall be liable for any acts or omissions of Tenant’s guests. Landlord must approve any change to those listed as Tenants in the Lease. If Tenant desires any change or increase to those shown as Tenants in the Lease, and provided any increase is not in violation of applicable occupancy codes, those individuals desiring tenancy must complete any application and approval process required by Landlord, in advance of any change, and after Landlord’s approval must execute a new Lease. If Tenant fails to obtain Landlord’s approval in advance of any change in occupancy, Tenant understands that this failure constitutes a Default as described in the Lease. Tenant agrees to comply with and abide by all federal, state, county and municipal laws and ordinances in connection with the occupancy and use of the Premises. No alcoholic beverages shall be possessed or consumed by Tenant, or Tenant’s licensees or invitees, unless the person possessing or consuming alcohol is of legal age. No illegal drugs or controlled substances (unless specifically prescribed by a physician for a specific person residing or present on the Premises) are permitted on the Premises. Tenant agrees to refrain from using the Premises in any way that may result in an increase of the rate or cost of insurance on the Premises. No hazardous or dangerous activities are permitted on the Premises. Tenant shall not use the Premises in a manner that may endanger the person or property of Landlord, co-tenants, or any person living on or near the Premises. Tenant agrees to limit use of the Premises to those uses consistent with the Premises’ clean, safe, sanitary, and habitable condition. Neither Tenant nor Tenant’s licensees or invitees shall be a nuisance or act in any manner that would interfere with the quiet enjoyment by adjacent property owners. This prohibition includes, but is not limited to, loud noises, loud music, noxious or unpleasant odors, and disruptive behavior or actions."

Much easier to digest with a little data visualization.