All Forum Posts by: Tyler Jahnke

Hi @Eddie T. and @Tim Puffer - I will post what I have as far as pictures go. Have had a pretty busy holiday season!

@Joel Owens - Thanks for the very in depth insight on each question I posed. I really appreciate it!

The last communication I had with Morris Invest was on 12/28 when they stated they were gathering answers from the crew. I will keep everyone updated! @Eddie V.

GREAT article on BP posted today that completely answers my questions on WHOLESALING:

https://www.biggerpockets.com/renewsblog/simple-wh...

Thanks BiggerPockets!

-Tyler

UPDATE TO MORRIS INVEST CASE STUDY 2.0

December 22 (RECAP) - Received final closing package with all signed documents. Also received the Scope of Work: roof repair, exterior paint, replace rear siding, new exterior doors, new gutter, soffit and fascia repair, clean and seal basement, electrical repairs and new breaker 100 amp breaker, refinish hardwood floors, new vinyl kitchen floor, new furnace and duct work - Estimated $9,100 total.

I responded with following questions:

1. What is the expected start date and completion date of construction?

2. Can you provide both BEFORE and AFTER pictures of each item on the scope?

3. Please provide further details on each line item:

-Roof repairs: Are you patching or replacing?

-Exterior paint: does this include facia, soffit, windows, and doors? Are you sanding/priming? What color?

-Exterior doors: what quality doors are you putting in? are you changing the hardware?

-Gutters: are these galvanized?

-Vinyl floors: are you doing solid vinyl?

-Hardwood floors: are you doing a sealer coat? how many top coats?

-Furnace: what brand of furnace? is it high efficiency gas? how many BTUs?

4. What are the warranties on the work?

5. Does this contractor have insurance?

6. Do you sub out the work?

7. Are you installing new smoke alarms?

8. Does the garage need any work?

9. What appliances are in the house?

December 28 - With no response to my questions through the Holiday weekend, I reached out for an update and status. Here's the email I received:

Hey Tyler

I hope you are enjoying the holiday season!

Your property has already begun construction and it typically takes about 6-8 weeks to completion, weather dependent of course.

I am gathering detailed answers to your questions from the crew and as soon as I have the answers I will forward to you. Thanks!

That was obviously not the response I was expecting, considering I didn't approve construction or receive answers to my questions.

December 29 - Received a THANK YOU CARD and CAKE from Morris Invest for closing. Very nice touch from @ClaytonMorris.

@Phil Van Dyke - Very good options here with $50K cash. I will be looking to implement the BRRRR strategy @Brad Noe suggested for my next investment to expand my portfolio faster with less of my out of pocket money.

I've also used the strategy @Dan Close brought up by buying a property all cash free and clear. Decide what's best for you and determine how much risk you're willing to take. Obviously, if you use this last strategy you're "putting all of your eggs in one basket."

-Tyler

@Ronald Perich This post is sure to stir things up a little with that title! I love it.

Awesome @Jon Potter Best of luck to you in 2017! Keep us updated on how your buy and hold goes!

-Tyler

@Brandon Cook - A quick resource for determining rent: https://www.rentometer.com/

Type in your address and see comparable rents. Definitely should speak to people familiar with the neighborhood, but should give you a good overview.

-Tyler

Great to hear @Jeff Schechter Thanks for chiming in!

Thank you @Brandon Stevens for the support! I am really amazed how strong the BP community is. It really is a COMMUNITY providing amazing support.

Like you said, maybe it works, maybe it doesn't, but either way I'm LEARNING A LOT!

Happy New Year to you!

-Tyler

Hi @Par Attaran - Just to clarify with everyone on this post regarding the rehab costs: I am not paying for a FULL REHAB at $9k.

The house I closed on is already in decent shape and doesn't need a new roof. I'm putting in a new furnace with duct work, new front and back doors, refinishing the hardwood floors, exterior paint, new breaker box and electric, new gutters with soffit and fascia repair.

Happy New Year!

-Tyler