All Forum Posts by: Cody Petersen

@Jordan Myer

That would be correct. 

@NA B.

You can send the new tenant an application link through Zillow. Just go to Property -> Application -> Send application link. It will show you previous applications for the property and under the previous applications is will you find the link. 

Going to be tough to find someone in Ulysses, KS to manage that size of property. I would try to find some contacts in Garden City, KS who may be interested. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $241,011

This was an on-market triplex that a partner and I assumed the loan on. This is my first buy-and-hold, I will be house-hacking this property. My partner and I assumed this loan with equity at a 2.25% interest rate

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

We found this deal on market. Initially, we had offered with traditional financing. However, the property is zoned single family so we could not get lending. The seller was going through troubles and wanted to get rid of the property any way they could so they mentioned a loan assumption, my partner and I were all for it.

Lessons learned? Challenges?

This deal took around 9 months to close with many challenges and impatience along the way. Persistence and patience are key, I am very glad we stuck this out!

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

I was the agent representing my partner and me on the buy side.

Great question. I met my partners through networking events and meetups, we're all similar in mindset and age so we thought why not! As for the role part. One member was in the finance industry, he handled obtaining the loan and keeping track of numbers. The other member had a history in construction and project management, so he handled the rehab and communication with contractors. I then handled running the comps, and disposition. As for the profit-sharing part. We created an LLC with all 3 of us as members. We set it up so that profit is shared evenly and any money brought out of pocket is paid back before profit is shared. Going forward we plan to each set up separate LLC's and have a lawyer write an outside agreement specific to each deal. We will see how that plays out!

Lots of ways to structure the deal, just need to be on the same page. Eager to see how it goes for you! DM me if you want to chat further! @Steve Redd

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $12,000
Sale price: $155,000

Bought this SFH with two other partners as a fix and flip. Purchased for $85k with about $25k rehab, all in at around $110k. Sold at $155k, minus commissions and fees we profited around $35k. This was our first attempt at a flip, we learned a lot and made a profit. I would say it was a success!

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

We found this deal from a wholesaler.

How did you finance this deal?

Hard money

How did you add value to the deal?

Cosmetic updates

I have a couple I can give you. I'll message you! 

I would recommend keeping it. The biggest advantage is being able to run comps from the MLS. However, if you're not part of HMLS, or use someone else to run comps, then there really isn't a reason to keep it. Would also be nice to have so you can refer people to other agents and still get paid!

Depending on the area and age of the dwelling, I've seen them that high. However, a new roof should definitely help. 

Great locations. Welcome to the KC market! 

Reach out sometime if you'd like to chat! 

@Laura Marks is your person.