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All Forum Posts by: David Jesperson

David Jesperson has started 2 posts and replied 12 times.

Hey Cody, I use Tyler Salmeri with Salmeri Insurance for my investment properties. 

https://www.salmeriinsurance.com/about-us.html

Post: From one duplex to multiple

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8

 Blake's recommendation is also a great possibility! There are no standards or guidelines when negotiating a seller finance deal, since seller is acting as the bank all terms are negotiable. In most cases, this option requires the seller owns the property free and clear of any liens or mortgages

Post: From one duplex to multiple

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8
Congrats on your first house hack! You should be able to rent the unit you are currently in and just repeat the process with another single or multifamily if you want to grow that way. In most cases you're only required to have 3-5% for a primary residence, I would say that's one of the most common ways people get started in REI. 

Otherwise most lenders will want you to have 20% equity in some way, you can find some that will allow the equity to come from a refinance. For example, you could use hard money to purchase and rehab a distressed property and if your total owed on the hard money loan is still below 75-80% of the ARV of the property you potentially could purchase for no or little money down. It's called the BRRRR strategy (buy, rehab, rent, refinance, repeat). Eventually you may be able to find a commercial lender that will loan purchase and construction costs up to 75-80% of ARV and you can eliminate a few of those steps. But you will need a relationship and successful track record with the commercial banks before they will lend most likely 

Post: Should we sell our house or is it worth renting out

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8

 I agree with what was said by the others. If the property is able to cashflow at all or at least cover all expenses I would keep it. (make sure you are budgeting for maintenance and management if you plan to use it) Rent will increase over time and your property will continue to appreciate in value. 

However, if you're unable financially to purchase a new home without selling your current home then the choice is made for you. Stay and let the property continue to appreciate or sell and purchase a better producing asset. Consider purchasing a duplex or small multifamily for your next home. A tenant pays a portion or your mortgage and you get to try being a landlord. If you're curious about what your current home is worth feel free to reach out, I'm also an agent based out of Green Bay. I can at least provide you some comps for your house so you can see what your options are for selling vs renting

Post: should i use hard money to grow quicker

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8
Quote from @Sabian Ripplinger:

i want to possibly use hard money this year to grow quicker   and can you use them for new builds  who should i use and  any tips?   ( im in Wisconsin )


 Hi Sabian,

I'm located in Wisconsin as well. Good Faith Funding is a popular hard money lender in my area (Green Bay) that lends statewide. I'm unsure if they lend on new builds or not, they do have a website where you can set a virtual meeting with them.

https://www.goodfaithfund.com/

Post: I am new to Real Estate investing

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8
Quote from @Joe Paasch:

I have joined this site to gain important incites, discussions and plans to build a successful portfolio. 


 Hey Joe, 

I'm an investor as well as a real estate agent in Green Bay. Would love to chat some time about your goals.

Another good place to check out are some of the local REI meetups. All local investors sharing information and insights.

Post: Next move for investment

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8

Hi Jeanette,

Have you attended any REI meetups in your area? It's a good place to start to learn about other areas within the state. As far as your next property, if you are already considering moving you will get better loan options + interest rates if you decide to live in the next property and rent out your current house.

Post: Rentals in Delavan, Wisconsin

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8

Hi Karen, 

Have you tried reaching out to any other local investors or property management companies? 

Post: Fix and Flip First Experience

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8
Primarily northeast Wisconsin, open to other areas in Wisconsin as well. Primarily looking for SF and small MF (2-4). For my area, looking to stay under $180k but could adjust slightly. I'm okay with small to medium at this point, staying around 70% ARV with reno and PP
Quote from @Jaycee Greene:
Quote from @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

@David Jesperson What city/market are you looking to buy and what type of properties are you looking for, SF, 2-4 MF, or 5+ MF? What price range are you targeting and I take it you're OK with at least medium rehab (>=25% of the PP)? 


Post: Fix and Flip First Experience

David JespersonPosted
  • Real Estate Agent
  • Posts 12
  • Votes 8
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