All Forum Posts by: Garrett Olsen

I think that the Corona virus is going to have a big impact on the real estate market. I have created a model based on the spread of malaria and the exponential increase of positive cases in the U.S. in my model it shows the peak of the virus is going to be in late April. This virus is going to effect millions of Americans. If this reaches a large population of the elderly, we will see a lot of deaths. There beneficiaries will now have homes in a terrible market, and want to sell to obtain liquidity. I think we will see an increase in supply of these homes and a decrease in demand due to the economic downturn. I believe right now we are in the calm before the storm. This is going to get a lot worse before it gets better. Who really knows... 2020 is going to be a crazy year! 

Investment Info:

Single-family residence fix & flip investment in Greenville.

Purchase price: $242,000
Cash invested: $200,000

This property is being done through a syndication with an investor I met here in Greenville, SC. This property is directly in DT Greenville and 1.1 billions dollars is being put into a new county square right across the street from this property. This property needs to be completely redone, but when its finished it will be a 4/4, 2,800sqft.

Investment Info:

Single-family residence fix & flip investment in Anderson.

Purchase price: $99,500
Cash invested: $46,000
Sale price: $199,000

1700sqft 3/2 single family home. I Purchased the home for $99,500 off market from a women that lives in Costa Rica, she obtained the property from an inheritance. The house was full of dog feces and needed to be completely redone.

Things that were done:
-Flooring
-New walls
-Roof
-New kitchen
-New master bathroom
-Vapor Barrier
-Tree Trimming
-Paint

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

This women lived in Costa Rica and now had a home in SC from an inheritance, she needed a way out and I obtained a killer deal from this.

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

A fellow coworker. I negotiated with my realtor from $140,000 down to $99,500.

How did you finance this deal?

Home equity line of credit

How did you add value to the deal?

everything in the house was redone

What was the outcome?

Avery successful flip and a great learning experience.

Lessons learned? Challenges?

Your time line will always be longer then expected. Also, really follow the 70% rule because the amount of money you put into a property will always be more then you think.

Will Gaston the property is almost brand new they have redone everything besides floors, cabinets and appliances.

Hey Tarik, The seller is planning on selling the property for 440,000 after repairs.

Hey guys, So I found this triplex that is on the market for $290,000, the seller has redone the dry wall, roof and windows. The property is an open slate to design the units how you want, the thing is that its not functional or unlivable. To get a conventional loan the property has to be “functional”. My leander says we can do an escrow and make the property functional before closing but thats money out of pocket. We can also make an offer and say the seller can finish the property and we buy when its done he is okay with that, but I want to design the units the way I want it. Im wondering if there is anyway to wrap the construction cost into the loan even though the property is “not functional”. I appreciate the help! Thank you