All Forum Posts by: Casey Murphy

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $68,000
Cash invested: $73,000
Sale price: $183,000

We bought this house from a private seller who got our info from our friends at the water department. They knew we'd flipped before in the same neighborhood. We did a full gut remodel on this house which drove the cost pretty high. That coupled with covid prices increases and me being unable to work as much due to a broken wrist made this our most expensive and least profitable flip yet. We ended up making about 25k after closing and realtor fees.

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

I like the construction aspect of flipping and large lump sums at the end.

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

This deal kinda found us. The homeowner told the folks at the water department that she really needed to sell this house. They called us after that.

How did you finance this deal?

A partnership with my parents where we both used our respective heloc's.

How did you add value to the deal?

Fully gutted the house, Opened up the wall between the kitchen and living room, New cabinets, new granite, new appliances, new windows. It looked like a new house inside when we were done.

What was the outcome?

About 25k in profit

Lessons learned? Challenges?

I learned a lesson about overpaying. I really wanted to buy this house because it was a nice lot and it was about 1 mile from where I live so I wouldn't have a long commute to work. Initially I wanted to get it for under 60k. We settled on 68k mostly just because I think she knew I wasn't gonna walk away from the deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $27,000

I used my heloc to fund the down payment and some cash from a land sale to have the house painted. Painting the house was the only expensive item in renovating the property. I initially posted it for rent at 1100/month and had multiple people interested. In hindsight I may have undercut the rent by 100 or so. Our tenant expressed an interest in me providing appliances. In all we spent 1500 on refrigerator, washer, and dryer and in exchange I increased our tenants rent to 1200/month.

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

It’s hard to find something that will cash flow and this house cash flows around 350. It also didn’t require a large renovation.

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

I found it on the MLS listed for 11500. I offered 95000. They countered with 110000. I countered with 105000 and the seller paying closing. We agreed on 105000, I paid my closing costs.

How did you finance this deal?

20 year Conventional loan and I used my Heloc to pay the down payment and closing.

How did you add value to the deal?

I had it painted. Added door stops. Had the cast iron tub resurfaced. Added fridge, washer, and dryer.

What was the outcome?

It rented quickly. The tenant brought the deposit, pet fee, and 3 months rent up front.

Lessons learned? Challenges?

I probably could have posted it for rent a lot sooner. I was very hesitant. I tend to drag my feet when I’m doing something I’ve never done before.

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

I am a licensed agent in Louisiana so I represented myself. I got paid almost $2200 to buy this house which i thought was very cool.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $29,000
Cash invested: $58,000
Sale price: $135,000

We bought this small 3/1.5 at a sherriff’s auction. It’s in a a very rural location so i wasn’t very sure what it might appraise for and it needed a lot of work. All in we spent a little over 87k. It stayed on the market for about a month so I was eager when I got a full-price offer but had to pay 8k in closing. After paying closing and the seller’s realtor we profited about 35500 which i split with my parental partner’s. All in all it was a success but filled with learning opportunities.

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

I really enjoy taking old outdated houses and turning into a place someone can be proud of. And i like big paychecks.

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

Sheriff’s sale

How did you finance this deal?

Me and my parents used our helocs

How did you add value to the deal?

Gutted it, rewired it, modernized it

What was the outcome?

35.5 k profit

Lessons learned? Challenges?

In the future I will either pay a title attorney or research title myself before going to bid. Sheriff’s sales don’t guarantee a clean title!

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

I did not

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $29,000
Cash invested: $58,000
Sale price: $135,000

We bought this small 3/1.5 at a sherriff’s auction. It’s in a a very rural location so i wasn’t very sure what it might appraise for and it needed a lot of work. All in we spent a little over 87k. It stayed on the market for about a month so I was eager when I got a full-price offer but had to pay 8k in closing. After paying closing and the seller’s realtor we profited about 35500 which i split with my parental partner’s. All in all it was a success but filled with learning opportunities. Buying from sheriff’s sales does not guarantee a clear title. So we spent about a month chasing down signatures from 3 different people. In addition to that I probable could have negotiated to pay only half the closing.

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

I really enjoy taking old outdated houses and turning into a place someone can be proud of. And i like big paychecks.

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

Sheriff’s sale

How did you finance this deal?

Me and my parents used our helocs

How did you add value to the deal?

Gutted it, rewired it, modernized it

What was the outcome?

35.5 k profit

Lessons learned? Challenges?

In the future I will either pay a title attorney or research title myself before going to bid. Sheriff’s sales don’t guarantee a clean title!

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

I did not

Thank you so much!   Our 2nd one is under contract  andI'll be posting it soon.  We did hire out for a few more things this time and there was a lot less frustration for me lol

Investment Info:

Single-family residence fix & flip investment in Dry Prong.

Purchase price: $48,000
Cash invested: $50,000
Sale price: $125,000

I couldn't find my pics of the house after the work had been finished. These are when it was about 90% complete.

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

I wanted to make some money to pay down my mortgage and increase my heloc.

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

I bid at the courthouse steps. No one bid against me so there wasnt any negotiation.

How did you finance this deal?

I bought the house with my heloc. My parenys funded most of the rehab with a personal loan. Towards the end my grandparents loaned us 10k. We paid them back 11k.

How did you add value to the deal?

We put a new roof and new finishing in the whole house.

What was the outcome?

We profited around 35k which we split evenly.

Lessons learned? Challenges?

It took a really long time. I did a lot of the work myself. I learned that I really hated doing drywall. We sub it out now.

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

Our lender, Colfax bank, was great.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $48,000
Cash invested: $50,000
Sale price: $125,000

This was a small 3 bed 2 bath in the small town I live in.

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

I wanted to make some cash to pay down my mortgage and increase my borrowing power in my HELOC. Also it was nice that it was 2 miles from my house.

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

I was the only person to bid on this house at sheriff sale. I had to bid 1 more dollar than the opening bid.

How did you finance this deal?

I bought the house with a heloc. My parents applied for a personal loan. Towards the end when were running out of money we borrowed 10k from my grandparents and paid them back 11k.

How did you add value to the deal?

We made it look brand new.

What was the outcome?

I made about 17k. My parents did too.

Lessons learned? Challenges?

I agreed to sell for 125k but it appraised for 130k after the fact. So I sort of beat us out of 5k but then we didnt have to oay anything at closing.

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

Our lender was colfax bank and I would definitely recommend them.

We are definitely using a closing attorney.  Our 1st flip did fine fsbo which makes them think it will always work.  Everytime I mention an agent they say not yet.  I love them but they're penny pinchers ha.  I'm in the process of getting my license but that'll be a couple months at least. 

Hi all! This is my first time posting here so dont beat me up to bad. I've partnered with my parents on 2 flips now. The first one went well. As soon as I advertised it FSBO we had 3 families all wanting to buy it. We sold to the first person with financing and we profited nearly 38k! The one we are currently trying to sell is arguably a nicer house but in a more obscure location, a little more off the beaten path. I didnt have much success using various Facebook groups and marketplace so I wanted to try something different. I listed on Zillow as a FSBO. A day later I was contacted via text by someone representing nationalleasepurchase.com. I had never heard of them before so I tried to do some digging. The president is named Mario Garcia. I couldn't find much about him except on linkedin. I dont have one and don't know much about the platform so I wasn't able to find anything useful. Another website (cant remember the name) said that the domain name for the website was only 6 months old. I'm just new at all this and worried about getting scammed. If anyone knows anything helpful thank you in advance!