All Forum Posts by: Tyler Sharrett

Robert, I also read @David Greene's book and still go back to re-read chapters as I get into different phases.  We are in Colorado, investing in Kansas and Florida.  We started with a Realtor/Broker, and a property manager.  We have reached out for bids and a few projects but only recently started our first deal.  We went with a contractor highly recemmended by some friends who recently had a larger house renovation completed.  He is probably a little higher priced than average but I felt more comfortable paying more in the beginning to build a relationship.  He went to 3 houses which we did not end up buying, so I am glad we have one for him.  

Let me know how your journey is going in LR. 

tyler 

We are in the starting phase as well Joseph.  We live in Colorado but are from Florida, up in the panhandle (Ft. Walton Beach). I don't have many connections down near Largo but with the internet anything is possible and Florida is always a good place for long term.  

Wow! First let me say thank you to everyone who has already responded, that is so cool to see.  I can already see that I need to tighten up the estimates.  @Jason Lavender, thanks for reaching out, I would like to connect and see if I can learn some things about the area.

 @Shane H. I can PM you his info. Anyone else who wants to PM me as well I can pass our broker’s email.  

@Jonathan R. Thank you for the input, I felt like we might be a little high as on the rehab as well.  The contractor has done work on a couple of our Air Force friend’s places and he was highly reccomended.  However, this is an area I want to get better at for sure.  He did not itemize his bid, he said he will itemize more soon.  His bid is for 24500 but we are paying for floors, paint, cabinets, bathroom materials and appliances separately.   So far, we have all those items in a shopping cart for 6k. 

The rehab will include building out a new bathroom, a complete remodel of the original bathroom and remodel of the kitchen/living room, flooring, install, new electric, and plumbing updates. 

@Jack Inman, To be honest, I got 80% ARV from an FHA website. I will call our banker today. I should probably leave 75% in the calculation for now. I like the numbers either way for our first one. Anything I can do to stay conservative, I should do. Thanks for the input.

@Tanner Marsey, I though,the experience on Auction.com was good.  The closing delayed a day or two because the closing agent fell ill and went MIA for a bit,  that was frustrating but everything else was as good as could be expected.  I only followed the bid up one time beyond the opening bid.  I have bid on a few more and it seems that the bank will auto-bid up after my bid.  This one, they did not do that even though the reserve was not met.  It took Wells Fargo two days to accept my bid offer after we “

Wow! First let me say thank you to everyone who has already responded, that is so cool to see.  I can already see that I need to tighten up the estimates.  @Jason Lavender, thanks for reaching out, I would like to connect and see if I can learn some things about the area.

 @Shane H. I can PM you his info. Anyone else who wants to PM me as well I can pass our broker’s email.  

@Jonathan R. Thank you for the input, I felt like we might be a little high as on the rehab as well.  The contractor has done work on a couple of our Air Force friend’s places and he was highly reccomended.  However, this is an area I want to get better at for sure.  He did not itemize his bid, he said he will itemize more soon.  His bid is for 24500 but we are paying for floors, paint, cabinets, bathroom materials and appliances separately.   So far, we have all those items in a shopping cart for 6k. 

The rehab will include building out a new bathroom, a complete remodel of the original bathroom and remodel of the kitchen/living room, flooring, install, new electric, and plumbing updates. 

@Jack Inman, To be honest, I got 80% ARV from an FHA website. I will call our banker today. I should probably leave 75% in the calculation for now. I like the numbers either way for our first one. Anything I can do to stay conservative, I should do. Thanks for the input.

@Tanner Marsey, I though,the experience on Auction.com was good.  The closing delayed a day or two because the closing agent fell ill and went MIA for a bit,  that was frustrating but everything else was as good as could be expected.  I only followed the bid up one time beyond the opening bid.  I have bid on a few more and it seems that the bank will auto-bid up after my bid.  This one, they did not do that even though the reserve was not met.  It took Wells Fargo two days to accept my bid offer after we “won”.  

Hello BP, I have been nervous to post but it keeps coming up in my mind as the right thing to do from a contribution stand point and maybe to get some outside input. My wife and I have been "real estate investors" for a little over a year. In that year we have planned, schemed, analyzed, offered, inspected and FINALLY, we have a house to show for it! It feels really good even if it's not the greatest deal in the world, its OUR deal. Its a long distance BRRRR plan so I figured maybe I can keep up posting along the way and others can laugh and learn with us.

The house is in Wichita KS.  We chose this market for rental-price:home value ratio, my wife grew up in the area and it is quite a bit cheaper to get in to than here in Colorado.  We have established a trusted broker, a property manager and a highly recommended contractor.  I purchased the house from Wells Fargo, via Auction.com somewhat my accident.  I call it an accident because I hadn't actually cleared the bid with my amazing wife/business partner. "Hey honey, I think I am gonna be the winning bidder on this one..."  'You what??"

Our Broker was also surprised but has been amazing with it.  He has become our spokesperson and conduit for many other admin functions.  HIGHLY recommend him if you want to invest in Wichita, KC or Houston.  A few nights ago the house was broken into.  They smashed up the back door frame and made off with the water heater and left only a can of Skoal in exchange.  They also moved the kitchen sink into the garage, maybe to get it another night? He filed a police report,, boarded up the door and called me to fill me in.

So, we start the rehab next Monday and I will try to keep this thread running throughout.  Thanks BP for everything!

Tyler

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*This link comes directly from our calculators, based on information input by the member who posted.

Hello Orlando,  your post is a bit old but we are just getting going in Sedgwick country and surrounding areas.  

Tyler

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*This link comes directly from our calculators, based on information input by the member who posted.

This is an incredible thread! I thought the initial post was absurdly naive and would surely get laughed out of the forum. While there is a little of that there is also much more knowledge and hope than I expected. That speaks so positively for the crowd here. I’m a newbie and it’s inspiring to here all the support and positive feedback to a seemingly ridiculous scenario. I quickly talk myself out of “big deals” daily thinking they are only dreams and not realistic. This actually makes me want to look at them even more. It’s like a workout for creativity! If I can offer any substance... Dream about the home run. BUT, the fundamentals have to be right first. for that you need reps, good reps. Hit lots of singles and doubles and soon you will get that meatball pitch and take it long! Thanks all and thanks BP.

Hi Dalton and all. I just moved my family in to Castle Rock and my wife and I are anticipating getting out first multi-family before the end of the summer. We plan to start investing in FL because of our network on the ground there. However, it would be great to start finding deals in CO as well. Can’t wait to start going to meet ups. If anyone hears or knows of any, please let us know!