All Forum Posts by: Cory King

Investment Info:

Condo fix & flip investment.

Purchase price: $85,000
Cash invested: $13,000

Situated in one of Florida's most sought-after & growing markets. This condo is just 10 minutes to the world famous Cocoa Beach. For all the space enthusiasts out there, the Kennedy Space Center is just a short drive away, providing an amazing opportunity to watch rocket launches from poolside. Orlando & its theme parks are 50 minutes door to door.

It is a non-warrantable condo meaning that some loans are limited.

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

ROI was great. I grew up in the area so I was familiar with it and knew it had a great upside as a flip or as a buy and hold

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

came through my sphere. Basically a friend of a friend

How did you finance this deal?

Private Money. I went to initially buy it as a 2nd home, but it required 30% down total and that extra 10% was basically my reno budget so I pivoted to private money to take down and flip.

How did you add value to the deal?

New flooring, paint, fixtures, some appliances

What was the outcome?

Listing on the market this week.

Lessons learned? Challenges?

Working with a new contractor was overall a solid experience. I've learned how to better set expectations up front and over communicate.

Investment Info:

Condo fix & flip investment.

Purchase price: $85,000
Cash invested: $13,000

Situated in one of Florida's most sought-after & growing markets. This condo is just 10 minutes to the world famous Cocoa Beach. For all the space enthusiasts out there, the Kennedy Space Center is just a short drive away, providing an amazing opportunity to watch rocket launches from poolside. Orlando & its theme parks are 50 minutes door to door.

It is a non-warrantable condo meaning that some loans are limited. Best is either cash or some banks will allow for a 2nd home mortgage, although it's generally 25%-30% down payment. Movement mortgage quoted me at 30% down.

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

ROI was great. I grew up in the area so I was familiar with it and knew it had a great upside as a flip or as a buy and hold

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

came through my sphere. Basically a friend of a friend

How did you finance this deal?

Private Money. I went to initially buy it as a 2nd home, but it required 30% down total and that extra 10% was basically my reno budget so I pivoted to private money to take down and flip.

How did you add value to the deal?

New flooring, paint, fixtures, some appliances

What was the outcome?

Listing on the market this week.

Lessons learned? Challenges?

Working with a new contractor was overall a solid experience. I've learned how to better set expectations up front and over communicate.

Knoxville has been and will continue to be a much more stable play long term. Bay area and the west coast in general is in a downshifting market and taking on negative cash flow at a high interest payment doesn't seem to make a whole lot of sense. 

If you're looking to spread it out we've got a portfolio of 11 single family homes coming to the market here in Knoxville. Also, if you're available. Come to our investor meetup we host on the first wednesday of each month. This month we covered how to estimate renovation costs and next month is how to BRRRR. check us out at. www.meetup.com/gridknoxville

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $180,000
Cash invested: $100,000

Personal home. bought off market and put a small amount down on a conventional loan. spent $100k on the remodel. home appraised at $415,000 when done and I did a cash out refinance and holding. Then opened up a HELOC on the home for $100,000 which gives me some cash to use on other deals

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

Great neighborhood w/ top elementary school. Ugliest house on the block kind of opportunity

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

Bought off market through the seller who I met hosting an open house.

How did you finance this deal?

Conventional loan then my own cash for the rehab, then did a cash out refi followed by a heloc for extra cash availability for future investing

How did you add value to the deal?

full gut total remodel. new roof, siding, hvac, plumbing, windows, bathrooms, kitchens... you name it I replaced it.

What was the outcome?

$415,000 appraised value when done. cash out refi then heloc for $100k

Lessons learned? Challenges?

Acted as my own GC to "save costs and time". Overall it came out fine, but I should have just paid someone to manage it more as there are a few things I just totally missed.

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

Self represented as the buyer/agent.

Investment Info:

Condo fix & flip investment.

Purchase price: $70,000
Cash invested: $12,000
Sale price: $114,000

Bought through a seller lead. Older gentlemen had the condo for years and it was falling into disrepair. Was able to buy without selling so he moved out and I bought the unit from him directly. Brought in a friend/contractor to help split the costs and share in the labor. Together we tackled the project for about 2 months right as the covid-19 pandemic began which was an interesting time for everyone. adding new flooring, paint, appliances, resurfacing showers & tile backsplash.

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

Good flip opportunity with mostly cosmetic updates needed

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

Seller internet lead

How did you finance this deal?

cash/private money

How did you add value to the deal?

New flooring, lots of paint, appliances, gutted the bathrooms except the shower insert which we just resurfaced along with the kitchen tile backsplash.

What was the outcome?

Great flip that honestly we should have just held as a rental and possibly sold later. It was right at the beginning of the pandemic so everyone was up in the air as to which way the market would go.

Lessons learned? Challenges?

Proper communication and managing expectations of timelines. We both had different things going and we were about to welcome a new baby so staying on task and schedule could have been better

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

Self represented as agents

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $91,000
Cash invested: $45,000
Sale price: $185,000

Bought through our network. Seller was lookng to relocate to a new area and wanted a quick as is sale. We made major updates to the property including new roof, new kitchen and bathrooms, while also resurfacing hardwood floors, painting and upgrading all fixtures.

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

solid upside even with some considerable work needed

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

connected through our network. Seller wanted a quick cash close.

How did you finance this deal?

private money financing.

How did you add value to the deal?

full remodel on the kitchen and bathroom. new roof. resurfaced hardwood floors, paint and new fixtures throughout. Cleaned up the fencing and added a double gate off the alley access. Yard was massive and worth highlighting

What was the outcome?

set a new price per sqft record for the neighborhood.

Lessons learned? Challenges?

Over improved on a few areas including new interior doors. With such an older home trying to update those is very tricky because very rarely are things perfectly square. should have just painted over original doors and changed the hardware. a cost that didn't need to be spent ultimately as it wasn't a big difference maker.

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

self represented as agents

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $15,000

Buy and hold single family home. Bought as a primary residence, kept for 2 years and moved out.

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

MLS.

How did you finance this deal?

Conventional loan. 5% down.

How did you add value to the deal?

Made small updates like paint and flooring around the home. Did put a new roof on.

What was the outcome?

Currently being held in our rental portfolio. Cashflows $1000/mo

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

Self represented as an agent