All Forum Posts by: Daniel Kitt

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $112,500
Cash invested: $65,000
Sale price: $215,000

Two houses on one lot. Front house 3/1 and back house 2/1. Total gut rehab added HVAC as well as new roofs to both houses.

Delay in rehab caused by Texas freeze that occurred in February of 2021. Insurance claims held us up for months!

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

Initially bought as a buy and hold. Good cash flow because of the two houses on one lot.

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

Wholesaler

How did you finance this deal?

Hard Money converted to private money.

How did you add value to the deal?

Total rehab. New electrical, new plumbing, added HVAC, and new roofs on both properties.

What was the outcome?

Initially was bought as a buy and hold, but the Texas freeze in February 2021 caused so many delays and extra expenses. It was determined that selling it as a flip was the only exit option.

Lessons learned? Challenges?

Glad I had multiple exit strategies. Vet the insurance companies before you buy a builders/construction policy. They are not all the same. Many of these companies policies are written, so they do not have to pay you for a claim. I am still fighting the insurance company with an attorney

Hi Everyone, 

We are getting ready to rent out our primary residence as we search for a new home. We have paid off solar on our current residence that powers the entire home. We are planning to leave it on when it becomes a rental. I am curious if any landlords have been in this scenario before and how you charged your tenants for the solar. 

Hello all,

I am hoping to connect with someone who is investing, has invested or is from Racine, Wisconsin. Thank you in advance!

Hi Everyone, 

I'm trying to get some info on recording a second position lien/mortgage on an investment property in Texas. I obtained private funding for the project in addition to the hard money loan. We closed the property before I obtained the 2nd loan so only the hard money loan has a lien. Has anyone recorded a second position lien/mortgage after they've already closed? If so, did you use an attorney to do it or were you able to draw up the documents yourself and have them recorded? This will be in Bexar County, Texas.

Hi Guys,

I along with a few of my family members have started flipping houses in Souther California. I am looking for a CPA who can guide us on the best entity to hold the properties in and possibly perform tax returns for us. Any referrals would be greatly appreciated!

@Nicole Heasley Why did BP take down Mr Morris’s podcast? I was thinking of potentially working with Morris Invest one of these days? Curious to know...

Looking to connect with property management companies in SATX area. I will likely have one or two properties under contract in the next week or so. Looking for management of SFH and small MFH. I have done a google search and come up a few companies but would love to see if any SATX investors have any recommendations!

Thank you!