All Forum Posts by: Derac Shaffer

@Ramon Morales I just moved to the Lake Wales area from Pennsylvania about a month ago. I have a few flips under my belt in PA and I’m really trying to take it to the next level here. I would love to connect.

@Hilary Stalder I was just thinking to myself on the way to work today I needed to start looking for a CPA. I just recently moved to central Florida and would love a recommendation!

Hello everyone, 

I recently moved to the central Florida area (Lake Wales) from Pennsylvania, Im looking for local meet ups or if anyone has any information on a meet up in this area. Thanks everyone!  

@Christopher Hockenberry I’m in the Lake Wales area and would love to connect.

@Steven Meador Welcome to BP! I am a newer investor from Pennsylvania moving to central Florida early to mid June. I would love to connect. Regardless welcome to BP the wealth of knowledge here is incredible it’s great being a part of this community. I wish you the best on all your endeavors!

Hello Ashley, 

Welcome to BP you definitely made the right decision. I am a new investor as well. I currently live in Pennsylvania but I am moving to central Florida early June this year. I would love to connect. Regardless welcome and I wish you the best on all your real estate endeavors! 

Welcome Nathan, 

Its great to have in the BP community!

Im a very new investor as well. I completed a few smaller deals and my first big deal recently. I focus on fix and flip here in Pennsylvania. My goal is to move myself and my family to central Florida in the summer of 2020 where I want to take my investing to the next level and hopefully go full time. I would love to connect.

Regardless we are glad have you, this place offers so much knowledge on every single topic of investing. I wish you the best on all of your future goals!

Hello Jocelyn, 

Welcome to BP. This place is full of knowledge! 

I focus on fix and flip with a couple deals under my belt and just accomplishing my first Major rehab and flip. Short term rentals is one of my future goals as well. I would love to connect! I also wish you luck on all of your future endeavors! 

Investment Info:

Single-family residence fix & flip investment in Knox Dale.

Purchase price: $36,660
Cash invested: $12,000
Sale price: $91,500

4BD 1.5BA HUD Forclosure purchased for $36,660. $12,000 in rehab doing the work myself, changing it to a 3BD 2BA. Rented for a year after rehab and sold January 2020 for $91,500.

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

I grew up around a contracting business from a very young age. We were in the market for a primary residence when I found this property and that's when it all hit me. I could kill 2 birds with one stone.

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

The deal was found on Realtor.com. I have a local real estate agent friend who got in touch with the HUD listing agent and got me in on the deal. We negotiated the deal from $42,000 to $36,660

How did you finance this deal?

Conventional 20% down 80% financing mortgage.

How did you add value to the deal?

Full rehab. Changed the layout of the home from 4BD 1.5BA to 3BD 2BA to open the home up and give it a more roomy feeling with a master bedroom and bath.

What was the outcome?

The outcome was fantastic. All said and done I cleared around $40,000 on the property.

Lessons learned? Challenges?

The house was built in 1918 so any real challenge from the contracting side of it was making things look perfect in house that's far from square.

@Nik S. I’m hoping to try out some different ventures in the near future. This is something I’m extremely passionate about and I’m hoping to really take it full time so we’ll see what the future has to offer! Thanks!