All Forum Posts by: Aaron Bitner

@Kelly Jacobsson Hi Kelly and welcome to Knoxville. I'm in the Knoxville market as well. We have a fairly active REIA here that I highly reccomend attending. Just google knox REIA. If you need anything feel free to reach out.

@Hunter Jones Hi Hunter. Yes, Im using private money on the rehab we have on going nown but that party is only wanting to do one deal at a at a time despite my best effort with charts and graphs and glossy 8 x 11 photographs to illustrate how we can do so much more by leveraging some financing. I do have another peson interested in lending but could only do a down payment or a partial contribution so I'm looking for a solution to bridge the gap for our next purchase.

Thank you everyone for your help!  

Hello BP. I'm exploring using hard money for another property for the first time. If there are some seasoned hard money users willing to chat about the process I'd appreciate it. Mostly Im concerned about how to handle the initial contract write up and timing? Do I approach the lender first or find the property and approach the lender after? Details like that. Thanks for your time in advance.

@Darnell ButlerSorry Darnell I welcomed the the wrong person! Nice to meet you also though!

@Darnell ButlerHello and welcome! I'm in the Knoxville area so not too far away. Alwayys nice to meet someone else from Tennessee. Glad to meet you and wish you the best!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $43,000

Single Family home in Kingston, TN. It's a complete gut job but lots of opportunity for value add. Looking forward to sharing progress as it goes along.

What made you interested in investing in this type of deal?

It's in a decent area and the numbers were decent. Needs a ton of work and has been neglected for several months but its a a solid house. It's not a home run deal, but hopefully a good base hit.

How did you find this deal and how did you negotiate it?

I found this deal from another investor who posted it on Facebook Market Place. I called and she showed the property. She let me have several opportunities to access the property to inspect and plan before I made an offer. After inspection I made my offer which was below her initial offering price and she accepted.

How did you finance this deal?

Cash.

How did you add value to the deal?

We're replacing the roof, adding HVAC, re-siding, paint, trim, cabinets etc.. We're converting and old laundry room in to a master bath. Expanding the master bedroom and reconfiguring the kitchen dining and living space for a more open concept.

What was the outcome?

To be determined

@Charlie MacPherson woud the contract read just like a regular purchase contract? Would you suggest adding an addendum or separate contract that states they lose their escrow if they back out?

@Christopher Phillipsthat's my main concern. Customizing for a buyer (especially if they are eclectic or have unusual taste) and then having them back out.

I've come across an interesting situation where I'm about to start a Rehab and may have someone that is interested in securing first dibs on purchasing it before we start. They like the idea of a newly renovated home in their price range that they can add personal touches to. I like the idea of having a built in buyer. I would appreciate some feedback on pros and cons and best practices to protect everyone's interest.