All Forum Posts by: Robert Lomonte

Good for you bro! I am so proud of you! Now work kind of becomes like playing because you don't have to if you don't want to. Life should become more enjoyable unless you take on another challenge because you are bored, lol. Thumbs up!!

 Its relative location to stores, highway access, and distance to the Chiefs or Royals stadiums. I believe my manager expected occupancy to be high 50%. We are expected to receive $2500 a month during the slow season and $4500 during peak. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $57,000
Cash invested: $65,000

This right here my folks is a picture of our first reficheck using BRRRR (Buy, Rehab, Rent, Refinance, Repeat).
We purchased a flip in Independence:
57k Purchase price
65k Rehab
Refinanced it
52k Cashed out equity 💥 (which will be reinvested!).
Now Kingshighway will be our first Airbnb (short term rental, STR)!
For the last 15 months we have been moving and grinding on multiple properties and we finally have some traction.

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

Condition of the home, great location and the purchase price

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

I went to go view the property to confirm my thoughts on the purchase and the owner was there. I dont think WS planned on him being there. The owner was irritated with the wholesalers because of closing extensions and some other things. I told him nothing about the deal. I explained that I was a realtor/investor, if he ever had any other properties in the future to let me know. He called me a day or two later to offer me the house 5k below WSer's offer. He said he fired the wholesale company.

How did you finance this deal?

We used the profit from a previous flip to secure the 25% down needed for the loan

How did you add value to the deal?

Refinished hardwoods, completely updated the bathroom, opened a wall and complete gut/remodel of kitchen-all new appliances, new switches and outlets, Basement Finish: added 2 NC beds in basement, New water heater, 95% HE HVAC, foundation work

What was the outcome?

It is a great investment

Lessons learned? Challenges?

I would not purchase a 110 year old house again with hollow brick(not cinder block).

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

I am that guy!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $57,000
Cash invested: $65,000

This right here my folks is a picture of our first reficheck using BRRRR (Buy, Rehab, Rent, Refinance, Repeat).
We purchased a flip in Independence:
57k Purchase price
65k Rehab
Refinanced it
52k Cashed out equity 💥 (which will be reinvested!).
Now Kingshighway will be our first Airbnb (short term rental, STR)!
For the last 15 months we have been moving and grinding on multiple properties and we finally have some traction.

#welovewhatwedo #investment #biggerpockets #investor #airbnb #kcflippers #growthmindset #nevergiveup #investinginmyself #imworthit

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

Condition of the home, great location and the purchase price

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

I went to go view the property to confirm my thoughts on the purchase and the owner was there. I dont think WS planned on him being there. The owner was irritated with the wholesalers because of closing extensions and some other things. I told him nothing about the deal. I explained that I was a realtor/investor, if he ever had any other properties in the future to let me know. He called me a day or two later to offer me the house 5k below WSer's offer. He said he fired the wholesale company.

How did you finance this deal?

We used the profit from a previous flip to secure the 25% down needed for the loan

How did you add value to the deal?

Refinished hardwoods, completely updated the bathroom, opened a wall and complete gut/remodel of kitchen-all new appliances, new switches and outlets, Basement Finish: added 2 NC beds in basement, New water heater, 95% HE HVAC, foundation work

What was the outcome?

It is a great investment

Lessons learned? Challenges?

I would not purchase a 110 year old house again with hollow brick(not cinder block).

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

I am that guy!

@Lisandro Maldonado, I was in LE for 7 years and got out to be a Realtor, I wish I had done that 20 years ago and skipped LE. For myself it propelled my investor mindset mainly because I was ingulfed in it daily. I really got to know the industry on a personal level and 2 of my flips were from clients. Deals come in regularly. Keep plugging away. My first book was Rich Dad Poor Dad, BP flipping, E-Myth and I'm working on a couple more.

Congratulations 👏,  taking the first step is the hardest and after that it creates momentum.  Alot of lessons are learned during the process thanks for sharing.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $43,000
Cash invested: $52,000
Sale price: $110,000

2 Bed 1 bath, completely remodeled, new electrical and plumbing.

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

The home was distressed and looked like a great way to start.

How did you finance this deal?

I had a friend that invested the 25% down that I needed to purchase through a local bank that does flip loans.

Lessons learned? Challenges?

Don't ever get a buyer before the house is complete

Welcome, there is a lot of info on here and the podcasts are very informative 

I appreciate your guys responses. I see the hard money lenders in the market place. I'm more looking for something more personal you know, a networking contact, a company someone has personally dealt with and knows the practice of that group. I sent a message to @Gordon Cuffe.

Does anyone know of a lender that will lend to a brand new investor in the KC area

I have money in savings and access to credit cards