All Forum Posts by: Account Closed

@Julio Velazquez I have used it for my first flip and for my first buy and hold, which is a brrrr. Be careful of the term length and interest. Make sure you have an exit strategy lined up, and make sure to vet the lender.

Thank you all for all the feedback. This is so helpful. 

I'm looking at buying a house single family home that is 3bed 2 bath and I am curious if any has a basic formula to use to figure out furnishing the place to add that into the start up capital.

Thank you for your help

Thank you @Matt M. Net Worth said $105k rehab and a sale price around $615. Which in the end is what it appraised for after rehab. I think with the finishing touches done by a good investor it would appraise higher. 

@Mayer M. I am currently finishing up my first BRRRR in NH and will be profiting $600-700/ month on a three unit. With $60k invested. I will not completely swear off flips, I just like the cash flow potential instead of the volatility of hoping a flip sells.

@Mayer M. I was living in CO, and I had formed a solid network of real estate minded people I thought. I felt as though we had bought a good deal. Either way doing flips are not my main agenda and it was a mistake. I will only be a BRRRR investor going forward.

Here is the listing if anyone cares to look at it. I will be posting on marketplace as well. 

https://www.zillow.com/homedetails/5700-E-Iowa-Ave-Denver-CO-80224/13408912_zpid/?

@Shane H. Our initial numbers were a sale of $685-700 based on the high end comps.  Every step of the way we tried to make the decisions to take the property to the high end.  Which was a huge mistake.  We did only have 10-15% margin in the deal from jump.  So from the get go it was probably a bad deal in retrospect.  We were naive and at the time we closed on the deal we had a contractor on our side and he was locked into the deal.  Firing him was the biggest mistake.  

Lots of lessons learned here. @Zack Thiesen I do not keep notifications on or I would never sleep. I appreciate the feedback.  @Michael Ealy thank you for your suggestions these are really great ideas.  We are doing everything we can to find someone to help take this on and finish the deal.  

I can't respond to everyone here, but again thank you for all your input.  I posted this to share how a partnership can be tough. Things go wrong.  We made every mistake in the book.  I will post again when we sell and give a recap of how we survived or failed even more miserably. 

@Steve K. We would need to sell for $625 to fully break even. $615 is our appraised value as is from the last buyer under contract. If were able to sell for anything north of $600 we would be in good shape. Our original ARV that our lender gave us $675. Our agent also thought that was possible. Property is located in Virginia Village 5700 E Iowa.

Anyone looking to chat more please direct message me. 

Again thank you for all of the feedback. @Jim K. I recognize that I am not the first fool to try and I won't be the last. Trust is a very important part of the game, and I trusted a few wrong people here. 

@Jonathan Greene I appreciate the kind words. I truly plan to make a career of this and so happened to pay for an expensive education. 

 In terms of the "guru" mentor-ship programs I would recommend the following, or at least here is my two sense on what I saw. 

1. I learned a lot from the mentor, but none of it was a secret and I could have found it all on my own through sites like this and I could have saved a lot of money. i was impatient and I thought that with the base knowledge I had the program was going to push me over the hump. 

2. Mentors introduced me to certain tools and ways of thinking that really opened my eyes and helped push me to think outside of the box and I am very grateful for that.  

3. They talk through a lot of strategies and did not recommend I do a big flip for my first one and I understand that this was way to big of a deal to start with.  I tired for months and I got anxious and rushed.  The numbers looked good, but I should have walked after initial appraisal came back low.  The second appraisal came in much higher. So we felt confident . 

4. If I were to speak to a new investor about the pros and cons of a mentor (guru) I would steer them towards doing as much research on there own and with peers and try and do a few deals.  I think that a mentor could/ would be far more useful with a little more experience under the belt. But I agree with @Curt Smith that local REIA's offer far more guidance and certainly the way to go. I have had trouble finding a group were I am and I am considering starting my own.

Long distance investing with a full trusted team is not something I will do again.  The project I am working on close to home has had its troubles, but I manage every detail with a fine tooth comb and I am there every day. I have done 75% of the work myself and I absolutely love it.  More adventures to come. 

Thank you all

Well there is a lot of great feedback here.  Thank you all for the brutal honesty. I left out a lot of details and certainly made myself look like a fool.  Which I am. I have learned a million lessons from this.  The rehab to finish is at least $20,000.  The refi won't go through because we have all managed to find our selves in position of not being credit worthy. @Jim K. @Ryan Luby @Jonathan Greene @Matt M. @Eric Mayer @Brent Paul 

All in all we tried to over analyze the property, and my hands off approach was still everyday calls to check in. I failed in trusting the wrong people. And not knowing every detail of how to close the deal and having a solid exit plan. I truly appreciate all the input her.  I messed this one up bad. 

I am working on my first BRRRR/ Rental property with solid success where in live in NH. All lessons learned, I except my losses and hope to never make the same mistakes. I wrote all this for first time investors to hopefully not make the same stupid mistakes.