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🛠Yesterday was the start of our home remodel! T

🛠Yesterday was the start of our home remodel! The crew came by and moved all the furniture to the PODS and packed up all our belongings for us as well. They spent the entire morning removing the laminate floors and all the baseboards - I'm impressed with how fast they work. Can't wait to get the new LVP floors in!
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Note: We are remodeling our home due a pipe that burst behind the wall, damaging a section of the floor. Since we had laminate floors, the water destroyed it completely.
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We are fortunate to have good insurance coverage during this unforeseen event. Insurance will be paying for the entire floor replacement since the floor runs throughout the entire downstairs living space #thanksinsurance 🙏🏻
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #assetprotection

Haven't had a chance to update on this most recent

Negotiation has finally closed for this next #BRRR

Negotiation has finally closed for this next #BRRRR deal 🏚 Placed this one under contract ABOVE asking price just a few hours after it hit the MLS...and 2 weeks later - a signed final acceptance of $45,000 cash deal... $15K LESS than asking price!
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Here is where I used speed & a little bit of psychology to get my offer accepted...
1️⃣ It's okay to offer over asking, especially in a sellers market. Low ball offers don't always work. Higher offers will get the seller excited & act on their emotions, especially if it's a cash offer w/ short inspection period. Some sellers just want to get rid of the property, they don't want to entertain another buyer, so they rather work with the current offer/buyer than to lose the contract.
2️⃣ I still requested a 10 day inspection. I do a full home inspection: don't forget sewer and windows. I want to make sure I know exactly what I'm buying and don't want miss anything because "I didn't know" or "oops didn't check".... if I didn't check it, it's on my contingency. Learned this from my past rehabs.
3️⃣ Once I get the inspection results back, it's now time to go back to the seller & negotiate & get the deal I want. I'll bring up items that are pretty significant. Sewer, foundation, roof leaks, hvac etc. If it's not an As-Is sale, all negotiations are fair.
4️⃣ In this property - We asked for a $20K price reduction (over estimating worst case scenario) and surpisingly got it! Never hurts to ask.
5️⃣ Be ready to walk away if the numbers don't work. I like to be at least 1% rule all in with a $10K contingency. So if my all in is $75k - I add another $10K for "oh crap, didn't see that coming." And if it meets the 1% rule and close to my 75% of my ARV, then I'm golden.
6️⃣ My rehabs are not lipstick on a pig, they address all major components. I make sure all mechanicals are working/have at least a 5 yr life span. If not, it gets replaced or included in my $10k contingency.
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Hope these tips help you land your next deal!

First offer of the year in! The market is super ho

First offer of the year in! The market is super hot and all inventory is overpriced and selling above asking. Darn those crazy out of state investors 🙈🙈 So when this came on the market - I had to act quickly.
➡️Listing showed up at 6pm in my mail notification
➡️ Forwarded listing to my awesome realtor at 6:01 PM
➡️ Offer submitted at 7:16 PM
***I changed my mind an offered $2K above asking to help seal the deal.
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Most of my deals have been from the MLS. Here's some tips that worked for me.
✅I get notifications sent directly to my email with any new listing, price change or back on market
✅ I put an offer in immediately if the numbers work and I'll dilly dally and go over small details later
✅ If the numbers work and it's a hot market, I will offer a little over asking (because a few hundred or so won't break the deal if it's a good one to begin with)
✅ I always do an inspection. Always! Full scope, with a professional plumber and hvac person coming out to do a check up and run a sewer scope. Inspections are set at 10 days default.
✅ Make sure to know your market very well so when you put in your offer, you already know comps and rent rates
✅ I add another $10K contingency to my visual estimate rehab budget, and if the numbers meet the 1.2% rule, and 75% ARV....I'm good.
✅ Last, but most important, have an amazing realtor who is aggressive, fast and has your best interest in mind. Can't get offers in fast, if you're realtor isn't checking their messages 🙈
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Stayed posted!!
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #assetprotection

Well it was bound to happen 😩....COVID has just

Well it was bound to happen 😩....COVID has just officially infiltrated my rental portfolio.
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Just got news that one of my very best tenant has left the premises with 3 months left of his lease remaining. Swipe over to read his text to my PM.
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I want to share this to show you that this can really happen to anyone. These tenants were the best. Great credit score. Worked in great jobs, took care of the property and never one single late rent check. However, medical & family emergencies can really create a financial burden for anyone.

What now?
✅ tenants were paying $850 month with a $300 pet deposit. They will now forfeit the entire $1150 to me.
✅ PM will visit the property & assess for any damage (which I think will be very minimal) and get it rent ready.
✅ list it for rent and due to this crazy market, hoping to get this one rented ASAP.
✅ Some landlords will choose to go after the remaining rent but I will not. It's a tough time for everyone and his actions to leave the keys and send a explanation text is more than I can ask for.

Here's the best part that I want each and everyone of you to know and sign up for!
✳️ I have a "skip rent" rider on my insurance policy on all my rentals. Insurance will be paying out $1000 for any property where the tenant either broke their lease early or getting evicted due to non payment. We should be able to get this rented quick - so the $1150 security despot and the $1000 skip rent payment should make me whole again.
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I just submitted my claim, so will keep you posted once I get it approved. Stay tuned!
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #assetprotection

Checked off one of my 2021 goals! ✅ Increased u

Checked off one of my 2021 goals!
✅ Increased umbrella policy coverage from $1 million to $4 million....total cost difference about $100 more a month. (I was paying $650 a year for 1 million coverage prior with another carrier). All my properties already have 1 million in liability so my total will now be $5 million coverage!

I can sleep a little easier at night now, but still have more plans this year for better asset as well as income protection.
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Personal protection:
✅ Need to finalize my disability insurance ~ getting quotes for $200/month for about $5000/month in disability income. This is quite important as if something were to happen to me where I'm unable to work, the monthly benefit amount will at least take care of all my monthly expenses and more.

Real estate protection:
✅ Most of my properties are under my personal name, I have a few properties that are free and clear, so I'm planning to transfer them to my real estate LLC an added protection.

What are you doing to protect your assets & income relief in case of a sudden event?
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #assetprotection

It's a Christmas 🎄 miracle, another big rehab d

It's a Christmas 🎄 miracle, another big rehab done!! 🥳This is a historic duplex that has beautiful large trims, original hardwood floors and lots of big windows and character! Swipe ➡️ to see the before & afters.
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This is one of my largest out of state rehab to date so just wanted to share snippet of the rehab at a time. Lots of lessons learned on this one and so thankful it's finally over and I still have my sanity 🤪
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Funny story: Did you know that I had my contractor refinish the floors a very dark color and then midway through the day changed my mind? Yeah he hates me 😭. Very happy that I chose to lighten it up 😊
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #hardwoodfloors #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly #womenempowerment

Sharing some good news with all my fellow landlord

Sharing some good news with all my fellow landlords/ladies who are or will be affected by tenants who are struggling with their rent payments. The stimulus bill that recently passed Congress includes an Emergency Rental Assistance program 💸🏡
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The key part is that landlords can apply on the tenant's behalf (as long as the tenant is able to co-sign) - up to 12 months.
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I recommend that you contact your local housing coalition to inquire on where/how to apply, and be prepared for when applications do open.
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P.S The bill is so new that Trump still needs to sign off on it. See link in bio for the actual bill.
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Stay tuned for more updates!
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly #stimuluspackage

#accurate 🤣🤣🤣 . . Credit: BPfanspage #r

#accurate 🤣🤣🤣
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Credit: BPfanspage

#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

Well it's a wrap! Here are the after photos of the

Well it's a wrap! Here are the after photos of the most recent out of state #brrrrr property. Check out my highlights "rehab progress" to follow along the journey!

Here are the numbers:
Asking price: $75K (under contract before it went on the MLS)
Purchase price: $65K
Rehab + misc: $28.5K
All in $93.5K cash

Rehab time: 6 weeks
Rent: $1200/month, B class neighborhood

ARV: $120K+ (it's a crazy market, so who knows?!)

Some thoughts:
So not the perrrrfect BRRRR deal, as I'm likely going to leave about $7k in the deal after the Refi; but I'm happy with that!!
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I really tend to beat myself up over the numbers, just because I'm a perfectionist and obsessive with these things; but my very calm and logical husband always reminds me that nothing can be perfect and that we are holding this property for long-term in an appreciating area with great tenants.
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The saving grace to this deal was buying RIGHT. I went over budget over $10K (new stairs, floors and windows) and even going over budget, the numbers still made sense to me as many houses on the market are selling for over $100K as is.
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Time to buy the next one! 🏚🏚🏚
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

My latest BRRRR deal is now leased by two awesome

Can't begin to tell you how many contractors I con

Can't begin to tell you how many contractors I contacted to get this driveway repaved! 3 months later, we finally have a new beautiful driveway, just in time for snow season ⛈⛄️❄️

Called 20 contractors
8 actually showed up
3 gave me outrageous bids
1 told me he didn't want to do it
1 sounded like a big scammer
1 gave me the best price and ghosted on me
1 said he would get it done "today", never heard back from him
1 is still harrassing me and blowing up my phone, even after I said no.
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My contractor found this one, and the price is where I think it should be, especially for a concrete driveway (concrete has a much longer lifetime than asphalt).
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Total cost $4500, ouch. This is part of a #BRRRR deal that I was able to pull all my money out, and I left the driveway to be deferred till later (it wasn't this bad 2 years ago, the weather and tree roots has really beat it up). Well, the time has come - and now we have a beautiful new driveway to last me a lifetime!
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

I was getting a little worried about putting this

I was getting a little worried about putting this recent rehab on the market during the winter time...and with above market rents....but in just less than 2 weeks, we got some applicants! 🙌
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I called my PM last week asking if we should bumped it down to "market" rent but she said. No. Nope. No.
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People are willing to pay more for what they find value. So glad I listened to her!
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Now onto looking at their application and credit report 👀🔍

So in love with this 2 toned kitchen 😍 Also fir

So in love with this 2 toned kitchen 😍 Also first time changing it up and using a darker colored countertop (against popular vote)...and so happy I did 🥰
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Cost breakdown:
Tile backsplash: $550 (labor/material)
Laminate countertop, New faucet and sink: $650 (labor/material)
Total: $1200
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Tip from my cleaning lady: Go with a darker countertop color as it will hide more stains and be more forgiving during tenant turns. Light colored countertops will easily show stains and imperfections.

Like many investors I'm a big sucker for nice and shiny, but in all practicality, nice and shiny will be old and dirty with wear and tear from tenant use. I continue to remind myself to provide a product that is sturdy, clean and will be more forgiving to tenant use/abuse. Happy rehabbing!

📣Gutters: they are the most common maintenance

📣Gutters: they are the most common maintenance item that gets neglected...but poor upkeep can cause SERIOUS damage to your house.

Why? Because tenants won't complain about them like they would with a backed up sink or non-working furnace. So they go unnoticed, unkept and poor maintenance of the guttering system will slowly destroy your property.

Here are some tidbits:
1️⃣ The gutters on your rental property collect rainwater from the roof. They carry it away from the foundation of the property through downspouts.
2️⃣ They protect your roof and foundation. The 2 most expensive part of your home.
3️⃣ Over time, gutters can become clogged with leaves, insects, nests, sticks and other obstructions– particularly over the winter months when storms can affect nearby trees.
4️⃣ Regular maintenance and gutter clearing are essential. Ideally every 6 months and after the fall season. If you have lots of trees...do it more often.
5️⃣ Gutter cleaning cost ~ $100

Damaged foundation and roofing can cost thousands and will devalue your home. REMEMBER that one time you passed up on a house due to damaged foundation? Mostly likely the gutters weren't doing what they needed to do.

So, knowing this, I'm definitely NOT putting the responsibility towards my tenants to clean gutters. Because quite frankily, they won't. And if they get hurt....
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So, have you cleaned your gutters lately?

And this is the reason why I get a re-inspection (

And this is the reason why I get a re-inspection (by the same inspector who did the inspection prior to purchase) - BEFORE I send final payment to my contractor.
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Contractor texted me Monday stating all items completed and apparently he missed a few things 🤥😵
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I've learned this the hard way by over trusting people. I don't think this particular contractor skipped these items on purpose. ..as these small items can be easily missed.
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I pay my inspector $150 to re-inspect and send photos and go through my entire scope of work line by line. Worth it? Heck yes!
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Tip: I don't let another contractor or property manager walk the place. I want someone who has no financial gain in it (besides the cost of inspection) and will view the property in the most objective light. PMs may have a slightly biased view of the property and what they seem as "rent ready" may not align with an inspector's view. Keep in mind that not all things that the inspector points out needs to be repaired.
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What are you guys doing to verify work has been done before payment?

New roof installed on my current rehab! Okay, roof

New roof installed on my current rehab! Okay, roof pictures aren't cool and sexy like new kitchens and bathroom pictures.... but I really wanted to share this with you as my last roofing job was severely UNDER bidded. (Which was annoying and of course cost me much more than I budgeted for). This one turned out just as expected and exactly as bidded. See below for some things to look for when evaluating roofing bids:
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1️⃣ First off, always get at least 3 bids, until you've found yourself a trusted roofer. Get a line item of what the bid entails. Have each roofer verify to you how many layers of shingles there are, and bid out specific items. Remember, each layer of tear off will cost extra $. My last roof had 5 layers.... some roofers may bid just 1 later tear off, and may come back with a surprise bill at the end.
2️⃣ Some roofers will just bid to "layover" the current roof, while another will bid a complete tear off. Obviously, these two methods involve a considerable difference in labor cost. Ask each bidder to clarify. (A complete tear off is always recommended).
3️⃣ If the contractor bids on laying a new roof over the old, clarify whether they intend to survey the old roof for moisture leakage prior to covering it. If not, this could create big problems for you down the road.
4️⃣ Does the roof require Redecking? If so, this can increase your bill significantly. Redecking involves replacing the wood that the shingles attach to usually because of rot, or improper spacing.
5️⃣ Get the straight story of the roofing warranty. I prefer to hire my own roofer from now on and not use my contractor to sub them out. In addition to the warranty from the manufacturer on your shingles, reputable roofers stand behind the quality of their work for many years.
6️⃣ Be wary when the roofing bid is too low/sounds too good to be true.
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Here's the take home, if you get a bid for $3000 and another for $5000, don't assume that the higher bid is a ripoff. It may be exactly on point....the $3000 bid may be falsely under bidded.
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Remember: Comparing bids takes time and patience. You may have to go through each bid line by line with the roofer. Shop smart and happy investing!

You want to know what I dislike most about real es

You want to know what I dislike most about real estate investing? It's not the rehab...or finding the perfect tenant. It's transferring utilties into my name after I've bought a property. I feel like it's the biggest time waster. Being on hold, giving my mailing address, credit check etc...and then making sure I make all payments on time....I dread it each time. Once I rehabbed 3 properties at one, that was a nightmare.
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Here's a tip (learned this tip around the 6th property)
✅ Have your property manager do the work for you. They will call all the utilties company and put it under their company's name and send you one bill for all utilities (much easier to keep track of). They will also make sure the tenant transfers utilities in their name once they've moved in.
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This has saved me so much time. Time is important...so don't waste time being on the phone when you can delegate.

Also, somethings to keep in mind:
1️⃣ You want to do this immediately once you've closed so you can start rehab right away.
2️⃣ Make sure they send you a copy of the bill, if there are late charges, make sure they credit you for it.
3️⃣ When a tenant moves in, have the tenant transfer the utilities to their name within x amount of days (put that clause in your lease).
4️⃣ Make sure the utility company sends you or your PM a notice when the tenant vacates or shuts off service so it can go back to your/PMs name.
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Anyone here have their PMs do this? Do you have any other tips to increase efficiency in your real estate process? #lazyrealestateinvestor

#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

What a whirlwind of a ride these last 2 years have

What a whirlwind of a ride these last 2 years have been! I remember being so nervous buying my first out of state rental property...and getting cold feet over and over again. Now, closing on the 10th 🏡 really has opened up a new chapter for me. Not sure what the next 2 years will hold, but I'm sure it will have many climatic moments and memorable stories to tell...😂
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Anyways, here are the numbers on this next #brrrr deal💰
🏚 $65,000 purchase
📃 $600 (closing cost)
🛠 $12,000 rehab
🤞 $4,000 contigencies
All in: $82,000 (cash)
Rent: $1100-1200
ARV: $110,000+
Rehab timeline: 2-3 weeks
Bonus: comes with a lot worth $10-15K
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Remember, that every portfolio always starts with ONE 🏡. If you're hesistant to get into real estate investing, the first step is always to learn, ask questions and then just do it. The best way to learn is to fail and I've failed miserably throughout the way. But now they are just fun stories to tell 😊 Keep on pushing, my fellow hustlers 👊👊👊
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#realestateblog #realestate #passiveincome #investforretirement #housetransformation #beforeandafter #fixerupper
#rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

I'm dying 😂😂😂 this is gold hahahah . My f

I'm dying 😂😂😂 this is gold hahahah
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My favorite:
Wholesaler: "Oh you want proof of funds?" *my phone is breaking up****😂😂😂😂
Couldn't resist resharing this! 😂😂😂 (not sure who to credit...so drop a comment if it's yours)
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#humor #funny#votd #realestatehumor #rehab #houserenovations #forrent #rentalproperties #dontbeaslumlord #bathroomremodel #remodel #budgetremodel #rentready #realestateinvesting #realestateinvestor #outofstateinvesting #brrrr #brrrrstrategy #buyandhold #fixerupper #investor #investment #cashflow #financialfreedom #buildwealth #wealth #retireearly

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