All Forum Posts by: Coley Mitchell

Hello all,

Been a while since I've been active on here.  Do people still use BP?  Traffic seems thinner than I remember.

Just curious how everyone is finding deals these days? Most of what I do is focused on house flips and small land tracts. Have some experience doing outbound text messaging to property owners at lower price points (50-150K houses) but looking to go upmarket to where there is less competition. Want to find motivated sellers with homes in the 450-650K price point that can be substantially renovated and square footage added (1.5-2M ARV).

Guessing that on average these people wont reply to unsolicited text messages.  I also live in the same area where I plan to market so want to be careful with the approach.  Curious if anyone has experience with this?

THanks,

Coley

Great post - thanks for sharing

I have a rockstar agent I can put you in touch with but would like to learn a little more about your investing goals before I put you in touch with her.  what types of property are you looking for, what price ranges, and how many do you plan to purchase over next year?

Are you are looking for quality work (like pricing in top third of market) Bartron Builders is great.  Have worked with them on multiple projects and would trust them with my primary residence.  Super reliable, trustworthy, and professional. 

Cash buyer here and starving for deals at moment.  Would love to know what you have.

Would guess you would be looking at 40K to do all that work depending on fit and finish and quality of contractor.

Investment Info:

Single-family residence fix & flip investment in Fruitdale.

Purchase price: $152,500
Cash invested: $135,000
Sale price: $420,000

Complicated fix and flip. Started with a hoarding tenant that was planning to move out but failed to do so on multiple occasions. We ended up having to evict but simultaneously worked with her to get some financial support to help find a new (better) living situation at no extra cost, including giving her rent money back to help cover cost of move.

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

Like to do 2-4 flips per year if possible and numbers on this one were good.

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

Found it from doing my own outbound text campaigns. Ended up wholesaling it my LLC I have with a partner. Stayed in touch with original owner over 6 months and finally offered something he would accept.

How did you finance this deal?

Did everything in cash

How did you add value to the deal?

Once she was out house needed everything and was infested with bugs. Refinished floors, new windows, replaced roof, updated electrical, updated plumbing, new hvac, new water heater, and punched out back of house and added walk out deck. New cabinets, appliances, and counters in kitchen. Finish lower level split (half was single car garage), adding a mud room, laundry room, and new master bath suite. Removed trees, graded yard, added landscaping, mulch and big privacy fence in year.

What was the outcome?

Project was a success. Profit was about 95k to our LLC.

Lessons learned? Challenges?

Was a big job with tons of learning. From purchasing property from very difficult seller, to trying to get tenant out, going through eviction process, to even being able to get contractors into property was a huge challenge given such poor condition. Dealt with repeated contractor delays, changes to scope, etc, including finally listing 4 months later than planned. up being about 4-5 months late.

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

Worked with an agent on disposition side.

Investment Info:

Single-family residence fix & flip investment in Fruitdale.

Purchase price: $152,500
Cash invested: $135,000
Sale price: $420,000

Complicated fix and flip. Started with a hoarding tenant that was planning to move out but failed to do so on multiple occasions. We ended up having to evict but simultaneously worked with her to get some financial support to help find a new (better) living situation at no extra cost, including giving her rent money back to help cover cost of move.

Once she was out house needed everything and was infested with bugs. Refinished floors, new windows, replaced roof, updated electrical, updated plumbing, new hvac, new water heater, and punched out back of house and added walk out deck. New cabinets, appliances, and counters in kitchen. Finish lower level split (half was single car garage), adding a mud room, laundry room, and new master bath suite. Removed trees, graded yard, added landscaping, mulch and big privacy fence in year.

Was a big job with tons of learning that ended up being about 4-5 months late. Finally went on market in early Sept and ended up going over ask night before it listed.

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

Like to do 2-4 flips per year if possible and numbers on this one were good.

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

Found it be wholesaling it my LLC I have with a partner. Stayed in touch with original owner over 6 months and finally offered something he would accept.

How did you finance this deal?

Did everything in cash

How did you add value to the deal?

Explained in first part of post

What was the outcome?

Project was a success. Profit was about 95k to our LLC.

Lessons learned? Challenges?

Too many to list

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

Worked with an agent on disposition side.

Another Greenville investor here…

Only thing I would add is to temper expectations when it comes to working with “investor friendly” real estate agents.  If you are expecting an agent to bring you great deals that probably won’t happen.  Explore the local investor groups on Facebook, start building your network with wholesalers, and get ready to analyze a lot of deals.

Not sure on price point, but highly recommend Bartron Builders.  Very honest, responsive, and do great work.  Jarrod Bartron is the owner and the guy to talk to.  If interested, message me and I'll share his contact details.