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All Forum Posts by: Brett Ladehoff

Brett Ladehoff has started 4 posts and replied 9 times.

Post: Analyzing a deal, need a little guidance...

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

PS- Put it under contract for 23k.  I think you misconstrued what I was asking.

Post: Analyzing a deal, need a little guidance...

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Most investors want to be in under 70% of ARV. I guess you don't read much.

Post: Analyzing a deal, need a little guidance...

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Brent,

Yes, the formula is ARV X 60%, sorry the numbers were somewhat a world salad there.

I didn't deduct anything from the 60%, at $54,000.  It's common practice to deduct your assignment fee in the 60%, 70% or whatever formula you use?

Thanks again!

Post: Analyzing a deal, need a little guidance...

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Hey all!

I had a very motivated seller come to me today, with a home he purchased 4 years ago to rehab thru HUD. He's now taken on too much with the home, and in his words "Doesn't care what what anyone does with it, just wants it gone, it's gotten the best of me". This was late last night, so I haven't been able to get a price out of him yet, but I'm not worried about that at this point. I do know that he has done some work as new windows, some landscaping, work inside as well.

I pulled comps from the last 6 months, it's a small community located about 20 minutes from our large metropolitan in Iowa.  House built in 1896, 2 story, 3br 1.5 bath.

A fresh rehab sold on 2/12/18 that was built in 1900 and very similar for $111,9000

In January another property similar in size and year, not rehabbed sold for $112,500

And early January the third comp sold for $90,000

Based on the information, here are my numbers that I came up with, but feel like I'm off?  HELP

ARV- $90,000

Rehab Costs- $20,000

Closing/Holding Costs- $1500

Misc Costs- $2500

Assignment Fee- $5000

Total Expenses- $29,000

ARV- 60%- $54,000

Most I can sign for would be $25,000

I know I'm missing something, and it's late.  Any help is appreciated!  I don't want to jump on shooting an offer and end up being way off on this one.  

Thanks in advance!

Post: Hard Money/Private Lenders in Iowa

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

I'm noticing there aren't a lot of options for residents of Iowa for HML. Anyone able to point me in the right direction? Thanks!!

Post: Finally getting started in Central Iowa

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Hello BP Members,

I'm finally at the "take action" phase of beginning my REI Career. I've been studying REI for the past year and a half, thru books, online articles and such (Just found BP about a month ago!).

My overall goal in REI is to create cash flow thru rental properties (Single Family, Duplex, Commercial..). While that goal is the ultimate goal, I first want to get my feet wet in other areas of REI. I've read a lot on wholesaling, double closing, fix and flip. Let me give you a little background on myself..

Graduated from High School in 2003 from my home town.

2004- With my Father, started Phoenix E-Waste Solutions.  An electronic recycling company located in Marshalltown, that handled outdated electronic waste from local communities, schools, etc.  We took the company from 2 part time employees (ourselves) to 14 full time and 4 part time employees at the peak in 2008.  In the spring of 2007, we decided it was time to move from our older facility and build all new.  With the help of local economic development funding we started what would be a nightmare of a project, that would in turn be the end of our business.  I learned very quickly how to not handle contractors.  We had went all local, but it took until late 2008 for our new state of the art facility to be built.  Of course we all know what happened in 2008.  This unfortunately strapped us and forced the closure of our business.  Looking back, I know exactly what we needed to do, and have taken that lesson and put it in my pocket for further adventures.

I'm wanting to get started, not exactly jump in head first and take on a project that I cannot manage, but get my feet wet.  I'm centrally located in Iowa, which leaves me an hour from almost every large city.  I feel this can be advantageous for managing projects in multiple cities when the time arrives.  

I'm wanting to start small, with the right property.  In my hometown we have a lot of single family homes.  I'm very familiar with a lot of the property in town, I just haven't came across "the one" yet.  When I do find it, that will dictate which direction I go.  As I said, my overall goal is to own rentals to have recurring cash flow.  I'd also like to be actively flipping houses within my target market.  

What groups meet around the Central Iowa area that would welcome me?  Are there any investors looking to partner with a new-comer in this area?  

I look forward to hearing from the BP Community!

Brett

Post: New member from Marshalltown, Iowa

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Post: New member from Marshalltown, Iowa

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Post: New member from Marshalltown, Iowa

Brett LadehoffPosted
  • Wholesaler
  • Marshalltown, IA
  • Posts 11
  • Votes 2

Hello all,

I'm new to the community as well as Real Estate Investing.  I look forward to meeting many of you and working with you as I search for my first deal!