Joyous June in Arizona

[Shiloh Lundahl]

Progress keeps pushing forward in the month of June, 2017.  This month we closed on the purchase of 4 properties, got 2 of our properties under contract for sale, did 1 lease option, and held 1 meet up group advertised on BiggerPockets which helped us attract 3 more investors from BiggerPockets.

This house below is going to be a lease option after we put about $18,000 into the rehab to turn it into a three bedroom two bathroom in Apache Junction, Arizona. Total project should take about six weeks. Then we will get a loan on it for 75% of the ARV and we should be able to pull out our whole investment capital. We found a partner off of BiggerPockets to partner up with us on this deal.

 This is the house that we found in the middle of June in Mesa, Arizona for one of our subcontractors. We got it under contract and closed on it at the end of June with a hard money loan.  We will be refinancing this house with a 20 year loan and we will be cash flowing about $200 a month.

We closed on the purchase of another flip from a wholesaler up in Phoenix. The purchase price for this flip was $235,000 and the estimated repairs are $30,000.  We have an investor that we found through BiggerPockets that is coming in to help with the rehab cost on this one too. The estimated profit is about $27,000.

We purchased this house as a wholesale deal from another investor who wanted to move his money into a different investment. We bought it for $59,000 and the estimated rehab is about $10,000. The ARV is about $100,000. Our plan is to sell it on another lease option. We found another investor through BiggerPockets to partner with us on the rehab costs of this property.

 We received an offer from another investor to purchase the house that we bought at auction at the end of May.  We purchased it for $55,500  with a hard money lender. We are now are under contract to sell it for $65,000. We are set to close on this property next week.  We will make about $8500 on this property within about a month's time and with none of our own money into the deal. 

This is a property that we purchased at the end of February for  $184,000 and it took us a little bit longer to sell. But we have it under contract to close on July, 20 for $256,000.  Our estimated profit with this flip is about $26,000. 

 June really was a joyous month, and a month of hustle.  I can't say enough about how helpful my team has been. Because I work full time, none of this would've been possible without them.

[Shiloh Lundahl]

@Nichole Stohler the simple answer is whatever makes sense.  Most of our lease options are lower cost properties because we can lease them for about what the current rent rate is. When we get into the higher priced properties, in order for the numbers to work for us, we would have to charge quite a bit more for the monthly lease.  So as a rule of them, properties that we are less than $150,000 into it, we will do lease options for. Properties where we are into it more than $150,000 we will usually flip those properties.