All Forum Posts by: Jay Schultz

Wow. You say Success(ISH)! This sounds like a great deal. So you left a little cash in - still an outstanding cash on cash ROI. I am just now looking at my first BRRRR and as far as refinancing goes - my lender said that I can't refi before 6 months if there is a lien on the property. And the hard money lender puts a lien on it. I have a couple other properties and I asked the lender to put the lien on those properties instead of the BRRRR property, but that wouldn't fly. LOL. Nice job on the whole thing. I hope my first one is as good as that. I'd be pumped. The property I am considering is great - except it has a rodent infestation. And, I am not sure how to estimate the costs to cleans the place of the four-legged varmints. Crazy how such small animals can make such a large hurtle for me! LOL. Best of luck.

@Kevin Laurion - NICE JOB.  Way to go.  I will PM you with the inspector I used on my last property.

Just signed up.  Looking forward to meeting you guys.

So, for me there was a lot holding me back with my first property.  Timing, wife not on board (so I got a divorce...lol), a bit of fear, other investment tools, etc.  Now that I have three doors, I have become way more aware of the "buying right" idea.  And I have a new hurdle that is holding me back: How to really buy right?  This is leading me down a number of rabbit holes.  And, is frustrating.  

@Tim Swierczek - Wow. That is awesome! I tend to over-complicate stuff! I do need a mentor - I am sure most people starting out would love one! But, I have been pouring over MLS listings and just can't seem to find a property that is a "good" buy. The two I have now are OK...

@Dirk J Mc Kenzie Yeah. We should do that.  We could meet somewhere in Savage.  Grab a beer (or soda if you don't drink!).  Savage would be a good middle ground - maybe Buffalo Wild Wings on 42. I am traveling this week, but I am pretty open the week of Sept 30.  Let me know. PM me and we can set it.

@Tim Swierczek - I'd love to meet for coffee.  I travel this upcoming week, but the first week in October I am pretty open.  As far what is hanging me up - my dang website!  Right or wrong, I feel if I start marketing for deals - I need a website.  But, then I get paralysis by analysis and then I never take the first steps.  :)  What time of day works for you?

I also live in Minneapolis...Burnsville, actually.

@Jordan Moorhead @Tim Swierczek @Josh Cook @John Woodrich @Dirk J Mc Kenzie and would love to meet more people. I didn't know about the meetup last Thursday, or I would have been there. I'd love to meet others in the area....I am anxious to get another property, but struggling to find deals. About to start mailing!

@May Emery - Thank you very much for the tips.  Any good list brokers?  Also, do you have any experience with the PA? I assume that it wouldn't be the standard National Association of Realtors contracts that would make sense...especially if wholesaling and assigning the contract is a possibility.  

The home is listed bank owned and listed for $280k. With ARV and expected costs, it would be zero profit. My agent doesn't think it will go for $280k - but what is a target profit for a flip? Rental rates in area don't support a BRRRR, possibly Air BNB, but a flip is the target. My target profit is $50k on a $350 ARV. That would include some expenses (travel, as this is out of state). But, I would then need to offer $230k or so for the property. Unlikely they will take it...but is my reasoning sound?