👉🏻Follow @ryan_luby for more investing/remodeling content!
🏚🚪
Last video from our old 2 family home
After the water heater, we replaced the locksets in unit 1 with a new set which took some work due to the old doors.
I love using all purpose bondo for carpentry repairs when possible and this type of project is the perfect place for it. It wasn’t perfect but it came out pretty good for a quick repair
🏘👉🏻Follow @ryan_luby for more real estate investing content
Here’s a review of a couple tactics that helped us buy our first investment property over $50K below asking price.
• 1: Patience: Throughout the offer process
• 2: Don’t Always Go After The Nicest House: Go where the #’s work
• 3: Do Your Own Due Diligence: Don’t rely on seller’s info/#’s
• 4: Make Accurate Offer(s): Submitting 2 offers with different financing & terms
• 5: Be Willing to Walk Away: Sticking to our numbers, and not trying to win the deal
• 6: PATIENCE: Big Picture. Getting the property and making 💰is just as meaningless as getting the property and losing 💰, or not getting the property at all… It doesn’t matter. Enjoy the process and learn as much as you can.
I realize these aren’t specific x’s & O’s about offering but these principles as philosophical as they may be, absolutely help us get properties and enjoy the process regardless of the outcome.
🏘 👉🏻Follow @ryan_luby for more #realestate #investing content!
Follow the 🏦’s rules for the cheapest 💰 available
This wasn’t exactly to plan, but when we found another nice property for sale in our market, we jumped on the opportunity and made an offer. But… we want to use owner occupant financing as much as possible. So it takes some work to follow the banks rules, and get cheap money.
This video is an explanation why we’re moving around, what’s the point and how it all works.. hopefully
I have to say.. I’m looking forward to not moving around, but for now it’s working and we’re having fun, most days.
Ask us your questions in the comments
⏱Quick, simple backsplash to help finish off the kitchen at our latest finished project
@gatherctdesign designed everything
This kitchen was gutted, and rebuilt using the same cabinets to help keep us on a budget. Full details on the entire kitchen to come.
After a lot of thinking.. I tore up old wood floor in our kitchen in an effort to make the new tile seamless with the remaining wood floor throughout the house 😬 Will it work? 🤷🏻♂️ You’ll have to see in the next video.
For now, here’s a look out exactly how we prepped for our new tile floor
After Photos at the end!
🏡 Here’s a quick look at how we converted a small, dated foreclosure into an open-concept dream home by taking out a large wall that was hiding this homes potential.
This is one of many updates we made on our journey, pushing a home we bought for $140K to an after repair value over $220K!
Much more to come to show how we completely remodeled the kitchen seen here, on a budget
🏠 Keep your pre-closing walkthrough simple.
Most of our prep work is already done, so this time is just spent checking a few boxes to ensure nothing drastic has changed.
Below are a few things in particular we review during this walk-through.
- Install a lockbox on site so the team has access, and to allow contractors to walk the property and start gathering quotes
- Check that all included fixtures are still present
- Ensure all plumbing and copper is still present and in tact. Stolen copper is common especially in fixer uppers.
- Ensure all doors and windows are closed and locked before leaving, you own it from here on so anything that happens or gets taken will be your responsibility. Do your best to not let it happen
- Check that HVAC is in the same condition as before, and set thermostat to 65° to prevent frozen pipes
- Check all ceilings, walls, floors for any leaks, water stains, or damage that has occurred since your last walk through
You’re not going to make a successful investment with this walk-through alone, but skipping it could set you up for a failed investment so be ⚠️ and do this simple step.
Here is a review of our kickoff email that we send out before the closing of every investment property.
• First, we break this email into sections for each team member where we outline tasks in order of urgency & importance.
For example - We organize tasks based on lead times (how long it takes for tasks to be completed) We found especially during COVID appliance orders can have exceptionally long lead times so we've adjusted to make sure we tackle this item early in the project.
• The second major use of this email is to supply all information for each team member to generate their necessary orders. We have a team member who handles ordering finish materials so they get all of the information they need to make their orders immediately including materials needed, dimensions, and quantities.
• Third, this e-mail is generated to ask important questions to start problem-solving immediately in order to "get ahead" of common problems we can expect. This gets conversations started and greatly reduces the delays that are sure to come up in the renovation process.
• Last, this email is intended to be a hub for all project information including our important resources we've outlined below.
Resources:
Property Condition Report form - This is our rehab scope detailing all needed repairs, materials, dimensions; from exterior landscaping all the way down to how many outlets & covers need to be replaced
Rehab Calculator - This is our proprietary calculator where we take the line items from our PCR form, and input them into cells where we have formulas corresponding to our subcontractors costs in order to quantify each renovation task, line by line. This gives us an extremely accurate figure for what the entire renovation should cost us.
Dropbox link - As always we link our dropbox folder where we document a video walk through of the property, along with pre renovation photos, eventually in progress photos and last professional listing photos.
The kickoff email its
Quick setup video of our new propane fireplace.🤞🏻
