All Forum Posts by: Blake Walker

@Andrew Postell, Thanks for the heads up on that. 

@Belinda Lopez, Thank you so much for your insight. The seller is selling to me as a "flip" and is a friend of mine that knew were were looking for a park. He is not willing to carry any of the note. I am considering doing a JV but wanted to keep it from being an issue with what needs to go back into the park and what should come out as a return. This is the reason I would rather a loan on the money at a percentage instead of an equity partner. We will have some skin in the game in terms of some of the down payment and money set aside to go into the park almost immediately, which is why we don't want to use all of our available capital for the down payment. I really do appreciate your insight as it gives me some good thoughts to ponder!

We are currently under contract on a mobile home park.  One of our bankers is working on the loan for us, but we will need between $300K-400K for the down payment and we would like to get a private money lender that would like to do a loan for the down payment, hopefully interest only for a few years, while we bring the park up to a significantly higher value.  We have the ability to do the down payment with our lines of credit, but we would like to be able to use those lines for improvements.  Does anyone have any suggestions or feedback in this case?  Anything is greatly appreciated!

Thanks to you guys for your input. I’ll check in with the local governing bodies and will look into the WiFi enabled systems. This will give me a good start. 

We are currently under contract on 3 different small multi-family properties, and two of them have water included in the rent.  I know there are ways to sub meter then water, but I would like some input from my fellow BP people as to the best way to do so without breaking the bank.  Any help is appreciated!

It isn't really the thickness of the plank that matters.  There are differences in the wear layer that is on the plank.  I have been installing the same stuff (Tranquility) over the past few months but I haven't had any of it in long enough to be able to give you a report other than it looks great after being installed.  But for clarity, the overall thickness is going to matter for the stiffness of the board (Not always great on raised homes as some flexibility is better) as well as the sound dampening.  I like the thinner ones as they flex over uneven floors better and they are generally cheaper.  The wear layer is what matters, but as others have said, if you drag furniture over it without any protection, the thickness of that layer will not matter.  You can get touch up pens that color match for the larger scratches, and that is exactly what I plan to do to extend the life of the flooring.  In all accounts, tile is the closest to "tenant proofing" the flooring, but even then one dropped item can cause a major issue. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $20,000
Sale price: $174,900

The home was going to auction just 2 days after our purchase date, and this was not even known when we purchased the home. It was a 3/2, approximately 10 year old single family home. This was a great learning experience and we hope to do more soon.

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

We were looking for rental property but this fit the flip scenario much better.

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

It was listed on the MLS. We offered full asking price as it was lowered by $30K the morning we placed the offer.

How did you finance this deal?

We used our lines of credit from multiple banks.

How did you add value to the deal?

We gave the property a complete facelift. We had to fix most of the walls, refinished cabinets, installed granite, new light fixtures, and new flooring throughout as well as painted the entire interior. On the exterior, we added new vinyl siding, replaced porch posts, and added landscaping. The home was listed by a realtor and was under contract within 48 hours.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $20,000
Sale price: $174,900

The home was going to auction just 2 days after our purchase date, and this was not even known when we purchased the home. It was a 3/2, approximately 10 year old single family home. We had to fix most of the walls, refinished cabinets, installed granite, new light fixtures, and new flooring throughout. On the exterior, we added new vinyl siding, replaced porch posts, and added landscaping. The home was listed by a realtor and was under contract within 48 hours. This was a great learning experience and we hope to do more soon.

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

We were looking for rental property but this fit the flip scenario much better.

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

It was listed on the MLS. We offered full asking price as it was lowered by $30K the morning we placed the offer.

How did you finance this deal?

We used our lines of credit from multiple banks.

How did you add value to the deal?

We gave the property a complete facelift.

Thank you all for the input. I think we are about to work with a Branding company (my cousin owns it) and see what would work the best. 

We currently have an LLC. The name is RG Walk Development, LLC. R is for Raylee (our daughter) and Gabe (our son) and Walk is an abbreviation of our last name. We were just going to build spec homes when we started but quickly began looking for flips (did one) and rentals (currently have 8). I feel we need a different company name that is easier to use as well as more wholistic as we are leaning more towards rentals, flips, and wholesale. My bride thinks the name doesn’t matter. I feel it needs to change. Can you please give us some guidance?