All Forum Posts by: David Jesperson

Quote from @Jaycee Greene:

Quote from @David Jesperson:

Investment Info:

Mobile home fix & flip investment.

Purchase price: $101,000
Cash invested: $25,268
Sale price: $202,000

This was my first ever solo project. I spent months reading, browsing forums and meeting with other investors to prepare. I felt I had a good head start since I was already a real estate agent and was very comfortable with finding comps and figuring out the ARV. For me the area I was concerned with was estimating costs. I individually priced all my materials and got several estimates from contractors. While time consuming, I did learn a lot and was within $2,000 of my initial budget.

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

I wanted something I could fix and flip for the quick capital as well as the experience of managing a project, finding contractors, etc

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

It was a personal referral, received a credit at closing for renovations as well

How did you finance this deal?

2nd home loan

How did you add value to the deal?

Interior remodel, paint, floor, appliances, fixtures, etc

Lessons learned? Challenges?

Don't split the work between multiple contractors if possible, finding one to do all or most of the work will keep prices down.
Challenges were finding replacement pieces for certain items as manufactured homes were very different than stick built as well as going through state guidelines for affixing the house to the land

Hey @David Jesperson, welcome to the BP Forum and congrats on completing your first solo deal AND making a nice profit! Are you looking to do more of these type of projects?

Absolutely, the passive income from owning rentals is great but I also love getting into big projects and seeing the transformation from start to finish

Investment Info:

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

Purchase price: $350,000
Cash invested: $50,000

I found a duplex for sale by owner on my local Facebook Marketplace. Owners had owned it for close to 20 years and were ready to retire. Luckily, they didn't do almost any marketing and I was able to get a quick showing and provide an offer shortly thereafter. I negotiated a seller financed deal, the seller was getting the price they wanted (which was still under market value) and I was getting a turn key duplex less than a mile from Lambeau Field with a very tolerable interest rate.

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

Passive income, proximity to a major tourist attraction

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

Facebook Marketplace, negotiated a seller finance deal. Stressed the tax savings the owner would receive, provided multiple offers (cash, seller finance) for the seller to choose what they preferred.

How did you finance this deal?

Seller financed, 30 year amortization with a 5 year balloon

How did you add value to the deal?

Getting current tenant closer to market rent, getting the other unit licensed for STR

Investment Info:

Mobile home fix & flip investment.

Purchase price: $101,000
Cash invested: $25,268
Sale price: $202,000

This was my first ever solo project. I spent months reading, browsing forums and meeting with other investors to prepare. I felt I had a good head start since I was already a real estate agent and was very comfortable with finding comps and figuring out the ARV. For me the area I was concerned with was estimating costs. I individually priced all my materials and got several estimates from contractors. While time consuming, I did learn a lot and was within $2,000 of my initial budget.

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

I wanted something I could fix and flip for the quick capital as well as the experience of managing a project, finding contractors, etc

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

It was a personal referral, received a credit at closing for renovations as well

How did you finance this deal?

2nd home loan

How did you add value to the deal?

Interior remodel, paint, floor, appliances, fixtures, etc

Lessons learned? Challenges?

Don't split the work between multiple contractors if possible, finding one to do all or most of the work will keep prices down.
Challenges were finding replacement pieces for certain items as manufactured homes were very different than stick built as well as going through state guidelines for affixing the house to the land