All Forum Posts by: Vincent Townsend

Originally posted by @Amanda Swetman:

So when you say long distance, you mean you do not live in the area of the rental? How long did yall stay in Oregon to do some of the rehab yourself? And have you gone through the refinancing process yet

 Hey Amanda, yes currently we live in the California Bay area. Its about a 6 hour drive to the property. It took us about 1.5 weeks average 10-12 hours a day. And I just started the process.

Originally posted by @John Acheson:

Congrats! What were the APRs on the mortgage vs. refi? What was the appraised value before and after?

I believe were at a 5.25 APR. And appraised Before 110k now should be 135k-145k. Were going through the refi now.

Originally posted by @Josh Patel:

Congrats Vincent, wish you many more future success. Quick ques! how did you buy this property in LLC or own name and how are you planning on refinancinging under your name or llc name?

Hey Josh,

We purchased it in our names. Were going to refi it in our names as well. With some of the money we get back from the refi well be getting an LLC established and getting positioned to buy more properties.

Hey, it's a residential. I just want to be a professional as possible.

Hi BP, I'm doing my first refinance soon and had a few questions. I often hear Brandon talk about him and his wife putting together a packet when going to talk to lenders. Is there a place on BP that lists out what that packet should have? If not, what should go in the packet/presentation? Also should I have an appraisal done before going to lenders, or is that something they do? Thank you! -Vince

Hey @Brent M. I know of a few cash flowing properties that are cash only in the area, Ill send you a PM

@Brent M. Yeah there are a lot of home in that market that have sat. We looked at a few that have been on the market 100+ days. I'm not afraid of them. A lot of gentrification is going on in the area. Just between July and now, many of the neighbors I've talked to as well as the tenants have mentioned how much better it's getting. I replied to you PM, let's chat more and maybe we can work on something together!

@Josh C.

Josh C. Actually we used a paint kit that is meant for counter tops and shower tubs. It's about $70 a kit and it turns you're old shower tub into a new looking one. You roll it on and it has a sealer.

Hey BP, Im super excited to share with you my first deal! I'll include as may before and after pictures and I can.My brother and I partnered on the deal and got a standard loan with 20% down. This is a long distance rental.

Our first property was a 2 bed 1 bath in southern Oregon. We bought a home "on the other side of the tracks" that most people wont touch, but in talks with the city the area is having a lot of money put into it. Both my brother and I are electricians and have worked in construction a long time so we didn't have any issues with the rehab. When we purchased the property it could haven been rented out "as is", but we are doing the BRRRR strategy and want to refi now that it's complete and buy a few more in the same neighborhood.

I'm a little late on posting this because of the weather, we first were going to paint in July but its was 105F that day. We did all internal rehabs after purchase in July of 2017, but recently finished up paint a few weeks ago.

Numbers:

Cost: 

Asking 115,000 

Purchase Price 110,00

ARV 135,000-145,000

Closing Costs 3,600

Rehab costs > 7,000 ( we did most of the work ourselves)

Mortgage 605

Expenses >400

Rent 1,200

Rehab included:

Painting interior- home interior was originally 7 different colors. Not its only 2.

Bathroom- New toilet and Shower has been painted.

Floors- Hardwood refinished, and kitchen lamnit replaced.

Kitchen/Washroom- All cabinets replaced and handles painted. Wall paper removed, refrigerator installed and washroom sink installed/plumbed.

Front yard- Fence installed, walkway laid out and grass redone.

Backyard- Walkway installed, RV parking now has gravel, sprinkler system installed.

Doors- New doors put on front, rear, and garage entrances. Garage also got a new roll up door.

Exterior- Painted and not UGLY 1950's blue anymore.

The southern Oregon market is wonderful, we had this place rented before we were done rehabbing and the tenants offered to double to deposit if they could move in early. We have been fortunate to have a good property manager as well. We have another 3 properties we are looking at but need to work out the funds. If anyone has questions I'd love to answer. This is my first property so I may have left out some information.

I have a lot more photos of the interior but the keep turning sideways when I post them. If anyone knows how to fix that, ill upload more photos.

-Vince Townsend