All Forum Posts by: Jason Runkel

 Thanks Steve!

Investment Info:

Other buy & hold investment.

Purchase price: $410,000
Cash invested: $10,000

This was a very unique and exciting deal. This property sits on 2.5 acres just 10 minutes from Lake Geneva and 10 minutes from downtown Burlington. It included a 2,400 square foot home, completely remodeled, as well as 2 out buildings. One is a 3,800 square foot pole building, half of which is completely new due to a fire in the last few years, as well as a 2,000 square foot 2 story shop with it's own electricity, furnace, and ventilated painting spray booth.

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

The plan here is to hold, cashflow, and build equity in our multiple businesses for the years to come.

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

It was brought to us by a woman whom we had done a previous land contract with whom realized our creativity and drive in creating wealth for ourselves. She was in a tough position and needed to close on the property quick, so she brought it to us. Sometimes the deal finds you!

How did you finance this deal?

We acquired this deal through land contract, putting very low cash out of pocket and receiving a very favorable term and interest rate.

How did you add value to the deal?

Through creative ways of cashflow.

The house is currently rented out as well as the shop, to the painting company we own allowing us to expand our painting business from Racine to Walworth county. This gives us quick access to the highly desirable Lake Geneva/Walworth County market. We currently use the pole building as storage space for further income.

Investment Info:

Other buy & hold investment.

Purchase price: $410,000
Cash invested: $10,000

This was a very unique and exciting deal. This property sits on 2.5 acres just 10 minutes from Lake Geneva and 10 minutes from downtown Burlington. It included a 2,400 square foot home, completely remodeled including new windows, floors, appliances, septic system and more as well as 2 out buildings. One is a 3,800 square foot pole building, half of which is completely new due to a fire in the last few years, as well as a 2,000 square foot 2 story shop with it's own electricity, furnace, and ventilated painting spray booth.

We acquired this deal through land contract, putting very low cash out of pocket into the deal. It was brought to us by a woman whom we had done a previous land contract with whom realized our creativity and drive in creating wealth for ourselves. The house is currently rented out as well as the shop, to the painting company we own allowing us to expand our painting business from Racine to Walworth county giving us quick access to the highly desirable Lake Geneva/Walworth County market. We currently use the pole building as storage space for further income.

The plan here is to hold, cashflow, and build equity in our multiple businesses for the years to come.

Investment Info:

Single-family residence fix & flip investment in Racine.

Purchase price: $65,000
Cash invested: $65,000
Sale price: $140,000

This was my first flip located in Racine, WI. It was an 800 square foot, 3 bedroom, 1 bath home. Something interesting about this home is it had no basement, which is odd for our area.

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

We saw an opportunity to get into the rehab space and ultimately an opportunity to learn as much as we could from either our success or failure.

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

We found the deal through a wholesaler on Facebook Marketplace. We ran our numbers using the BP calculators and a few others and negotiated the sale price with the wholesaler eventually coming to a deal.

How did you finance this deal?

Mostly cash, some equity from another company we own, and borrowing money from friends and family.

How did you add value to the deal?

This was a complete gut job, so we rehabbed everything including plumbing and electrical. We tried to add value to the deal by finding creative ways to optimize space in such a small house.

What was the outcome?

At the end of the day we came out with a profit of just under 19%, which was not bad being our first rehab project and with how everything went.

Lessons learned? Challenges?

We learned so many valuable lessons on this deal. Going into it our plan was to create a renovations company as an arm of our painting company. This would allow us better margins and more control. We quickly learned that this was more of a difficult task than we were ready for at the time, and that it would hold us back from scaling. We ended up hiring a local GC to finish, and will be using him in future projects, helping us scale and not be restricted only to our market in the long run.

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

This was my first deal as a real estate agent. There was a lot of learning that went on here as well especially with the market conditions at the time. Ultimately, it all worked out but not without some time and effort. Great overall experience!

Where in Wisconsin is this property located might I ask? I am a realtor and investor from the South Eastern Wisconsin area, and have had luck with facebook specifically in the investor groups (there are a few to post in depending on which area you are in). This way you are in front of the market looking for this type of property directly. Otherwise as Dustin mentioned above a realtor might not be a bad idea either to get in front of the most eyes possible and get a deal done in the most time efficient way. If you need any help or have any questions feel free to shoot me a PM! 

We ended up creating our own spreadsheet to plan and track rehab costs. 

Awesome video Marcus it is much appreciated! Also keep up the great work on your content, very well organized and visually pleasant. You got my subscription, keep it up! 

Thanks Julio! I definitely look forward to getting even more creative in the future!!

Investment Info:

Single-family residence fix & flip investment in Racine.

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

Our first flip in Racine.

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

Ultimately planning to use the BRRRR strategy but inability of getting financing due to being self employed led us to do a flip to build our systems and gain some experience.

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

We found this deal through a wholesaler and negotiated a price $10k under initial asking price.

How did you finance this deal?

We bought this deal with mostly cash and a small amount of private money.

How did you add value to the deal?

We have completely gutted and rehabbed the property.

What was the outcome?

We will find out soon!!!

Congrats everyone on all of your success in 2020!

I bought my first duplex in April of this year.

It is a house hack deal cash flowing $300 or about 18%.

A business partner and I also bought a duplex via land contract, and bought a flip in October of this year.

The duplex is currently cash flowing about $400 or about 19% and the flip is scheduled to be completed in about three weeks, turned around in roughly 3 months.

Looking forward to keeping the ball rolling in 2021 😎