All Forum Posts by: James Hensley

Aircraft or Investment?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $312,000
Cash invested: $20,000

We bought this property to flip but it has taken far longer than expected. This house is an old roadside overlook, positioned above Lake Taneycomo half of it is stone siding the rest is vinyl. It has a concrete picnic table on the edge of the bluff and has an "interesting" layout, and it hadn’t been updated since the 70's. Yes that is a green tub that’s sunk halfway down in the floor....

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

Loved the old stone and the picnic table. I like that it was a public overlook in its previous life and I love that it has the original outhouse with the best view on the property!

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

Zillow, local MLS

How did you finance this deal?

30 year mortgage 6% interest

How did you add value to the deal?

75% gutted and replaced all the bathroom and pressure side of the plumbing, fixed the layout issues. New tile, paint, carpet and completly new kitchens.

What was the outcome?

Still in process...

Lessons learned? Challenges?

Had a hard (-20 deg f) freeze. Plumbing burst in multiple locations, flooding the house for three weeks! Luckily(?) its on a well so no huge water bill. Destroyed one bathroom and prompted total gutting of two bathrooms. Lesson learned TURN OF YOUR WATER WHEN YOU WONT BE THERE FOR MORE THAN THREE DAYS!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Rashele Hubbard USA Mortgage 417-592-4525

@James Wilcox

I'm mainly I treated in the Lexington area but I'm going to get with rob shortly to cover my bases.  Shoot me your contact info when you get time. 

Hello,

I, along with my wife, have been flipping houses for 16ish years.  The states we’ve flipped houses in include (in chronological order), Kansas, Oregon, Idaho, Maine, Missouri and were looking to move to Kentucky. Weve lived in even more states including Alaska, New Mexico and Oklahoma.  We do all the work ourselves, including demo, tile, paint, plumbing, electrical, structural and I’m a Realtor in AR and MO.  We have a pretty good system and it has made us some money but we are looking to move on to the next phase, commercial/mixed use multifamily.  We prefer older properties with character, weird properties (that are functional), historic properties and generally things worth saving.  Our goal is to make a nice, safe, healthy property (that cash flows) for people to raise kids in.  Community is really important to us, we're not interested in being slum lords even if it does cash flow.  Other than real estate we love to travel, (almost hit all 50 states with the kids), she is into textiles (knitting, sewing, weaving, spinning) and I’m an airplane/helicopter mechanic, photographer, and do a bit of sewing myself.  I’m always open to talk about real estate, aircraft, business or psychology. 

Cheers

@Rob Bergeron

     I messaged you. 

Cheers

Right on!  Starting is the hardest part. Next  I would highly suggest reading 

1. Rich dad poor dad

2. Why the rich are getting richer

3. The real book of real estate 

All  by Robert Kiyosaki. 

Cheers!

Yes my wife and girls are amazing!  We moved from Kansas to Alaska to Oregon to Idaho to Maine and now were in Missouri selling some investment land and moving to Kentucky!  Crazy but its been amazing.  Julie ( my agent) was with John L Scott (if I remember that right) at the time we bought the property, but now she's with More and says its fantastic.  The property was on the North Yamhill River west of Yamhill about 5 miles, Id like to say the appreciation was apart of my investment strategy but truth be told that was luck, I was betting just on the rehab.  As they say its better to be lucky than smart!

Cheers

Good morning everyone,

     I am in the process of moving from Missouri to Kentucky and am putting together a team for my first multifamily purchase ideally within 1 hour of Louisville or Lexington.  I've done single family fix and flips for the past 16 years but this will be my first multi.  I'm looking to fill all aspects of the team, lending, management, possibly agent (I am an agent in AR and MO, will be in KY but would be willing to partner with someone who has local experience). I'm looking in the 500k -3m range, buy and hold for cash flow.  I lean toward old, weird, unique, historic, or stuff worth saving.  Feel free to get InTouch!

Cheers,

Monica,

     Good Morning!  Welcome to the forum and Real Estate investing, I was actually down in your neck of the woods last week, drove to Key West and Dry Tortugas.  Anyway what kind of investments are you interested in and most importantly what's your education level?  No not degree or schooling, what have you read, researched, watched, etc?  Do you know where you want to go with real estate?

Cheers