All Forum Posts by: Clint Reuter

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $15,000

Contributors:
Maria Talasz

Buy, Renovate, Rent by the Room, Refinance (coming soon)...

This BRRRR deal was inspired by the 2023 Bigger Pockets Real Estate conference in Miami after seeing David Greene repeat so many great points about house hacking. I know its the best way to get going in Real Estate and I hadn't done it in awhile, so Step 1 was to find a good property at a great price, and make it a great property (ala Rob Abasolo's and D.G's standing out in a crowd points).

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

Hearing more experienced investors talk about the merits. David Green primarily.

Long term strategy is to hold until it makes sense to sell, and that might be after only 2 years so I can reap the benefits without getting killed in taxes.

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

MLS...with an agent I threw a bone to.

How did you finance this deal?

Conventional with Ryan Morrow (best investor lender I know)

How did you add value to the deal?

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

What was the outcome?

The plan is to short term rent some rooms, or mid-term, and live in the primary until its doing so well I have to move out and refocus on a previous renovation that has stopped until this one is complete.
Coming to the end of a thorough renovation and the fruits will be arriving shortly.

Lessons learned? Challenges?

Be willing to spend more money or more time, but I've learned I should have spent more money and moved more quickly. I overestimated my ability to get it done more quickly. My rehab is crawling along but I'm doing it at a pace I can afford without outside money and I'm learning along the way (that I probably want to have more momentum on my next similar deal). But its near an end and this house will be top-notch shortly.

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

Ryan Morrow - Lender.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $15,000

Contributors:
Maria Talasz

Buy, Renovate, Rent by the Room, Refinance (coming soon)...

This BRRRR deal was inspired by the 2023 Bigger Pockets Real Estate conference in Miami after seeing David Greene repeat so many great points about house hacking. I know its the best way to get going in Real Estate and I hadn't done it in awhile, so Step 1 was to find a good property at a great price, and make it a great property (ala Rob Abasolo's and D.G's standing out in a crowd points).

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

Hearing more experienced investors talk about the merits. David Green primarily.

Long term strategy is to hold until it makes sense to sell, and that might be after only 2 years so I can reap the benefits without getting killed in taxes.

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

MLS...with an agent I threw a bone to.

How did you finance this deal?

Conventional with Ryan Morrow (best investor lender I know)

How did you add value to the deal?

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

What was the outcome?

The plan is to short term rent some rooms, or mid-term, and live in the primary until its doing so well I have to move out and refocus on a previous renovation that has stopped until this one is complete.
Coming to the end of a thorough renovation and the fruits will be arriving shortly.

Lessons learned? Challenges?

Be willing to spend more money or more time, but I've learned I should have spent more money and moved more quickly. I overestimated my ability to get it done more quickly. My rehab is crawling along but I'm doing it at a pace I can afford without outside money and I'm learning along the way (that I probably want to have more momentum on my next similar deal). But its near an end and this house will be top-notch shortly.

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

Ryan Morrow - Lender.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $15,000

Contributors:
Maria Talasz

Buy, Renovate, Rent by the Room, Refinance (coming soon)...

This BRRRR deal was inspired by the 2023 Bigger Pockets Real Estate conference in Miami after seeing David Greene repeat so many great points about house hacking. I know its the best way to get going in Real Estate and I hadn't done it in awhile, so Step 1 was to find a good property at a great price, and make it a great property (ala Rob Abasolo's and D.G's standing out in a crowd points). My rehab is crawling along but I'm doing it at a pace I can afford without outside money and I'm learning along the way (that I probably want to have more momentum on my next similar deal). But its near an end and this house will be top-notch shortly.

The plan is to short term rent some rooms, or mid-term, and live in the primary until its doing so well I have to move out and refocus on a previous renovation that has stopped until this one is complete.

I've converted the laundry room into a bathroom and can easily add 2-3 more bedrooms if needed, but not sure I want to go that route. Can also rent the whole house as an insurance or short term rental. The garage is a prime candidate for its own ADU, but for now, I just wanted to get some people paying for the mortgage then decide next steps.

Long term strategy is to hold until it makes sense to sell, and that might be after only 2 years so I can reap the benefits without getting killed in taxes.

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

Hearing more experienced investors talk about the merits. David Green primarily.

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

MLS...with an agent I threw a bone to.

How did you finance this deal?

Conventional with Ryan Morrow (best investor lender I know)

How did you add value to the deal?

Eliminate all popcorn ceilings, repaint everything, new flooring throughout, renovate bathrooms, add a bathroom, renovate the kitchen, improve outdoor living, improve curb appeal, and believe it or not, make the garage exceptionally nice.

What was the outcome?

Coming to the end of a thorough renovation and the fruits will be arriving shortly.

Lessons learned? Challenges?

Be willing to spend more money or more time, but I've learned I should have spent more money and moved more quickly. I overestimated my ability to get it done more quickly.

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

Ryan Morrow - Lender.

I am part of the team representing the estate of 6553 S. Pierson Way, Littleton, CO. The owner recently passed away (outside of the home). 

This home is in a fantastic location, near C-470, close to Red Rocks amphitheater, and in the beautiful Littleton area. 

Price is very negotiable!

This home needs minor work for resale or is a great sweat-equity home for a first-time buyer. It needs to be cleaned/trashed out (removal of everything you don't want, keep what you do want including decent furniture). Then, if you like, paint to freshen up the interior and perhaps some minor updates to some or all of the flooring. New carpet or change carpet for vinyl, tile, or hardwood flooring, it's up to you. 

Truly great neighborhood. Priced well below ARV. Upgrade it to your style and have instant equity.

This property is currently on the MLS, but because it isn't showing so well with the previous owner's belongings, it's not as appealing to our retired or move-in ready buyers. 

This is where you come in! Snatch it up quick and either have a great home at a great price or make some money and pass it along to the next owner. 

Reach out to CLK Property Solutions directly for the best deal, we can discount our commission if we represent you the buyer. 

Single-family residence fix & flip investment in Renton.

Purchase price: $460,000
Cash invested: $26,000
Sale price: $725,000

Purchased to live in and refurbish. Added a huge deck and did minor improvements to the bathrooms and kitchen. Reroofed the project and added a huge sliding door onto the expansive deck to take full advantage of the killer views including Seatac airport and the Olympic mountains. I will miss this house for many reasons but have sold it to leverage the profits into other properties. Someone got a great home, and if I ever get the chance to repurchase this, I would in a heartbeat.

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

Bought a house to live in and improve, a model which has always worked for me. Buy the worst house on a good block. This was a good, but outdated house on a great block.

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

Viewed lots of properties in an area I wanted to buy. The view sold this house, and I knew adding a deck and a glass slider onto the deck would increase the value 100K.

How did you finance this deal?

Traditional financing.

How did you add value to the deal?

Added a very large deck and sliding door where I window was. Did minor improvements to the kitchen and bath. Removed the oil burning furnace and upgraded to a modern heater.

What was the outcome?

Bought for $460, sold for 725. Not all of that was the improvements, but a lot of it was.

Lessons learned? Challenges?

I learned I needed to pull a permit before the city comes knocking. I also learned that hiring a pro to help solve your problems is a smart way to go.

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

I worked with two. Melissa Moe and Carrie Haymond. Melissa helped me with the vision, inspiration, and execution of every phase of this project. It wouldn't be what it is today without her. Carrie came in later and helped find local professionals to finish what I had started while bringing a new buyer to the table. Both are incredible agents.

Investment Info:

Single-family residence fix & flip investment in Renton.

Purchase price: $460,000
Cash invested: $2,600
Sale price: $725,000

Purchased to live in and refurbish. Added a huge deck and did minor improvements to the bathrooms and kitchen. Reroofed the project myself (with some family help) and added a huge sliding door onto the expansive deck to take full advantage of the killer views including Seatac airport and the Olympic mountains. I will miss this house for many reasons, but have sold it to leverage the profits into other properties. Someone got a great home, and if I ever get the chance to repurchase this, I would in a heartbeat.

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

Bought a house to live in and improve, a model which has always worked for me. Buy the worst house on a good block. This was a good, but outdated house on a great block.

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

Viewed lots of properties in an area I wanted to buy. The view sold this house, and I knew adding a deck and a glass slider onto the deck would increase the value 100K.

How did you finance this deal?

Traditional financing.

How did you add value to the deal?

Added a very large deck and sliding door where I window was. Did minor improvements to the kitchen and bath. Removed the oil burning furnace and upgraded to a modern heater.

What was the outcome?

Bought for $460, sold for 725. Not all of that was the improvements, but a lot of it was.

Lessons learned? Challenges?

I learned I needed to pull a permit before the city comes knocking. I also learned that hiring a pro to help solve your problems is a smart way to go.

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

I worked with two. Melissa Moe and Carrie Haymond. Melissa helped me with the vision, inspiration, and execution of every phase of this project. It wouldn't be what it is today without her. Carrie came in later and helped find local professionals to finish what I had started while bringing a new buyer to the table. Both are incredible agents.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $460,000
Cash invested: $16,100

Purchased to live in. Added a huge deck and am getting ready to remodel the bathrooms and kitchen. Might remove a wall and take advantage of the view. May add a bedroom or two. Will likely sell but am considering renting too.

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

Was looking for a home to settle into. Would have stayed but ended up relocating for work.

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

Found it through Zillow. Made a fairly lowball offer after it sat on the market for close to 90 days.

How did you finance this deal?

FHA loan.

How did you add value to the deal?

Added a deck to take advantage of the view. Will do more remodeling this summer.

What was the outcome?

Looking to sell or rent.

Lessons learned? Challenges?

Always get a permit. Also...in hindsight, I should have bought a nicer property on a flatter piece of land. Not that this isn't a nice property, I just could have afforded more and should have bought bigger/nicer.

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

Melissa Dawn, Keller Williams, Kirkland WA. I can't recommend her highly enough.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $83,000
Cash invested: $2,905

Purchased to live in, renovated for ~$25,000, and rented out 4 years later. Cashout/Refi in 2022 to purchase a probate home and add an ADU to house hack.

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

Purchased to live in and after realizing I missed out (on $400,000 in 3 short years, more since) on my first home when I sold after it went up in value $35K, what I thought was a lot of money) I committed to not making that mistake again. Since this home was so cheap, it was easy to hold and rent. Someday I may retire here...but not for a few years.

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

I walked the neighborhood during the 2008 recession and realized this house was a short sale gem during a time when nobody was buying homes. I had been looking for an opportunity to own again and somehow knew this deal would work. It took so long the agent called me to ask if I really wanted it because an investor came in and offered more than I had, but he held true to his word and it altered my life for the better ever since.

How did you finance this deal?

FHA loan

How did you add value to the deal?

I renovated most of the interior. Completely smooth plastered all interior walls, added hardwood floors throughout (myself), then ripped out the hardwood in the kitchen when my new refrigerator had a leak and ruined the floor in the kitchen. Added tile to the kitchen and main hall. Remodeled the primary bath. Painted all rooms. Reroofed. 

Later repainted everything white erasing all my personal color choices. 

Now in 2022 I'm ripping out the backyard trees and replacing a dishwasher before renting it again.

What was the outcome?

The value crept up slowly. Purchased for 83K. Put about 25K into it and a ton of sweat equity. At least it was worth the Redfin estimate which was around $129, then 159, 189, finally in the low 200s...then I stopped watching because it was cash flowing about $1000/month. Then I started exploring more rentals, found bigger pockets, and realized I need to cashout refi and reinvest, which is what I'm doing now. Hopefully buying a $240K probate home and fixing it up and then adding an ADU to rent/house-hack.

Lessons learned? Challenges?

Do quality work and take your emotions out of it. Do what will return the most money.

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

Yes. Mortgage Broker Josef Fernando in Lancaster, CA. Super Nice guy and now a mentor of sorts.