All Forum Posts by: Nick Webb

Looking for Hard Money Lender (Washington DC market) FIX AND FLIP specifically - Ive heard about 90% of purchase, are these deals still out here? I did get a few quotes for Hard Money but none were close to that equation. Is it better to go National Lender or Local? I know the numbers in the deal are of course a huge part of the equation. 

Hey BP 

I was looking to see if there are any highly recommended (investor friendly) contractors in the Philly market who understand and can work with investors draw schedules. I typically raise a small kick off amount, most lenders won't fund the demolition. However, I need a contractor that knows Philly is conformable with rehabs and is self sufficient. 

I would even be open to a partial partnering or offering a bonus depending on performance. Id really appreciate the help. 

@Bud Gaffney absolutely 100% thats my what I am working now! 

Single-family residence fix & flip investment.

Purchase price: $189,000
Cash invested: $30,000
Sale price: $290,000

Rehab Project - used a new hard money lender and had partners in the deal. honestly project didn't go well, I ended up SLEEPING IN THE PROPERTY, working on it by my self. I PAINTED, DID MOLDINGS, TRIMS, INSTALLED DOORS. it was definitely a turning point in my real estate investing plan. I just wish I had more pictures of me actually working in there.

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

A investor found the deal, we put the deal together on the surface it made sense.

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

My partner did that

How did you finance this deal?

Hard money BD CAPITAL LLC.... not a bad company but they can't work magic for bad deals... but the renovation budget should NOT have gone towards mortgage payments, we were caught with our pants down.

How did you add value to the deal?

blood sweat and tears...

What was the outcome?

a sale, and we broke even I think...

Lessons learned? Challenges?

well the draws were eaten up by the mortgage payments, we had to put way too much capital down, ran out of renovation capital and I ended up doing plumbing, and all types of stuff to get this project completed. scary stressful real estate insanity, however like the most (magical events) I was able to get my passed inspection and certification from the city (I HAVE NO IDEA HOW)... and the buyer closed... this deal still gives me anxiety I know its has been bought and sold a few times since then.

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

Id like to thank ME. for not giving up and Id like to thank me for believing in me.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $230,000
Sale price: $245,000

Quick Assignment Deal acquired from an out of state investor, I put property under contract, repositioned the LLC and resold the LLC to an Investor who assumed the property for a fee. which was paid outside of closing. (LLC BUY OUT)

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

The price, and understanding the area

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

out of state wholesaler, contacted me at 230,000 there was still alot of spread, so I marketed to my buyers

How did you finance this deal?

0 money in the deal

How did you add value to the deal?

no assignment - LLC buy out

What was the outcome?

great win win

Lessons learned? Challenges?

pull the trigger on deal that name mathematical sense (no feelings)

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

Martin P. was the atoner always a pleasure

@Rob Beeman $335,000 PURCHASE + $75 RENOVATION ARV = $525,000.00

@Rob Beeman thank you I appreciate it, 

Thanks Guys! @Dmitriy Fomichenko & @Ibrahim Hughes

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $335,000
Cash invested: $65,000

Fix and Flip property typically what I look for in a deal, very strait forward value add project only requires opening the kitchen to living room area, updating the kitchen and bathrooms and doing a bathroom addition to the second floor.

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

its a typical project for me in Central NJ

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

whole-seller brought me the deal, offered me 350 - negotiated down to 335K

How did you finance this deal?

Private Investors

How did you add value to the deal?

Added a Bathroom upstairs and opening the Dinning kitchen and Living Room

What was the outcome?

Active deal

Lessons learned? Challenges?

being a better transaction coordinator at closing demands you to be very involved the process unless you can outsource the task

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

yea, Martin P. was the buyer Attorney and hes always does an amazing job.

Looking to JV in (DMV) Washington DC metro-area

I am looking for a contractor partner/rehabbing partner with a decent track record to JV or work with in the DMV area. I have secured Financing for the projects, however I would not be local on a regular basis as I am doing projects in other markets as well. Looking to partner with a knowledgeable efficient team in the local area that can turn over properties quickly. would like to discuss this potential partnership, if your interested or know of someone looking to JV on a few rehabs in the DMV area I would really like to connect with them.