All Forum Posts by: Christopher Brian

Just on a random whim - wanted to add that I am not a fan of propertyware. They have not upgraded the user interface in 13 years. The mobile app is terrible (check out the reviews on Google/Apple). The web portal is dreadful and not mobile optimized. Come on Propertyware.

 This rented for 650 per month the first year I had it. We then pushed rents up to 900 a month and then I sold it for, probably less than I should have, but 78k to a first time home buyer. This was in NW. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $78,000
Cash invested: $50,000
Sale price: $160,000

SFR, 4square, started off minor but turned into major rehab, 3/1, plumbing, electric, drywall, kitchen, bathroom. Missed our target timeline and also got caught by a slight slowdown in the market. Sold for 20k less than we wanted. Lesson: Watch your contractors like a hawk (knew that but still), get receipts, don't over invest, get it done more quickly next time.

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

Love the 4-square style, home needed to be brought back for the neighborhoos

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

Wholesaler came to me - negotiated - but if anyone is reading this - wholesalers, please be careful what and how you phrase offers out to buyers. Don't be unethcial and mislead someone into thinking they are in a bidding war when they aren't.

How did you finance this deal?

Network.

How did you add value to the deal?

Complete rehab. GC

What was the outcome?

Positive ROI / returned what had been a derelict home just sitting - to one that the neighbors are proud of.

Lessons learned? Challenges?

Get proof from wholesaler that there is another offer that you're competing against. We're too small of a network - we can figure out if someone is telling the truth or not; usually.

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

no

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $29,000
Cash invested: $14,000
Sale price: $74,500

Nice, brick SFR that had been used as an illegal boarding house. Prior owner/tenants had taken out support structures inside the home that cause minor foundation issues. We have updated plumbing, electric, and corrected foundation/settling issues. Images from before.

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

Helping the neighborhood-reclaiming a nice old house that we converted to a SFR for a 1st timer.

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

Chris Martin-local agent in Roanoke-thanks, Chris!!

How did you finance this deal?

Working in the back of restaurants since age 14.

How did you add value to the deal?

Rehab. Those floors turned out great. Plaster repair. Foundation repair-that was the big one.

What was the outcome?

Positive ROI. Sold to a 1st time homebuyer. Happy neighbors.

Lessons learned? Challenges?

1. Why does this always have to be so expensive! 2. Use contractors who don't (...).

I’m guessing I’m going to be in the minority on this one, but I feel like this is a clickbait conversation starter and we shouldn’t even be responding to it-yes I realize I’m currently typing a response. Let’s stay focused and keep our eyes on the prize-learning about investing in real estate and helping others grow personally and professionally. 

Just re-reading this post after having not seen it for a few years and man-I don’t know if this is still true for anyone else but the numbers that J Scott quotes are spot on in my markets.  

I’m dealing with this right now. They authorized an ad set based on a transaction that I closed. I had no idea that it was live until I received a receipt from them saying I had just placed the order. I had been out of town and not even logged into the site for the prior 3 days. I knew it all sounded too good to be true and should have trusted my instincts to not use them. There are no shortcuts in this business. Lesson…reiterated I guess. 

Slow and steady for me-maybe...maybe add one a year. The last person that I talked to, who has been scaling quickly (8 singles/dups per year with no income other than from managing the SFR's) was doing this with hard money from another friend who has a high income. I want to get there myself, but when he told me about the 12% rates + points he's paying, I just can't see how it's sustainable. If 4 of the units go vacant for 3 months and you get someone who throws a window unit off the roof and into the neighbors living room then you've just got yourself a whole world of problems to deal with. I may be too conservative but I'd rather have higher cash reserves and equity built up for all the craziness that can happen.

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $29,000
Cash invested: $18,000

Roanoke BRRR, SFR, B property, was looking to wholesale but kept it with the cash flow. ARV = 75k

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

Was a diamond in the rough, had been vandalized but the bones were good.

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

Multiple out of state wholesalers were competing/offering to several investors/came to a bidding war and won on terms not price.

How did you finance this deal?

Fun

How did you add value to the deal?

Minor rehab-plumbing was a beast.

What was the outcome?

+ Cash flow, good equity position, appreciation.

Lessons learned? Challenges?

3 different types of plumbing = hidden joints and connections behind the walls that weren't put together properly and will burst when you least expect it. Always take your budget and double it and then look at the time frame needed to rehab and triple it, or vice versa or just triple everything when the main line bursts in the middle of the night. :)

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

Negative.