All Forum Posts by: Ashton Sharp

Investment Info:

Single-family residence fix & flip investment in Bakersfield.

Purchase price: $125,000
Cash invested: $31,080
Sale price: $185,000

My wife and i purchased this SFR the summer of 2015 as our home with an FHA loan. February 2017 the property suffered a major fire, fortunately everyone was uninjured.

we received an insurance pay out of $158,000 of which we put 130,000 back into the property, as well as our personal living expenses. once the property was repaired we moved back into it, and after a year we put it on the market, where it sold in 3 months start too finish.

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

totally situational

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

found it on the MLS and we didnt negotiate.

How did you finance this deal?

we used an FHA 3.5% down as well as a CHADAP down payment assistance program, and only put 2000 down

How did you add value to the deal?

we rebuilt the property from the studs out

What was the outcome?

we eventually sold the property after house hacking for several years

Lessons learned? Challenges?

i learned not too buy used dryers, to always have personal property coverage, and always ask around for bids.

@Raquel Doheny I had read some of the loans had those penalties. I didnt know they were applied to HELOCs as well

@Matt Clark @Ashish Acharya Thanks guys!

Im considering getting a HELOC on my primary residence. I owe $116,000 and my home is worth about $185,000. Im looking at about 40k on a HELOC and im wondering if I have too pay the monthly even if I havent used the HELOC. Anyone have any experience with this?

@Scott Weaner How did you find that particular software?

@Nathan G. Also thanks for the feed back. I lived in Casper for 3 years!

Hey guys thanks for responding! @Nathan G. A friend of mine and I are actually building a management app as a pet project, and I only have the one unit so my experience is limited as I dont use a manager myself. I thought this would help build a new skill and also lend me a better understanding of property management.

As above, so below. 

What property management software do my fellow landlords use, and why do you prefer that specific software.

What information do you look for/want too see on your monthly reports if you are an owner, and if you are the manager what do you typically get asked to put in these end of month reports? 

@Tony R Fox Good luck! And you can still house hack with a single family home. I have two kids and I rent out one of our rooms and it lowers my mo thly over head significantly!

@James Wise I agree, like i mentioned the agent probably isn't going too be a good fit. However, moving forward its something to keep in mind. And it will save everyone time and energy. If james explains what hes looking for and how he determines the criteria then the agent in question will have a better understanding of whats going on anx will then expect the larger work load for the shorter individual pay out.