All Forum Posts by: Christina Haws

Thanks so much, Pat!  I am in the process of updating my profile on Bigger Pockets and put my first deal in but have done a number of deals since then.  I still need to post about those.  :-) But, yes, we definitely do learn so much from our first deal and you have to start somewhere!  Thank you for reaching out!  Best of luck in Arizona!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $40,000
Cash invested: $40,000
Sale price: $118,000

House flip that was originally going to be a long term rental. We decided to sell it instead of renting it out.

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

We were interested in this one because we could purchase it for a low price.

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

Found the lead for this house through Bigger Pockets.

How did you finance this deal?

We got a Home Equity Loan to finance this deal.

How did you add value to the deal?

We put a new roof on the house and fixed up the inside.

What was the outcome?

We sold the house 9 months later.

Lessons learned? Challenges?

We learned a lot on this first deal. We did not vet our contractors very well. We ended up having to fire them, after we gave them all the allotted money. We had to hire a new contractor and pay them just as much money as we did with the first contractors. We originally planned to fix up the place and then keep it as a rental, since we put more money into the deal then intended, we decided it was best to sell it.

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

No

We bought a house in Sunnyside which is part of Carbon County.... we intended to BRRRR the property. I live in SLC. We had to fire our original helpers and are still on the look out for a reliable contractor to finish the house up for us ( it has been 6 months since we purchased it!). However, I have joined a lot of Facebook groups for the area and see a ton of people looking for places to rent. I have a pretty good idea of what rental rates can be now. I would be happy to discuss with you more.

Do you already know contractors in the area?

Thank you, Tracy!!

Hello! We have a contractor that we hired to rehab/remodel a house for a rental. We had a contract with the contractor that said the remodel needed to be done in 8 weeks with an option to go out 10 weeks if needed. We are now at 4 weeks past that deadline. The house is not done and still needs a fair amount done. Unfortunately, we have paid all the money that was originally requested for the work. (I know that was a wrong move on our part and I had wanted to do the payment portion differently but that's a whole other story). In the contract, we offered an incentive to get the house done early or on time but that hasn't helped. We don't have much leverage now since they have received all their money. They are still working on it but it seems like it is not a priority anymore. The contractor has a friend (named Logan) helping on the house and we have met him once and he seems like a respectable person and good worker. The friend, Logan, contacted me to see if we might be interested in renting the house to him for a reduced rate and he could continue to work on the house while he lived there. We would require him to fill out an application and be sure he passes all the requirements. At this point, we are losing money so it sounds like it might be a good move for a short period of time. The problem I have is, the original contractor, that we signed the contract with, still needs incentive and should be required to follow through and finish the house up! What do you suggest we do? This was set up as a BRRRR and we want to refinance in a few months so we need the house done.

Thank you!

Thank you!  What is the date and time?

Hello!  Do you know of any meetups near South Jordan, Utah?  My husband and I are just starting out with investing and working to fix up our current home to rent out (hopefully by summer).  After we rent it out, we are hoping to find a new home to live in that has a mother in law included.  We hope to be able to rent out the mother in law portion of the house.