All Forum Posts by: Ben Nelson

Hi guys! I’m doing a few flip deals with private money and also looking to do some long-term investing using private money as well. Does anyone know a good real estate attorney in the Decatur Alabama area that could help with setting up the contracts and liens for something like that? Thanks!

@Marcus B Hsu sounds like a nice deal! Thanks for sharing. Reading the real numbers and hearing this kind of story is super encouraging. Keep it up!

That's awesome @Karl McGarvey! Hope it goes amazing for you. Would you mind sharing the info the the REI group in Clear Lake? I haven't found one around the Lake Jackson area and am looking for some to attend.

@Timothy Church I would love to meet up for a coffee!   I travel a lot for my work and will most likely be over that way soon.  I'll shoot you a PM when I know I'll be headed that way and would love to meet and see what's going on in your area.  Thanks!

@Karl McGarvey congratulations! That’s got to be awesome. And thanks for the tip about Jamaica beach! Do you mind sharing how you came on the deal? Are you buying or doing rental arbitrage? Thanks!

Hi everyone! I just moved to the Lake Jackson, TX area, and I am looking for Airbnb short term rental style listings on the beaches around here. Looking to get recommendations for maid services and such and also wanting to see how I can link up and help other short term rental managers around here.

Hope everyone is killing it out there! I’d love to get a meet up together of short term rental and flip/rehab or folks! 

Thanks @Amy Aziz!  

@Anthony Rosa completely agree.  Unfortunately in Alabama where I am, most of the MHPs are not that great.  We're planning to change that for our properties and make them attractive safe places for people to live.  

@Julianna Sauber we asked the closing attorney and they said since it’s a month to month lease, the owner should be able to send written notice that their lease will not be renewed. Discrimination laws shouldn’t play into that should it? It seems that the owner shouldn’t have to have a reason if the co tract says the co tract can be terminated with 30 days notice from either left since it’s month to month correct?

@John N. Wilson Jr.  I understand what you are saying Mr. Wilson and would love to allow him to stay there if it had been some of the more minor things that he could get on that list for committing.  I did do the research on what the offenses are with this guy and they aren't any of those.  And with him being charged with another sexual related crime this year again after being released from prison a few year ago, the pattern doesn't look good.  Now, if we were only allowed to have the three mobile homes on the property I would most likely let him stay as long as nothing happened.  But we are moving 2 more homes onto the property as soon as we can and I think having him there will really limit who I would be able to place in the new units once they are there, as well as the fact that my wife is super uncomfortable with it and I wouldn't be able to bring my kids around our properties either.  I will most definitely treat him with respect but it doesn't seem to make good business sense at this time to let him stay.  Thanks for the input! 

Investment Info:

Single-family residence fix & flip investment in Moulton.

Purchase price: $22,658
Cash invested: $68,680
Sale price: $91,132

We purchased this house as a Medicare sale. It needed LOTS of work but ended up looking great! This was our first investment and we learned a lot about managing contractors, who to choose, what to do ourselves and what to farm out, and about flipping in general. Planning to do lots more and ready to go!

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

Our plan was/is to use flip profits to fund rental purchases so we were looking for a good opportunity in our area.

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

This house had actually been on the MLS for 5 years and no one would touch it! Lucky us.

How did you finance this deal?

All cash purchase and rehab.

How did you add value to the deal?

Outside of general facelift, floors, drywall, painting, countertops, tile bathtub surround, all new trim, sod outside, re-done shed, etc, etc....we updated the funky layout from a 4 bedroom 2 bath to a 3 bed 2 bath. The only entrance was through the master bedroom...had to go through the master, down a long hall, to get to the living room. Not cool. Put in a new front door, made the tiny 4th bedroom a walk-in master closet, and boom! 3 bed 2 bath with large master suite.

What was the outcome?

We made money and helped a lady buy her first house!  Super happy about that for our first deal.

Lessons learned? Challenges?

Learned a TON about how important a good contractor and sub contractors are for honesty, accurate pricing, and realistic start/finish dates. We are investing lots of time and effort into getting that right on the next one. Found a GREAT realtor and learned how amazing it is working with rockstars.

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

We worked with Kevin Primeau with Exit Realty North in Huntsville. Highly recommend him.