All Forum Posts by: Davon Johnson

Hey @Richard Loniewski, that is amazing! Would love to chat when you have a few minutes and pick your brain about the private lenders and your experience. 

@Timothy Hero I bought it a year ago with 3.5% down and believe I owe $440,000. However, based on the rent roll ($6450 a month), I believe it to be worth at least $600,000.

Thanks so much @J Scott. I actually have your book on Estimating Rehab costs, which was a very informative, so I will definitely pick up this book as well. 

Hey BP, 

I was wondering if any of you were wiling to share your house flipping checklist of sorts. Like from the point that you find a lead and decide that you are interested. I know that many of you have gotten to the point where the process is essentially automated, so I am curious which steps you follow each and every time. 

My thinking of your checklist would be send out Inspector, send over contractor same day, put in offer, and then when the offer is accepted get official bids, apply for permits, etc. 

I'm sure my process is out of order, but I was hoping if any of you have existing documents or checklists that make sure things run smoothly and routinely, you could share them with me. I can send you over my email if someone is kind enough to share whatever checklists/documents they use. 

Thanks!

Hey BP!

I am looking to connect with Private Lenders and would love input. Whether you are one, have someone to refer, or just advice on taking the private lender route--I appreciate it!

Currently I own one 4-family and renovated all units and increased rents 40% to market rates. I am readying to transition to direct to seller marketing campaigns and hoping to connect with private lenders to be in a position to submit cash offers. Whether the exit strategy is BRRR'ing the deal or flipping it, would love to have a conversation regarding this next step.

To give a brief description: 

Location: Live in Central New Jersey

Income: $115K Net (From Rental Income and Full Time Job)

Credit Score: 765

And again my experience is I own one 4-family and renovated all units--but I am hoping to acquire more. 

Thanks!

@Lane Kawaoka and @Trevor Fleck I am definitely open to out of state turnkey properties. I will be begin to reach out to those in these appreciating markets to get pulse check for where the markets are. Thanks for suggesting some metrics to look into. Prior to diving deeper, I am leaning towards the Carolina's, Texas, and the Fulton County/Atlanta area.

Also for Syndications, I haven't been able to decide whether I prefer them over my own direct investment. Including equity in real estate, my net worth would probably be around $350k. So I do not think I am a syndicates ideal customer. 

Thank you everyone for your replies. I do think that it would be a bit overzealous to immediately jump to an out of state market. I intend to sure up my systems and processes locally before trying to test them hundreds of miles away from me. 

Hi Everyone,

I am hoping to get some feedback concerning buying on out of state properties. I currently live on the east coast (New Jersey), where there definitely are good deals to be found, but I hear of ROI's being better in some other up and coming states. Would love to hear your opinion of what cities offer the best ROI/Cash Flow. Would prefer multi-family. Would love to connect with some out of state realtors who can connect me to some great deals in their respective market.

Thanks!

@Kevin Manafi, gotcha. My thinking was that if a person is cash flowing from a multi-family, they are less incentivized to go 40% under ARV, whereas a single family owner may be more amenable. But you definitely are right equity is equity.

Got it @Adam Schneider. Will start to have these conversations with them now then. Thanks!