All Forum Posts by: Brandon Borchers

Investment Info:

Single-family residence fix & flip investment in Hoquiam.

Purchase price: $65,000
Cash invested: $42,000
Sale price: $167,500

Wholesale deal. House was 115 years old and full of character.

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

Was looking for a project and oh baby I found one! I guess I just got bored .

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

Found this deal on the MLS and it was listed for around 10K over what I got it under contract for. the wholesaler in this case was pretty easy to work with.

How did you finance this deal?

Used a hard money loan.

How did you add value to the deal?

Renovated the entire house. New everything. a big add was the conversion of the utility space into a master bath off the downstairs bedroom.

What was the outcome?

Net Profit was $50,500.00

Investment Info:

Single-family residence fix & flip investment in Port Orchard.

Purchase price: $50,000
Cash invested: $35,000
Sale price: $143,000

House Hack

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

Well obviously bigger pockets.

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

MLS purchase: Listed at $70k, offered $50k and we went mutual.

How did you finance this deal?

Credit Cards and personal loans

How did you add value to the deal?

Reconfigured Kitchen and hallway. Created a somewhat open concept. Fence and landscaping.

What was the outcome?

New profit was 54K.

Lessons learned? Challenges?

Living in a construction site can be a struggle, simply knock it out and move on to the next.

@Basit Siddiqi

Thanks a lot for looking into that, I was able to get my question answered. Thanks for the quick reply.

@Basit Siddiqi

I understand from the many comments, flipping is business income listed on Schedule c. For some reason I cannot figure out, I have no idea where to enter this income on the schedule.

Here is the breakdown. I owned a SFR in my single member LLC. I owned this property for 17 months. I did not receive a 1099S from the title company, but do know I need to report this. Do I enter this as "other self employed income (1099k, cash, check). Or would I enter this as sale of business property? Or maybe somewhere else. Would entering my gross proceeds, which I could essentially pull from my hud 1, work as a reference?

Or am I totally off base?

I am using Turbo tax and know I should have a CPA. Sorry.

@Lane Kawaoka where about are your properties? I have come to understand there are a few areas that have been stunted for many years now. Essentially I have identified any area east of I 65 but South of I 20. But within those areas there seem to be a few hit and miss neighborhoods. What do you think? I understand there has been a few tech co. That have moved into the area. Is this triggering growth anywhere you can tell?

Hey Dylan, thanks for getting back to me! After some casual conversation in and around the area and some research there seems to be some areas that aren't desirable in Birmingham, but of course one will find that in any city. In your experience down there where are the areas you have found are prime for an investment opportunity? On the other hand, what sort of assistance are you looking for with your pursuits?

Hey Guys! Hope your evening is going well and you are finally staying dry after the two days of rain across Birmingham, AL.

So full disclosure, I had only been through Birmingham once before (many years ago), and I was not impressed. I came to Birmingham 2 days ago for work and I won't lie, I ate my words, anything negative I had previously said about Birmingham, I take it all back! This place is awesome! The growth and revitalization which is taking part across the city and suburbs is amazing and encouraging.  

Lets cut through the BS, I want to invest here, but being from out of town (Seattle), I need a locals take on some neighborhoods and areas. I want to talk seriously with some local investors and/or agents about the area. I'm looking for Multi, but am open to suggestions based on the market. 

Lets talk! 

So I have a motivated seller list I mailed to. I received a call from one of the mailee's son who has her property listed and is a Real Estate agent. He only told me it was listed by him after I asked. It is not listed at a discount and in fact priced high. They recently dropped the price by 20,000 after being listed for 45 days. Property is owned free and clear. i guess the real question is how do any of you typically handle calls from a listing agent who represents a homeower?  It just threw me off for a minute, because I didn't expect that.

KEYWORDS: BREMERTON, PORT ORCHARD, SILVERDALE, MARKETING, CAMPAIGN, KITSAP, KINGSTON, POULSBO

I have briefly looked into Spokane, there are numerous properties at low prices at the moment. I just don't know if the supply is there...any thoughts? They have built up the Valley over the past few years and there where a lot of housing developments and apartment complexes which went in during this building craze. Any thoughts from investors in this market?

GO COUGS!!

Dina has a point! Josh and Brandon and actually talked specifically about this a week or two ago on their podcast. Focus on doing business and then scaling as you need to.