All Forum Posts by: Albert Thuilot

Investment Info:

Single-family residence buy & hold investment in Gulfport.

Purchase price: $61,000
Cash invested: $4,200
Sale price: $112,900

Cashout refied the property in November and used that cash to fund 2 new properties.

**Update Oct 2022, property cashflowed, but had continual issues and decided to sell it. Final sold price with seller credit $112,900 - $4,200. Collected rent of $1,100 for a year.

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

A friend was invested here, and introduced me to his realtor, who introduced me to several contractors and shared her knowledge of the area.

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

Friend brought it to me. After being up about $100k in the market, lost $30k of that in one day, and decided that wasn't for me.

How did you finance this deal?

Cash

How did you add value to the deal?

Fixed it up enough to get it working, and liveable, was mentored through the process. I've changed how I do things now, where I do complete guts.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $125,000
Cash invested: $45,000
Sale price: $219,500

Purchased an REO from the bank, who had listed it for $140k. 4 bed 2 bath, with 2 car garage. Between initial contract and acquisition the HVAC unit was stolen, and some additional damage done. Roof replaced, painted and fixed cabinets, all new flooring, windows, and bathrooms. Project was completed by May, and unfortunately missed the market by a month, otherwise would have sold for $255,000.

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

The opportunity of value, and my confidence that I could fix up the property for a profit.

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

MLS, reo from the bank.

How did you finance this deal?

Cash, half my own, half borrowed from a friend.

How did you add value to the deal?

Added value through updating the main areas of the house, while repairing the moldy walls and replacing the roof.

What was the outcome?

Nice profit, and a great home in a nice neighborhood. Its sad to see properties like this sitting for 10 years owned by the bank, when so many people are looking for a home.

Lessons learned? Challenges?

Prioritize projects! I had this flip and a STR rehab going simultaneously. I saw the market turning with the rates going up. I knew this house would be out of reach for many as the rates increased, and I should have halted the STR to get this one done. If I finished a month earlier, I would have made $25k more. The STR could have been delayed, as the income wasn't as much as the reduced profit on this flip.

Hi Jason, count me in.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000
Cash invested: $26,000

Purchased a great 3 bed 2 bath home in a medium income neighborhood. Had been sitting empty with no power for 6 years. Needed new roof, appliances, flooring and to replace 30% of the ceilings due to mold. Minor electrical work, and some siding repairs. Ripped out the fence that was falling down and trashed the rotting shed. Cashflows 110%

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

Currently I'm looking for solid cashflow to grow my net income, and get me closer to quitting my job as I learn real estate better

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

My realtor came to me with this opportunity from one of her investors who was unloading several properties

How did you finance this deal?

I didn't have enough cash, so partnered with a friend and managed the whole project myself.

How did you add value to the deal?

I know this neighborhood very well, as I have 2 rentals currently that were recent buy and holds. The market had risen significantly, and I knew that higher rents were possible.

Lessons learned? Challenges?

The biggest challenge was getting the utilities turned on, as I needed to get the city developer involved in pulling permits and getting the property certified. My first time doing so.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, have a very knowledgeable realtor that also invests.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000
Cash invested: $26,000

Purchased a great 3 bed 2 bath home in a medium income neighborhood. All cash no inspection purchase from an investor reducing his portfolio by 10 properties. Had been sitting empty with no power for 6 years. Needed new roof, appliances, flooring and to replace 30% of the ceilings due to mold. Minor electrical work, and some siding repairs. Ripped out the fence that was falling down and trashed the rotting shed. Comps show a value of $150,000, with plans to cash-out refinance in October. Listed it April 23rd, and have 14 applications by the 25th.

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

Currently I'm looking for solid cashflow to grow my net income, and get me closer to quitting my job as I learn real estate better

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

My realtor came to me with this opportunity from one of her investors who was unloading several properties

How did you finance this deal?

I didn't have enough cash, so partnered with a friend and managed the whole project myself.

How did you add value to the deal?

I know this neighborhood very well, as I have 2 rentals currently that were recent buy and holds. The market had risen significantly, and I knew that higher rents were possible.

Lessons learned? Challenges?

The biggest challenge was getting the utilities turned on, as I needed to get the city developer involved in pulling permits and getting the property certified. My first time doing so.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, have a very knowledgeable realtor that also invests.

I'm an avid listener, and recently listened to the podcast with Pace Morby today, but unfortunately none of that info could help on my current deal.  I'm partnered on a short sale deal that I found, that we are planning to flip.  The house was being short sold for $140,000, we offered $120,000 and they countered with $125,861.  
The comps for the house are in the $210k to $230k range, with a repair budget to fix the house in the $25k to $35k range. 

I had planned to use a HELOC, but the rep at the bank didn't know her own guidelines, and they wouldn't count my rental income towards my DTI unless it was on my taxes. (I had asked before choosing this bank). Since I purchased all my investment homes in 2021, none of them are on my taxes. I'm at a new bank that counts 75% of the rent towards income regardless as long as I show deposits of rent and the downpayment, which I can.

I need to get funds within a week, as we need to close on the 31st or we lose the deal. My partner doesn't have enough to cover me, so I'm asking friends that I know have money, but most of them are not investors. Tomorrow I'm planning to call about 15 to 20 hard money and private lenders, but unsure who's going to be more fair.  I believe private money doesn't pull credit, but a hard money lender might.  This would be bad for the HELOC in process, as they'd want answers to why I pulled credit.  

At this point, the speed of the transaction is my bigger concern, but I don't want to give away all of my future profit by making a bad choice.  Does anyone see one choice being better than another with my current situation?