dREw
@Co11egeLandlord
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Cheers. Growing a one-man show student rental portfolio
Nebraska, USA
Joined August 2019
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Pinned Tweet
Main water line to my duplex cracked yesterday.
Plumber quoted me $3k to dig and replace the line.
Told me if I dug it up and found the leak, he could replace that part of the line for $200.
You bet I dug it up and found the leak. 5 hours, 4 feet of dirt, and $3k saved
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Listed this gem today. Rural Nebraska Post Office.
Asking $28k. USPS rents for $5,200 annually. Property taxes are a whopping $66/year
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Completed a bathroom remodel today in my rental unit for less than $1500.
What would this have been in California? $20k??
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Took these laminate countertops from boring to new with a $200 epoxy paint kit.
100% doing this for every house moving forward (as long as they hold up)
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Realtors are incredibly overpaid for what they do. It’s a broken system that needs fixed.
Even better, financial advisors arguably do less than realtors yet take a commission every year.
Absolute scam. Both of them.
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Talked to a college guy today who is getting into Airbnb rental arbitrage.
Hasn’t had a single booking on Airbnb but he’s starting to take calls and charge people to educate them on Airbnb arbitrage.
Would expect nothing less😂
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@JackBarnett101
So what hotels do and don’t charge for?🤔
I think everyone can agree that cleaning fees on Airbnb have gotten way too crazy.
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Latest kitchen remodel numbers:
Cabinets- $2000
Sink & faucet- $250
Stove (used)- $250
Fridge (new)- $600
Countertops- $250
Floor- $300
Electrical & lights- $100
Paint- $50
Breakfast bar- $75
Trim- $50
Labor- $0 (my time is worth nothing)
TOTAL- $3,925
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Have put in 12 hour days for the last month working on my latest rental property that will cash flow $300/month in “passive” income.
Not sure if I’m a real estate investor or a clown at this point
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Bathroom remodel under $1000!
Floor: $100
Vanity: $200
Vanity top: $70
Faucet: $60
Water lines & Drain: $25
Mirror: $45
Mirror mount: $15
New GFI: $20
Can light: $30
Paint: $50
Tile refinishing kit x 2: $100
New toilet: $100
Window fog: $15
Drywall: $10
Quarter round: $60
Floor…
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County told me this morning Airbnbs are not an allowable use per zoning rules.
Zoning book states “bed and breakfast” as an allowable use. County said Airbnb is different.
Looked them dead in the eyes and asked, “do you know what ‘bnb’ stands for in Airbnb”
Can’t make this up
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Most bizarre experience on Airbnb yet.
Host messages me a couple days after booking their cabin that Airbnb messed up the price and I got it 70% cheaper than I was supposed to.
They tell me they’re going to cancel the reservation unless I pay more or move my reservation to a…
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Nothing like pulling up the carpets and seeing these bad boys!
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Don’t share numbers very often but pumped about this deal I closed on today.
Purchase: $175k
Rehab: $90k
ARV: $350k
Rent: $3700/month
I’ll stick to my small deals!
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Let me offer you a different form of househack.
The barndominium version.
Here’s what I’m currently doing and how it’s going:
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Fully convinced someone could make a living off flipping items on Facebook marketplace.
Buddy bought a bobcat for $4k, put $2k into fixing it, and sold it a week later for $14k.
Made $8k by doing essentially nothing. More than most people my age make in a couple months
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1 Million in Real Estate!
Closed on my third duplex today bringing my total rental portfolio up to 1 million dollars.
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“I’d rather buy an old house because they were built so much better”
Yes, enjoy having no insulation in your exterior walls, cast iron pipes, knob & tube wiring, asbestos, etc.
Much better built!
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Girlfriend is moving in with me in June and I’m charging her $500/month in rent.
Firm believer in charging your significant other rent if you own your place
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Just got a call from the city because my water bill was over $500 this month. Usually it’s $150.
Text the tenants and it’s “yeah we have a toilet that just runs all day!”
FML
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At this point I’m convinced the entire country of Philippines is just cold calling for American real estate investors
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I’m convinced there’s more money in selling courses and consulting calls to people “trying” to get into real estate investing than actually investing.
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Walked a MF property today. Handyman was working. He had gut every unit and redone electrical, plumbing, drywall, etc.
Asked him if he pulled any permits. “No we don’t have to pull permits for nonstructural jobs.”
Bro what.
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Step 1: Buy House
Step 2: Remove all remnants of Boomers
Step 3: Double your money & repeat
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$1000 goes a long way. Kitchen cabinets difference before and after
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Hate to admit that I’m not self made.
I was extremely blessed to have great parents who paid for the majority of my expenses throughout HS and early college.
Dad has also lended me money for short periods periodically as needed.
Wouldn’t be this far ahead without them
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Owner of millions of dollars worth of RE in my market died in a freak accident last summer.
Guy in town drove to the wife’s house the day after the owner died to see if she was willing to sell.
Maybe don’t be that guy
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The power of social media!
Closed on the rural NE post office today. We received close to 10 offers, all from connections made on Twitter from my post going viral.
Ended up selling for $22.5k
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Would highly recommend going through your yard with a magnet after all contractors and subs are finished.
Pulled about 10 of these out of a rental house yard today after contractor said he “cleaned up”
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Closed on a new rental house today for myself.
Seller calls to tell me he had a hard drive with his bitcoin buried in the floorboards.
He found it though, so I don’t need to be looking for it. Continued on to ask if he could stop over to see updates on the house when I have…
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Distant cousin’s house he rents is coming on the market.
He’s begging me to buy it and not raise rent. They pay $600/month. Market is $1400/month.
Like sure man, want me to buy your groceries every month while I’m at it?
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Unpopular opinion: financial literacy classes at schools will not make the big impact everyone thinks they will.
Look at how well drug & alcohol classes are going.
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Class C rental. Tenant couldn’t pay rent and destroyed my property.
My friends said to take them to court. I strongly disagreed.
What am I going to collect? Their kids?
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Can we all just be honest? Everyone is in Real Estate to make a bunch of money.
Whatever your ‘why’ is, it’s for money at the end of the day.
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FinTwit is an incredible place. Bragging about no job and living off of $30k/year of dividends with a $100k net worth.
Dude you’re just poor
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Something not talked about enough is the illiquidity of real estate. Like 5% of my net worth is liquid.
Everything is tied up in real estate and would take considerable time to access that capital
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First loan officer I spoke to about getting started told me I was too young to be investing in RE.
Bought 3 properties in the 12 months that followed that meeting. Someone turns you down because of your age, move onto the next.
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SMALL deals can still make BIG money.
Here is how this property makes me a 24% Cash on Cash return each year and my attempt at a thread:
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Vanity: $550
Faucets: $140
Mirrors & Mounts: $120
Light Fixture & Lights: $50
Toilet: $80
Floor: $250
Plumbing: $100
Trim: $40
Towel & Toilet Racks: $30
Blinds: $15
Misc: $100
Total: $1475
And I did the work. Took about 10 hours
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I just closed on this house and the bank paid ME at closing!
I didn’t have to put anything down and they paid me over $5,000! Here’s how:
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Another Facebook flip. Bought for $2k and flipped it for $3300. Took 2 hours of my time. Easy money
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Don’t forget. Generational wealth starts with LVP floors and grey paint
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@Investor0x
Honestly probably saved more if I account for not having to put my tenants in a hotel for the weekend
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@Codie_Sanchez
In 1933, the population of the US was 123,202,000.
Unemployment rate was 24.9% at its peak. Assuming half of those were men, that’s 15.3million
In 2021, it was 331,900,000.
Unemployment rate is currently 3.4%. Assuming half are men, that’s 5.6million.
Terrible take.
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Why do people focus so much on only buying in Tier 1 cities?
I buy in a Nebraska college town with 35k people, and the return I get from COC alone is matching, if not beating, these “appreciation” areas.
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Update on the househack:
Didn’t make roommates sign leases. One just moved out and didn’t find a replacement. Done paying.
Other ones are late with rent every month.
Make your roommates sign leases! Doesn’t matter how good of friends they are!
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Took a plan to the Planning & Zoning Office to build a new duplex. Told me “we’ll make it so expensive for you to build that duplex, you won’t even think of doing it.”
Uh what.
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Being a landlord is just a nonstop shit show of comedic value for friends and family to listen to
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Buddy has been selling shitty trailers out of his park to move new ones in.
Just sold this one. These guys are pulling it 70 miles with a 1 ton pickup. What could go wrong😂
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As I grind away in my rental properties, I am humbled and fueled by the guys at ReConvene.
I realize I have so much to look forward to as I grow my portfolio, like blocking and unblocking other grown men on Twitter!
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Just put a nail clean through my finger with my nail gun.
Why did no one tell me this is what happens in RE investing??
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BOOM! Finally under contract on my first deal from direct mail.
Single family house only two doors down from a property I already own. Will make a great student rental
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Facebook marketplace is the best. Just sold a couch for $50.
Get talking and dude’s got a house in town he wants to sell. Asking $50k. Easily worth $100k.
Forget direct mail, start selling couches on Facebook!
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Some students graduate with $200k in student debt.
My goal? To graduate with $1M in real estate debt.
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Group of college guys are moving in June 1. Asked this past week if they could come measure the rooms.
They just texted me a floor plan of the house. Not sure if I should be impressed or worried lol
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Half of my friends/generation are on happy pills because of “depression and anxiety.”
Yet all of them refuse to acknowledge their addictions to vape, alcohol, social media, attention, etc.
Fix yourself.
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Got a call last night off a letter I sent out a month ago.
“Hey Drew want to go walk these properties tomorrow morning? I’m in town and I want to sell them all”
One that I’m particularly interested in, and he’s willing to seller carry.
Shooting him an offer tomorrow🤞
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County assessor came out to measure the patio that got put in.
Dude rolls up with a YARDSTICK.
Measured the entire thing by placing the yardstick down and then moving it with his finger marking the last spot.
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@aaronk7
To justify that a realtor who lists a $500k house should actually charge 6% is beside me.
$30k in commissions for doing very very little. Title and bank make nowhere near that.
1% seems fair with a minimum amount charged. Broken system that needs fixing
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Garage door contractor did some work for me back in February. I have never received an invoice.
How do these guys pay the bills??
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Got a quote for a tree removal at one of my rentals: $3500
To keep your sanity, don’t plant stupid trees all over your rentals. The tenants couldn’t care less
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Just pulled these carpets up to find this!
Man I’d love to talk to the guy who thought the pink shag looked better than the hardwood
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Have added ~$80k to my net worth in the last few months by buying and fixing up value-add real estate.
The even better news? My bank account just continues to deplete! Oh the joys of being illiquid
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My Dad made fun of me for not knowing what this was today. Back me up here Gen Z
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Facebook marketplace for the win. Just bought this oven for $300 in great condition.
I buy almost all of my appliances for my rentals off Facebook marketplace. No other way to do it
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Spoke to a loan officer when I turned 20 as I was getting ready to buy my first property. Completely blew me off and told me I was too young and dumb.
Moved on to the next who has now done 3 loans for me with more on the way.
Don’t discount people because of their age.
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Had a 17 year old reach out to me and ask if he could bird dog for me so he could get involved in RE and make some money.
Now that is a good way to get somebody’s attention rather than “can I pick you brain”
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It’s -15°F in Nebraska today. All of my college student tenants are home for Christmas.
Russian Roulette with the water pipes this Holiday season.
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Previous owner of house I closed on 2 weeks ago showed up today guns blazing.
He was mad because I cut the bushes out and didn’t cut it up into firewood to give him.
Proceeded to tell me I’d hear from his attorney.
Not sure where this section was at in my real estate books🤦
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When I bought this house, the basement ceilings were old drywall and less than 7ft tall.
To open things up, we tore down the drywall and painted the ceiling joists black.
Turned out really cool and feels way more open!
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@vannman26
I don’t want to be that guy, and thankfully Airbnb was on my side.
Still a load of BS though on how the host acted. Would agree with you that it should have been honored
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College is awesome!
Currently in an entrepreneur class and our group is selling smoothies. Our goal is $500 of revenue over a 2 month span.
Meanwhile, I pull in $8,400 of revenue every month with my actual business lol
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Had an actual photographer come out and take pictures of the shop.
Posted it on Facebook and starting to take grad party bookings for the spring!
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Closed on this beaut today!
Largest remodel I’ll have taken on to date. Expecting a $25k+ renovation.
Will be BRRR’d into a student rental after completion.
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I think I missed the part in my books about what to do when my tenants bury their dog in the backyard!
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When I started out in RE, I had absolutely no idea how to do renovations, fix little things, plumbing, HVAC, etc.
Here’s how I learned and what I source out now:
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This might be dumb but sometimes it pays to have the seller just leave the stuff they don’t want.
I’ve made close to $4k from selling the stuff that was inside the last property I bought.
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Facebook marketplace never disappoints.
Locked up 300ft of fencing for $600. New would have been $3000+
Who needs to get materials from China when there’s Facebook!
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You’re telling me real estate doubled in Phoenix to live in this?!
Bearish for real
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Have been trying something new. I started targeting single families with large garages on the alley.
I’ve been taking the garages and turning them into small shops. OSB walls, insulate, separate electrical meter, 220v service, add white rock parking (this one was already…
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Closed on the barndominium last week!
3600sqft building with 1100 sqft apartment on 3 acres. Absolutely pumped.
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Everybody gets fired up that real estate investors don’t pay any income tax.
They seem to forget the huge property tax bills they pay every year though🤔
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Why you should be an investor over an agent:
I just sold a 4plex to a client who will net $80k in one year by implementing better management and flipping it.
I will net $10k in commissions off of representing him on the buy side and sell side.
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Can’t wait to see what the appraisal comes out at this new property.
My guess? Right at the purchase price!!
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Put this picture together yesterday.
Built the frame with some old stain and wood I had.
Picture is a $13 shower curtain. Ballin on a budget!
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Still trying to figure out if being a landlord is blue collar or white collar
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Asked appraiser last week to consider 7 other comps after appraisal came in low at $190k when it should’ve been $220k.
Got new report back today. He used 4 of the comps. All C3 condition which was same as my property.
Tanked each comp by $10k-$15k for “condition” causing the…
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Group from a mastermind I’m in just announced they closed on a deal.
There are NINE GPs on a 27 unit apartment deal in North Carolina.
Can somebody please explain how this is even worth their time?
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Little before and after of a project I did yesterday. Hoping to turn this unit into an Airbnb here soon.
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Please don’t include utilities in your leases.
In college, my buddies and I would run the hell out of the utilities we didn’t pay for because “we might as well get our money’s worth”
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Got a call from title company about the place I’m buying this week:
“Drew we’ve been talking to the Seller and he seems to have no idea that he’s selling this property.” Uh what.
Turns out they had been talking to a different guy with the exact same name as the Seller
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Currently a month behind on this project because of subcontractors.
Electrician was 2 weeks behind.
Drywallers a week behind.
Siding and porch were supposed to be done weeks ago.
No matter how organized you think you are, you’re still at the mercy of other people. Strap in!
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