Thank you Kyle & Lauren for this awesome series! Make sure to show some appreciation for these two investors by liking this video, subscribing, and leaving a comment!
I love how they took us through each room and explained what they updated and how AND broker down the numbers at the end with a BP calculator. Excellent video! It would be great to see more of this!
I appreciate your honesty and detail. You guys put a lot of work into this and you're on the hook for a lot of (well collateralized) debt, but whether you continue to house hack this or move out and rent the 3rd floor, you're in the black and have a decent cash on cash return, not to mention the accumulated equity from paying down the mortgage and price appreciation, both of which add to your net wealth. The best part is that you're not telling some fairy tale, 1 in a 1,000,000 story. With careful pre-purchase analysis, patience, and a lot of hard work and maybe a little luck, you're building your portfolio with solid, performing properties, one at a time. Good for you. It has been a real pleasure watching your well-produced videos.
Hi David. Thank you so much for that thoughtful response. We've had a lot of fun with this property and series and are blown away by the support from this community. We appreciate your kind words and loved having you along with us on this journey. Thank you again!
Thank you both for taking us on this journey with you! I could totally identify with so many things. Thanks to BP for supporting you on this as well. Can't wait for Season 2!
Amazing! How did you guys finance the 3.5% down and renovations, just savings? Access to FHA Loan from having a regular W-2? So inspiring thanks for all the info!
My favorite part was seeing you run the numbers. Congrats on the property. Wishing you great success! I’ll be seeing y’all soon in the millionaire club.
With an FHA loan, I believe you have to move into the property within 60 days of closing, correct? Was this an issue with renovations taking 4+ months?
For sure..We communicated our delays with the bank cause of Covid slowing down renovations and they were willing to work with us. This unit would have taken us almost half the time if not for those delays.
Loved this!! Thank you for sharing! It really helps seeing the play by play with the numbers! Wow. You all did a great job too! The bathroom sink wood job was amazing!
Great job on this series. Your videos are very well-produced. I know it must take a ton of time to keep filming, downloading, editing, & adding graphics to all the video clips.
A few things, one: Holy Smokes getting the bathroom done for under 2K great job guys!! Two: the balance of old-school sweat equity to the forward thinking of how to spend & where to spend money is a great combo!! Three: I just learned a whole other side of Real Estate & things I had never really thought of. Great breakdown of the numbers guys. Great job, hoping all is well & Dirty Jersey out!! Have a Blessed Thanksgiving.
@@RentalstoWealth it really was. I've been spending the last few weeks looking at all sorts of products for a duplex I'm looking at and it's great to be able to compare what others are doing in their properties to what I want to do. Great work.
When you put 3 units, is it three different properties or the property in this video? Also if it is just the property in the video, did you remodel the house to where it’s 3 units or renting out the rooms as units? Sorry I’m from NYC so it’s common for investors to reconstruct houses into apartment type buildings so I’m a little confused. Thank you in advance!
We legit just got the funds this week it was such a process. According to our last refi report from that prop, the garage only added 5k worth of value. Rebuilding woulda been MUCH more than that so we negotiated with the bank and paid 12k toward principle and they released us the rest (we’re gonna seed and fence the yard in)
@@RentalstoWealth Nice. I know y’all had a nice garage but every rental property I have has a little shed on the property and it’s insane what those things are insured for. I have more insurance on one of the sheds than I do a single wide trailer.
What percentage of seller closing credit did you get for this? Did you guys use FHA or conventional financing or just cash? How long did the rehab take from the day you closed to the day you rented out the updated unit or expect it to take? I work in residential leasing in the Chicago market, I highly recommended a video tour for this property for virtual showings!
Show us what it looks like when you move in. It would be neat to see it decorated and homey. Looking forward to following along on your next investment.
With this being an FHA loan, how did you guys buy your 5th property? Did you use a private money partner or did you do a conventional loan with 20% down.
Hi Ryan! We bought the 5th property using a heloc we took out on our first property. We'll be refinancing and putting a conventional loan on it after 6 months.
Great video, very inspiring! I have cash set aside to make a down payment and would like to house hack with my girlfriend, possibly in a duplexe property for a year or two. My father thinks it would be awkward and uncomfortable to live next door to your tenants. What are your thoughts/experiences?
We loved it. Lower risk cause you’re making your primary home your first investment. You’re at the property daily so managing for the first time is less daunting. We’re huge fans of the first property being a house hack, ours was!
@@RentalstoWealth great to see fellow Jerseyan achieving great things! Do you guys have any virtual meeting classes for people interested in the BRRRR strategy for the NJ market?
Think such a smart move was the re-purposing of the tongue and groove on the wall - cheap fix, looks high quality. My only question is why would you NOT set aside Maintenance/Vacancy/CapEx savings due to the fact that you're house hacking? From my view, you'd still need to pay for these expenses at some point. Great series, great video!
Hey Grayson! Totally hear you. We definitely recommend having money set aside for reserves. Our purpose of that analysis was to show how house hacking can significantly reduce your living expenses. We should have mentioned that reserves are still important. Thanks for the comment.
Minus not being able to recoup that 40k in rehab money, that’s a great house-hack! So, how do you guys plan on financing your next deal? Do you have more capital? Or are you tapped out after this rehab?
Thanks, Dustin! Ideally, we will renovate the other two units and refinance to receive most of the funds back but given covid, we are going to delay that plan. So yes, our personal funds are a bit tapped so we plan on using private money for the next brrr deal.
@@RentalstoWealth awesome, thanks for the reply. I know you put 400k in your calc, but what do you think your ARV will be after the other units are rehabbed?
@@dfigenscher We're thinking around $480k. So won't be a perfect brrr in that we won't be able to pull all our cash out but it still works out to be a great cash flowing deal.
@@RentalstoWealth In reality, it probably does not matter that you didn't rehab those other two units yet, because you probably can't get a refinance on it right now anyway. The original loan is not seasoned yet?
@@RentalstoWealthHello, may I ask who design the renovation and what materials to use? Looks like the rehab process need construction and home design background. Just curious if you have the background, if not, how to find the whoever can help. Thank you!
Awesome series and breakdown of everything. It came out amazing!! One question I have is when you did this and had put down 3.5%, was the reno cost out of pocket or financed?
Yes, we funded the renovations ourselves. We used a mix of cash savings as well as a zero percent interest credit card which will be paid back before the 14 month period is up.
From $23,500 to $37,000 in repair costs?!?!??! I thought she was going to round it up to $25,000...and it seems that they put on lot of work themselves. Hope they include paying themselves as part of that budget. Is Prop Tax of purchase price, or ARV?
The renovation costs sure do add up! The additional $14k came from largely rewiring the rest of the property and relocating/updating the electric panels. Paid the professionals for that one which is definitely needed and worth it.
Thanks for this. Real estate remains a good way of growing wealth but for me I like to diversify and my crypt0 investments has been a good source of funds for my property acquisitions. Having a professional broker like Prof Natasha Anderson who is well-known to be consistent at generating profits for investors prepares one for a well organized future
Am really surprised to see you also trade with Prof Natasha too, I started trading with her company after seeing her inspiring interview with CNBC earlier this year. I'm currently on my 5th trade with her and my portfolio has grown tremendously.
Wow nice video. That's good mate I would love to get an apartment in Manchester. But despite the economic crisis an the rate of unemployment now is the best time to invest.
Yeah I totally agree with you guys investing is really good especially when you are being guided by a professional trader who understands the Bitcoin market quite well, in that way maximum profit is guaranteed.
That's what I do, I trade with a professional trader named M's Mariana Amber and with her strategies and good trading skills I made a good profit of $563,000 on my first investment with her. honestly she's the best broker I now for now. She is nice and trustworthy. She cares about the money and profit of her investors.
Wow what a coincidence, am really surprised to see that you also trade with M's Mariana Amber too. I started investing with her company after seeing her inspiring interview with CNBC. Honest she is a good and carering woman that understands the challenge faced by people.
Thank you Kyle & Lauren for this awesome series!
Make sure to show some appreciation for these two investors by liking this video, subscribing, and leaving a comment!
You guys rock! Thank you for having us! It's been a fun journey and we are so happy to have shared it with the BiggerPockets community.
I love how they took us through each room and explained what they updated and how AND broker down the numbers at the end with a BP calculator. Excellent video! It would be great to see more of this!
So glad you enjoyed it, Shera!
These are great! You guys should really consider doing more of these, time permitting.
Love that you're enjoying them!
Great videos, it was fun and very educational to follow your rehab. Thanks and good luck!
Thanks Alex!! enjoyed havin you along for the ride!
I appreciate your honesty and detail. You guys put a lot of work into this and you're on the hook for a lot of (well collateralized) debt, but whether you continue to house hack this or move out and rent the 3rd floor, you're in the black and have a decent cash on cash return, not to mention the accumulated equity from paying down the mortgage and price appreciation, both of which add to your net wealth. The best part is that you're not telling some fairy tale, 1 in a 1,000,000 story. With careful pre-purchase analysis, patience, and a lot of hard work and maybe a little luck, you're building your portfolio with solid, performing properties, one at a time. Good for you. It has been a real pleasure watching your well-produced videos.
Hi David. Thank you so much for that thoughtful response. We've had a lot of fun with this property and series and are blown away by the support from this community. We appreciate your kind words and loved having you along with us on this journey. Thank you again!
Nice it looks so much better thank you for showing the whole process
Thank you! Loved having you along with us.
Thank you both for taking us on this journey with you! I could totally identify with so many things. Thanks to BP for supporting you on this as well. Can't wait for Season 2!
So glad you came along with us! We feel very lucky to have the support of BP and this community.
I enjoyed watching this series and how detailed you were with the project. Can’t wait to see more videos from yall
Thank Tasha!
Congratulations on your third! This one looks beautiful 🤩 , great work
Thank you!
Bravo, I watched this property from the start. Great instructional guys!
Thanks Matt! This was a fun project, onto the next one!
Amazing! How did you guys finance the 3.5% down and renovations, just savings? Access to FHA Loan from having a regular W-2? So inspiring thanks for all the info!
My favorite part was seeing you run the numbers. Congrats on the property. Wishing you great success! I’ll be seeing y’all soon in the millionaire club.
With an FHA loan, I believe you have to move into the property within 60 days of closing, correct? Was this an issue with renovations taking 4+ months?
For sure..We communicated our delays with the bank cause of Covid slowing down renovations and they were willing to work with us. This unit would have taken us almost half the time if not for those delays.
Loved this!! Thank you for sharing! It really helps seeing the play by play with the numbers! Wow. You all did a great job too! The bathroom sink wood job was amazing!
Thanks so much, Cam! Really appreciate it.
Place looks great! Love what you did to the bathroom.
Thanks so much!
Loveeee this couple!!! Lauren is such a natural and Clug is so strong! Keep it up guys!!
Gosh, you're the best!
Great job on this series. Your videos are very well-produced. I know it must take a ton of time to keep filming, downloading, editing, & adding graphics to all the video clips.
Thanks, Stephen! Appreciate that.
Awesome! Did you pay for the renovations out of pocket? Or were they financed in?
Hi Michae! We paid for them out of pocket.
Looks amazing. Here's to many more.
Thanks, Brian!
A few things, one: Holy Smokes getting the bathroom done for under 2K great job guys!! Two: the balance of old-school sweat equity to the forward thinking of how to spend & where to spend money is a great combo!! Three: I just learned a whole other side of Real Estate & things I had never really thought of. Great breakdown of the numbers guys. Great job, hoping all is well & Dirty Jersey out!!
Have a Blessed Thanksgiving.
Appreciate the kind words, Mike!
Really enjoyed the price break down on each room!
Thanks! Took a decent amount of time so I'm glad it was worth it.
@@RentalstoWealth it really was. I've been spending the last few weeks looking at all sorts of products for a duplex I'm looking at and it's great to be able to compare what others are doing in their properties to what I want to do.
Great work.
i am from NJ. retire from military next year and will get into it. bought a house in cherry hill mortgage $1250 rent out for $2100. so so happy .
Thank you guys so much for this! Loved the series! What do you expect your CoC to be after refinancing??
Thanks, so much William!
When you put 3 units, is it three different properties or the property in this video? Also if it is just the property in the video, did you remodel the house to where it’s 3 units or renting out the rooms as units? Sorry I’m from NYC so it’s common for investors to reconstruct houses into apartment type buildings so I’m a little confused. Thank you in advance!
Amazing you guys!!! Congrats on this huge achievement
Thank youu!! We had such a great time sharing our experience so we’re glad you enjoyed it
You’re awesome guys
Thank you, Ali!
Great show you guys and the apartment looks awesome. What happened with the garage that the tree fell on?
We legit just got the funds this week it was such a process. According to our last refi report from that prop, the garage only added 5k worth of value. Rebuilding woulda been MUCH more than that so we negotiated with the bank and paid 12k toward principle and they released us the rest (we’re gonna seed and fence
the yard in)
@@RentalstoWealth
Nice. I know y’all had a nice garage but every rental property I have has a little shed on the property and it’s insane what those things are insured for. I have more insurance on one of the sheds than I do a single wide trailer.
wow a 3 unit for 330k nice deal. awesome job renovating it. Also renting the garage bays to make more money that's awesome!
Thanks so much! Self storage is an interesting area we've been looking more into.
Radical!
what a great walkthrough. keep your phones very close because HGTV will be calling ya soon!
Glad you enjoyed it, Scott!
What percentage of seller closing credit did you get for this? Did you guys use FHA or conventional financing or just cash? How long did the rehab take from the day you closed to the day you rented out the updated unit or expect it to take? I work in residential leasing in the Chicago market, I highly recommended a video tour for this property for virtual showings!
Love it! Thanks guys!
Thanks George! Glad your enjoyed it
I’ve followed them from the beginning on this rehab!! They have done an amazing job and I learned so much❤️😂🙌🏼👍🏼🙏🏽👏✅
You’re awesome, thanks for the support Ty!
They didn’t cut any corners !!! Long term holding mentality 👍🏼✅🙌🏼❤️👏🍺☑️
That’s what it’s all about!!
Show us what it looks like when you move in. It would be neat to see it decorated and homey. Looking forward to following along on your next investment.
My interior design skills are not as strong as Kyle's carpentry skills so not sure if it would be that impressive to see haha.
With this being an FHA loan, how did you guys buy your 5th property? Did you use a private money partner or did you do a conventional loan with 20% down.
Hi Ryan! We bought the 5th property using a heloc we took out on our first property. We'll be refinancing and putting a conventional loan on it after 6 months.
Let’s go!!!
Great video, very inspiring! I have cash set aside to make a down payment and would like to house hack with my girlfriend, possibly in a duplexe property for a year or two. My father thinks it would be awkward and uncomfortable to live next door to your tenants. What are your thoughts/experiences?
We loved it. Lower risk cause you’re making your primary home your first investment. You’re at the property daily so managing for the first time is less daunting. We’re huge fans of the first property being a house hack, ours was!
Does FHA apply in all of the USA or per state? So can I do an FHA in every state?
You able able to get and FHA in any state BUT you can only have one active FHA loan as a time in your name. LLCs are not eligible for FHA loans.
How long do you guys wait after all repairs are done to refinance?
We normally wait until 6 months after we originally closed on the property to refinance.
@@RentalstoWealth great to see fellow Jerseyan achieving great things! Do you guys have any virtual meeting classes for people interested in the BRRRR strategy for the NJ market?
@@luisbarahona3773 We don't have any topic specific meetups or classes but shoot us a DM on Instagram and we'll see how we can help.
@@RentalstoWealth will do!
Thank you!
Think such a smart move was the re-purposing of the tongue and groove on the wall - cheap fix, looks high quality. My only question is why would you NOT set aside Maintenance/Vacancy/CapEx savings due to the fact that you're house hacking? From my view, you'd still need to pay for these expenses at some point. Great series, great video!
Hey Grayson! Totally hear you. We definitely recommend having money set aside for reserves. Our purpose of that analysis was to show how house hacking can significantly reduce your living expenses. We should have mentioned that reserves are still important. Thanks for the comment.
Exactly 👍
@@RentalstoWealth makes perfect sense!
That's really good
@@RentalstoWealth you have really said it all nice one mate 👍👍
Even though you warned us - I still almost spit coffee on my computer when you mentioned the property tax! lol
Haha we know. Sometimes when I see property tax in other states I think they forgot to add a zero!
Minus not being able to recoup that 40k in rehab money, that’s a great house-hack! So, how do you guys plan on financing your next deal? Do you have more capital? Or are you tapped out after this rehab?
Thanks, Dustin! Ideally, we will renovate the other two units and refinance to receive most of the funds back but given covid, we are going to delay that plan. So yes, our personal funds are a bit tapped so we plan on using private money for the next brrr deal.
@@RentalstoWealth awesome, thanks for the reply. I know you put 400k in your calc, but what do you think your ARV will be after the other units are rehabbed?
@@dfigenscher We're thinking around $480k. So won't be a perfect brrr in that we won't be able to pull all our cash out but it still works out to be a great cash flowing deal.
@@RentalstoWealth In reality, it probably does not matter that you didn't rehab those other two units yet, because you probably can't get a refinance on it right now anyway. The original loan is not seasoned yet?
@@housefanman As of now, yes the loan is seasoned enough to refi.
How do you repair at such low cost? Did you do yourself?
Yup! Did all of the non licensed work ourselves.
id love see more of this, especially from them since im in neighboring NYC
We’ve got much more to come!
I’m just really worried about super run down properties. As a noob. especially when I’m investing out of state.
Please recommend tool for Canadian deal calculator. Thank you.
Have you tried the calculators on Bigger Pockets? Biggerpockets.com then look under Tools and you’ll find the different calculators
Many congratulations from Romania!
Thank you!
Did you guys fix all this yourself?
We did!
Are you doing all the renovations by yourselves or do you hire contractors?
Hi! We do a mix depending on the project and budget.
@@RentalstoWealthHello, may I ask who design the renovation and what materials to use? Looks like the rehab process need construction and home design background. Just curious if you have the background, if not, how to find the whoever can help. Thank you!
Yup, Jersey property taxes are ridiculous. XD Even after refinancing, our property tax per month would the same as our principal and interest.
Yup! It's so crazy how high! But we just add it into the numbers and make it work.
Inspired me?....yeah, inspired me to hire contractors:)
No, seriously:)
But, it was obvious that you guys loved all the work. Good job for sure ..
Haha I'm happy to report that we hired a contractor on our most recent project. But we do miss that DIY life.
also, how much would it have cost to hire someone to handle all the renovations instead of doing it yourselves? thank you!
Find someone who does all work himself and can do plumbing and electrical. Budget $1,500-$2,000/week labor for someone like that
Awesome series and breakdown of everything. It came out amazing!! One question I have is when you did this and had put down 3.5%, was the reno cost out of pocket or financed?
Yes, we funded the renovations ourselves. We used a mix of cash savings as well as a zero percent interest credit card which will be paid back before the 14 month period is up.
Love my home planet 🌎 of Jersey! ❤️❤️
All I need is a honnie to do stuff with. 😒
BiggerPockets should create a dating app!
@@RentalstoWealth Oh god!!
I looked at a 4-unit in IL...the property was 490k. Property taxes were 24k annually 🤣 don't feel alone
Damn, now those are high taxes!
Nice ☺️
What is the dank song in the back
They are literally goalsss, currently trying to convince my gf on the idea of house hacking
So many benefits!! Best of luck!
Woahhhhhhhhh, 10 effin grand??? My two houses in Georgia together are 5k!
Haha we've lived in NJ our whole lives and we still can't believe it.
@@RentalstoWealth lol. Chandler David Smith had 19k in property taxes on a 1.5 million dollar building. Looks like you need to move to Idaho😂
you did not consider how much you would pay for PMI, as you only did a 3.5% down payment
10k in property taxes??? Not even in California do you pay so much in taxes. NJ must love realtors.
can someone tell me how did they put 3.5% down? I thought the lowest is 20% down
FHA loan
they bought an off market deal, and did FHA 3.5% down. if you are buying off the MLS, you'll never get a FHA offer accepted on a multi-family property
Good tenants can make or break a good deal..
From $23,500 to $37,000 in repair costs?!?!??! I thought she was going to round it up to $25,000...and it seems that they put on lot of work themselves. Hope they include paying themselves as part of that budget. Is Prop Tax of purchase price, or ARV?
The renovation costs sure do add up! The additional $14k came from largely rewiring the rest of the property and relocating/updating the electric panels. Paid the professionals for that one which is definitely needed and worth it.
Cool series, thanks, and good luck! Did you purposefully leave the 4th “R” out of BRRRR in the title because you are not refinancing it? :)
Haha good eye.
I'm gonna miss this... back to stalking Instagram...
No worries my friend, we’ve got something cookin and think you guys will love it!
Thanks for this. Real estate remains a good way of growing wealth but for me I like to diversify and my crypt0 investments has been a good source of funds for my property acquisitions.
Having a professional broker like Prof Natasha Anderson who is well-known to be consistent at generating profits for investors prepares one for a well organized future
Am really surprised to see you also trade with Prof Natasha too, I started trading with her company after seeing her inspiring interview with CNBC earlier this year. I'm currently on my 5th trade with her and my portfolio has grown tremendously.
Sounds interesting please how can I get started with this professional?
@@philipkurt5381 Wow this is helpful...will have to message her right away
Wow nice video. That's good mate I would love to get an apartment in Manchester. But despite the economic crisis an the rate of unemployment now is the best time to invest.
Yah investing is the actual key to success
Yeah I totally agree with you guys investing is really good especially when you are being guided by a professional trader who understands the Bitcoin market quite well, in that way maximum profit is guaranteed.
That's what I do, I trade with a professional trader named M's Mariana Amber and with her strategies and good trading skills I made a good profit of $563,000 on my first investment with her. honestly she's the best broker I now for now. She is nice and trustworthy. She cares about the money and profit of her investors.
Wow what a coincidence, am really surprised to see that you also trade with M's Mariana Amber too. I started investing with her company after seeing her inspiring interview with CNBC. Honest she is a good and carering woman that understands the challenge faced by people.
Please how may I reach her? I really need to get a new home for me and my family for this coming December
The base boards sticking past the door frame 🤮
U guys diy , so your rehab costs , should have been higher .
She should do 90% of the talking.
514👍