All Forum Posts by: Chris Pohlson

@Tom Chen  I took 1 bid from my property manager.  He's an old friend that has been investing in real estate for about 9 years.  He quit his nursing job and now owns a property management and construction company. I may have been able to save a few thousand bucks by bidding it out but I feel like it's worth the extra $$ with the value he brings me.  I'm very happy with his work, communication, professionalism, and ideas.  He's helped me immensely and I'm hoping it's the beginning of a long and profitable business relationship.

@Michael Anderson I don't know if you saw my previous post before it was removed for "deal making" but I'll try and help out again.  I manage a financial institution in town and I'm a buy and hold investor.  If you want to PM me, I can give you names of lenders that I and other investors have had good luck with.  I'm happy to connect with other investors in town like yourself.

Here's how I would prioritize what you have listed: 1, 3, 4, 2, 5, 6.

@Stephanie Ockunzzi Sorry, I don't have a cool creative financing story.  I paid cash for the whole thing.

@Ryan Regalado  One of the best networking things I've done is to regularly go to the weekly foreclosure auctions with no intention to buy but every intention to network.  There I've met hard money lenders, other investors, contractors, traditional lenders, etc.  Other than that, I talk to everyone I can about real estate. 

Thanks for the good vibes!  I'm glad this is helpful/inspiring.

@Account Closed I would have just painted over it if it would have been salvageable.  The walls were plaster underneath it so it was a little work to remove everything.  We ripped to the studs and hung new drywall throughout.  For the most part, I like the look of painted paneling.  We would have done that if it would have been an option.

@Paul Nguyen A traditional lender that sells my mortgage on the secondary market will make me wait 6 months from the date of purchase before I can do a cash out refi. From what I've gathered, I'll have to settle for 75% LTV. I've put in about $47500. ARV is estimated $75,000. 75% of $75,000 is $56250. Sooo...in theory I should be able to recoup my original investment and still have a cash flowing asset giving me an infinite cash on cash return.

@Neal Little Asheville is gorgeous this time of year.  Enjoy those trees!  Haha I'm going to go pro soon.  I'll hold you to that.

@James Bitakis It's not the best or worst neighborhood.  I'm new so take this with a grain of salt...C+ neighborhood?  I had no idea how much it was going to cost to renovate before I bought it.  I just had a network of people telling me to go for it.  The tipping point came when someone said they'd give me a bird dog fee of $250 and THEY would buy it if I didn't.

@Chris S.  I wish I had a creative financing story but it was all cash.

@Susan Maneck It was in the 1940's...not sure on the exact year.  

@Shannon Vanderweide Thanks!  PM and I can give you a name.

@Tiffany S.  Thanks!  I had my realtor give me an off the cuff BPO.  

@Anthony Boreland  I visited the property once or twice a week.  I put a lot of faith into my contractor and took his advice more often than not since this was my first rodeo.  (he owns about 40 units himself). 

@David Torres  The brand name of the vinyl flooring is Shaw.  It was $1.30/sqft.

@Santosh Bhor  I would but I'm super cheap and haven't bought a pro membership yet.  I'm out of my free calculator attempts.  I should probably just pony up.

Thanks for the kind words, guys.  I really appreciate it! @Jon Sanborn The rehab took about 2 months to complete.  @Sedriah F. The home is really small-around 700 sq ft 2 bed/1 bath.

@David Torres  Thank you.  We used vinyl throughout the entire home. Not sure the exact specs on it.  It wasn't the cheapest or the most expensive.  Right in the middle.

@Brendan R.  Thank you. I knew someone was going to ask me that!  I'm set to break it down with my contractor next week.  The major expenses were moving and upgrading the electrical, replacing the subfloor throughout the entire house, replacing windows, plumbing fixes, and replacing drywall throughout the home.  I'll report back when I have the exact numbers and let you know.

@Mindy Jensen That was the 30 amp electrical box that hadn't been updated since the home was built.  You may have noticed the quarter inch thick layer of grease all over it? It used to be housed in the kitchen above the stove. :)