All Forum Posts by: Brandon Richey

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $135,000
Cash invested: $45,000
Sale price: $259,000

foreclosure we picked up before it hit the courthouse. $135K PP, and an estimated $45K rehab, we are about 60% done with the rehab and looking to sell around $259k! Will keep it posted!

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

Pre foreclosure. Used a realtor to negotiate it and stay on it. Took 5 months!

How did you finance this deal?

I used a LOC I have from the bank to purchase and funds for rehab

How did you add value to the deal?

I did an entire new kitchen and floors which will update it and new master bath area!

What was the outcome?

Still pending but looking great!

Lessons learned? Challenges?

so far no lessons YET! Challenges are simply the drive is 40 minutes from my house which can be a drag

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

Jenna Kelly

The last three years have been a ride to say the least. Before I ever knew anything about Bigger Pockets, BRRRR, infinite returns or what a CAP rate was, I always had this dream of flipping and owning rentals. By trade I have been an insurance agent for about the last 8 year in which I have owned my own agency the last 6. I saved up money ($50K) and decided I would go buy 2-3 rent homes and that would be enough for the down payment. I settled on a $63K condo-town home that was already getting $1000 a month rent. The math worked, cash flow worked and heck I had just bought a truck that cost more than that so all else fails I could swing it. What happened next was GOD working to bring me in this game. I get referred to a local credit union's commercial department, they do an appraisal and low and behold they tell me the property appraised for $86,000. I thought that was great, I am buying value, have a lot of equity, net worth and all that. The bank calls back and said we can close in 7 days and we can lend up to $68,800 on this town home, how much do you want the loan for Mr. Richey? I was baffled, confused but held steady. I said ill take $68,800. We did the deal, closed the loan and I received a deposit of roughly $3500 within 24 hours. I told my wife, uncle, a few friends and everyone was some what baffled. The unit behind this one was actually for sale also, a little higher price but I offered the same $63K they countered at $65K and I took it. First 2 deals ever in real estate and I received MONEY BACK at closed! Holy Infinite returns! To keep it brief over the last 3 years (officially here in a few days) I have acquired and am now holding 30 rental homes (with one of those being an owner finance I count because of the cash flow). As I grew more to real estate and learned I faded from the insurance world. Good thing is , I owned the company. I am set to close early January for $1.285 Million on my insurance agency, I have 30 rentals, and will keep growing them, flipping and doing some new construction. Currently right around $36K a month in gross rent netting $14,000 a month ! I'm all in for 2020 and beyond! Hopefully I can be an active forum member and maybe one day @BrandonTurner will get me on a pod cast!

@Emanuel Morales I have some experience here. I am In the Beaumont area and got smoked in Harvey and Imelda got some of

Our areas good. The big thing is to

Buy right. Have to get the price for our areas down around $35/foot. From there you will be able to do the proper rehab. Make sure you know the construction process though! A flooded rehab is a major rehab. Make sure you know the construction world well!

@Kameron Holloway personally I would invest in the city your from or live in currently. First deal you will want to be able to touch it.