All Forum Posts by: David Cropper

I am looking at purchasing a vacation rental, around 70K. Have hit a ball on lending as most banks only do 100K or more. 

I am looking for a top notch property management company in Northern Kentucky/ Cincinnati area. I live out of state and seek great customer service. 

Driving in from Fredeicksburg Virginia. Looking forward too meeting new folks. So far drive is relaxing while I listen to good ole country classics

Always hope for the best and plan for the worst. You can never have control over everything. Remember if you have strong reserves, you can ride out any market. Real Estate is long term, so don’t view it with short term goggles.

@Frank Geiger the wholesaler I work with is also a general contractor I trust since I’m 2 1/2 hours away. I did not see the interior of the condo prior to purchase just outside.

Investment Info:

Single-family residence buy & hold investment in Chesapeake.

Purchase price: $52,100
Cash invested: $52,100

Condo forclousre, worked with wholesaler paid $48100 at auction and $4k to wholesaler for consignment fee. before rehab vale 70k put in $16750 rehab ARV 90K
Renting out for $1095.

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

Nice neighborhood with grounded rents

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

wholesale networking- Bank auction bidding

How did you finance this deal?

paid cash will refi in 4-5 months to take back my cash

How did you add value to the deal?

Painted- new HVAC- New Appliances- new counter tops - new floors

What was the outcome?

on the market now to rent will be long term hold

Lessons learned? Challenges?

over enhanced could have save a few grand on rehab with using less high end material

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

I am a Realtor

Investment Info:

Single-family residence buy & hold investment in Chesapeake.

Purchase price: $52,100
Cash invested: $52,100

Condo forclousre, worked with wholesaler paid $48100 at auction and $4k to wholesaler for consignment fee. before rehab vale 70k put in $16750 rehab ARV 90K
Renting out for $1095.

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

Nice neighborhood with grounded rents

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

wholesale networking- Bank auction bidding

How did you finance this deal?

paid cash will refi in 4-5 months to take back my cash

How did you add value to the deal?

Painted- new HVAC- New Appliances- new counter tops - new floors

What was the outcome?

on the market now to rent will be long term hold

Lessons learned? Challenges?

over enhanced could have save a few grand on rehab with using less high end material

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

I am a Realtor

I have 2 rentals in which I have done traditional 20% down financing, I am looking to scale buy using a HELC for additional properties, Visio does rental loans at 75%  with no fund seasoning and limited paperwork, as they are a private lender they do not report to the credit agencies (which can be good or bad) Has anyone used this lender? 

@Nathan Killebrew

A hand up is a way to help growth

A hand out makes you an enabler