All Forum Posts by: Jay Leisten

we also sold the adjacent lot which was a 1$ purchase, for 20k for a total of 180k on 130 invested.

Investment Info:

Single-family residence fix & flip investment in Heritage Creek.

Purchase price: $81,000
Cash invested: $44,000
Sale price: $160,000

We also sectioned off the attached vacant lot which we purchased for 1$ and sold that for $19999, getting back all our initial cash back for the hard money loan. Property is currently listed.
SOLD!

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

Wholesaler. originally asking 89.

How did you finance this deal?

hard money lender

How did you add value to the deal?

paint and carpet, all new kitchen updated 2 baths

Lessons learned? Challenges?

first GC didnt have water main repaired in crawl space. this led to moisture problems that cost an extra 3k in costs that he was unwilling to address.

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

myself.

good credit is important on an investment mortgage. Like others have said, if its a good deal and you have a positive track record in terms of management, tenant stability in the property etc, most portfolio lenders are good with it. The portfolio lender may cost 1% more on the loan as well.

Ive had several that are willing to do the 30 yr but they do want personal guarantee. Also the amount of equity in the deal is a factor. I have 1 lender that is fine w/ LLC on title w personal loan guarantee by the borrowers at 75% LTV. The other lender, that we currently have a few loans with does lending to our LLC, 80% LTV, 30 yr Amortization on a 20 yr note w/ balloon. It hasnt been easy to find an LLC lender, and the second one was actually only willing to work with us after a referral from our Hard Money Lender.

I have several properties in 40208 mostly and 40214. I havent ventured into 40215, but mostly its because we cant get the right margin to BRRR.

Welcome to the investing world. Louisville is a good city for returns on flips and rentals. Like many others I'd suggest KREIA and looking on meetup.com for other groups as well. hope to see you around.

Welcome to the louisville REIA and BP community. Hope to met you in person soon.

Im a regular attendee of the main KREIA meeting and some of the sattelite meetings. its invaluable info, and very large. Im happy that the breakout meetings are happening so there is a bit more one on one interaction. biggest tip I can give is look for those permanent name tag board members, ask them what they do and ask for an intro to someone who is doing what you want to do.

I use Greg Nalley as well. There are a few more providers moving into the space in the near future. as I get a bit more info from them I'll update.