All Forum Posts by: Chris Parsons

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $50,000
Cash invested: $40,000
Sale price: $120,000

Mostly cosmetic fixes on the interior. Added new siding. Straightened a leaning garage. Updated 1st floor wiring. Converted a breakfast nook into a 1st floor laundry & 1/2 bath. Appraised for $152,000 but sold it to a family member who expressed interest just before I was going to put on market. Would have sold for the $150,000 but family is priority so I sold it at the minimum profit margin that I had wanted when I started the project!

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

It was a no-brainer flip. I knew the potential was there and had a good crew to get the job done.

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

Found it through my sphere.

How did you finance this deal?

Cash

How did you add value to the deal?

Lots of cosmetic fixes. Maintained as much of the historical woodwork and wood flooring as possible.

What was the outcome?

Made my numbers and provided a great home to a family member who was buying her first home!

Lessons learned? Challenges?

Took longer than I wanted because I had a lot of other personal things going on that prevented me from being able to get things done as quickly as I wanted to.

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

I am a realtor!

 Greg Polumbo: 

FFL | Greg Palumbo

My OOS investors tend to use both Geneva Financial and First Federal Lakewood.

Garold Decker - Geneva Financial Mortgage

FFL | Mortgage Lending

I'll be out of state this coming February but I'm looking forward to coming to future events!

Cameron, unless you are planning on SELLING real estate there is NO NEED for you to get your RE License. Use a local established RE Agent for all of your purchases and let them deal with all of the contracts, negotiations, etc. There is NO COST for you to use a buyers agent, the commissions are paid by the seller so it won't affect your bottom line. Check the "FIND AN AGENT" tool here on BP to find an investor friendly (and experienced) agent. Not all RE Agents know what to look for with rentals, don't just use your next-door neighbor's cousin!!!

Hey Doug! I'll give you a call later today with a few suggestions for the areas you are in. 

@Nicholas Carr Just as Susie mentioned there is the ACREIA group, they host good meetings to include a newbies breakfast. I don’t go to many of their meetings but when I see a topic that peaks my interest I definitely attend. Just create a free account to get on their mailing list and you’ll see the topics for upcoming meetings. After going once or twice if you like it then pay for a membership.

@Jack Smith Unfortunately some of the worst PM's in the Akron area are listed as great PM's in the forums section. There is one in particular that is mentioned multiple times but myself and my clients have had horrible service from them with lousy communications and horrid handyman services. I've been through multiple PMs here in the Akron market. The only ones worth a lick charge insane annual fees that if you don't know about up front will skew your cash flow numbers. I've had fantastic PMs in N. Carolina and Florida but here in Akron they are lousy so far for me.

Great job Sara! I just looked up the numbers on that one and you definitely did well for your first flip! Sounds like maybe you just caught the bug! 

Front Line Home Inspectors | Macedonia, Akron, Cleveland Home Inspector (frontlineoh.com)