All Forum Posts by: Jeff Brogan

@Peter Mckernan

Bought it for 95,500

Rehab was 33,000

The agent that had it listed through out those rental numbers but tbh not sure if I can trust anything he is saying.  He couldn't give me any numbers on showings and very little feedback.  Just have a hard time believing he really tried to market it. I do think i'm going to just have to bite the bullet and offer it for pretty low. 

@Alan Asriants

I was the main investor. Was a group that sets up in the city, finds the wholesale deal, hires out the contractor, has an agent already. I was just the investor. I should have known better but was the first time and it's been quite the learning experience so far. Pretty naive of me. Also of course afterwards I would start to see much better HML rates from other lenders as well. Definitely an eye opener.

@Chris Seveney

It will be in March, I will look into that for sure!  Thank you!

I will try to make a long story short.  

Got involved with a hard money lender, they were looking for investors in the Pittsburgh Area to flip homes.  The only work I would be doing is the money investment.  I decided to go ahead with it.  

Numbers:  118k to hard money lender, 30k to myself.  So i'm in about 148k. 

ARV: Was listed at 180k but no luck selling at that price point and was dropped down to 170k. I felt like this was a little high at the beginning of the deal and turns out I at least got that part right.

I ended up taking it off the market to decide my next step. Either FSBO or refinance and rent it out. Rent rates are up and down and anywhere from 1200-1500 a month in that same area. The inside of the house looks really good. The outside, especially the back yard is pretty lame. Nasty drop off and just never really has been taken care of.

So the question is what would you do?  

Option 1 - Try to refinance, pay the lender back, take your cut and try to rent it out and hope it cash flows? I suppose this would be the BRRR method

Option 2 - Post FSBO with a much lower price which helps recoup the cash by not having any realtor fees involved.

Option 3 - Something I haven't thought of yet!

In the same boat as Sean, do you have a November one planned?

Thanks!

Is this the BW3's at the mall?

Shoot!  Just missed it!  Do you guys have the next one planned?