All Forum Posts by: Jim Pinter

Prince,

I have worked on several shipping container designs. DM if your interested in talking more. 

@Duane Rademacher I can definitely help shoot me a PM .

I have a quick question that is very basic so I apologize for my ignorance. But I hope the BP community, bankers in particular can help me with it. When I go into a bank to get a HELOC is there ever a scenario when the LTV % is applied to the actual equity? Example I have a home appraised at 300k I owe 100K and the 90% LTV is then applied to the 200K in equity equally 180K limit? Or is it always the case the LTV is applied to the appraised value first then subtracted by debt to arrive at the total. (assuming again the 90% LTV)i.e the 90% is applied to the 300k equaling 270k which then is subtracted from the 100k I owe to arrive at the 170k limit. Just trying to learn this stuff.

Huntington did one for me but watch out for appraisal values. I would suggest having a private appraisal done first. I lost about 45k in value on the appraisal. 

Investment Info:

Single-family residence other investment.

Sale price: $185,000

Beautiful end unit town home in the heart of Macedonia, OH. This unit has it all with high ceilings, large open modern footprint, and first floor master. Work included fully renovating the kitchen, new flooring, new door hardware, new lighting, new plumbing fixtures, new mechanicals, refinished cabinets, and fresh paint.

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

Acquired at auction so the price was right. Great end unit with large floorplan and 2 masters.

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

Auction

How did you finance this deal?

Traditional

How did you add value to the deal?

Several updates and custom design elements.

Lessons learned? Challenges?

Allot to learn with each project. This one was pretty straightforward, but the schedule was very demanding.

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

Yes owner agent

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $6,000

Beautiful West Park rental less than a mile from the Metroparks.

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

Needed more rental stock.

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

Bank owned post 2008

How did you finance this deal?

Traditional mortgage

How did you add value to the deal?

Self Perfromed improvements

What was the outcome?

Cash flowing rental

Lessons learned? Challenges?

This was my intro into rentals. Some speed bumps but its been great over the distance.

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

Yes just ask!

Investment Info:

Single-family residence fix & flip investment in Sagamore Hills Township.

Sale price: $325,000

CURRENTLY UNDER CONSTRUCTION CONTACT US FOR MORE INFORMATION

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

Another great house in a wonderful older neighborhood minutes from the CVNP and connected to the regional bike and Hike system. With its gently rolling yard and mid century charm this home is truly unique. Centrally located close to all the shopping, restaurants, bars, and parks one could ask for. Walk-able neighborhood with old growth trees and large lots.

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

This one was a bit of a challenge. Owned by three brothers after the father passed away the home needed allot of work. The asking price was far to high and negotiations were long and drawn out. After a few rounds we got what we feel is a far price.

How did you finance this deal?

Standard bank mortgage

How did you add value to the deal?

Sweat equity through design and construction project management and scheduling.

What was the outcome?

Design is almost complete.

Lessons learned? Challenges?

TBD

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

TBD

Investment Info:

Single-family residence fix & flip investment in Cleveland.

Purchase price: $65,000
Cash invested: $75,000
Sale price: $217,000

Located in the wonderful up and coming neighborhood of West Park this mid century modern split contains 3 bed and 2.5 baths. The scope here was a full gut and renovation with 100% Amazon Alexa integration.

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

We love the neighborhood and location near the Rocky River Reservation. The reservation is one of the best park systems in Cleveland Area and has options for recreation of all types. Being an outdoor active lifestyle focused company we strategically select projects that can provide a multitude of outdoor recreation options.

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

This was a post 2008 purchase made in 2013 from a bank. Due to life changes I had to hold as a fall back option until mid 2018.

How did you finance this deal?

Traditional bank

How did you add value to the deal?

Self performed 90% of the build and design services.

What was the outcome?

This was truly a labor of love for me. This home acted as a residence for me when I needed it and a safe guard allowing me to push the boundaries of my professional career without being afraid of the fall out. Which in early 2018 I was finally at the end of my traditional career and able to start building this special project.

Lessons learned? Challenges?

Finding good trades is going to be the largest challenge I face on this side of the business. Went through way to many trades and lost way too many months to no shows or rework.

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

Yes my beautiful soon to be wife and partner. YES! just ask.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $255,000
Cash invested: $20,000
Sale price: $350,000

Beautiful country estate located in Granville, OH sitting on 5 acres. With a full walkout basement and views you can only get in Ohio this home was one of our favorites. Siting on a large hill the home overlooked miles of rural Ohio farm land . Ten minutes down the road and you arrive in the quaint small town of Granville, OH home to Denison University. The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

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

I fell in love with the area and at the time held a position in downtown Columbus Oh. I wasn't interested in the out lying areas and wanted some land. This property fit the bill for my needs and had huge upside potential, which was critical at the time. I wasn't sure the position in the City was right for me so I had to be able to stay nimble and still turn a profit.

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

The home had initially been listed at a much higher price but showed very weak. I was able to wait for days on market to extend and offer at a number that took advantage of the owners missteps.

How did you finance this deal?

This was a standard mortgage deal.

How did you add value to the deal?

Through my own sweat equity and design services. This was also the first deal I was able to find a quality staging company.

What was the outcome?

Great! Lived there a year and loved it. When I made the decision to sell and start my own company the house performed just as planned.

Lessons learned? Challenges?

Country homes are challenging! Comps are hard to find and appraisals go south more often than not. Utilities are hard to deal with and well and septic add layers to the sale.

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

Yes worked with local agent but completed most of the marketing through professional staging and photography which I funded.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $255,000
Cash invested: $20,000
Sale price: $350,000

Beautiful country estate located in Granville, OH sitting on 5 acres. With a full walkout basement and views you can only get in Ohio this home was one of our favorites. Siting on a large hill the home overlooked miles of rural Ohio farm land but was just a 10 minute drive to all the amenities a person could want in nearby Newark, OH. Ten minutes the other direction and your in the quaint small town of Granville, OH home to Denison University. The home had great bones and only needed a few updates, including new carpet, paint, bathrooms, refreshed basement, and 3 seasons room.

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

I fell in love with the area and at the time held a position in downtown Columbus Oh. I wasn't interested in the out lying areas and wanted some land. This property fit the bill for my needs and had huge upside potential, which was critical at the time. I wasn't sure the position in the City was right for me so I had to be able to stay nimble and still turn a profit.

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

The home had initially been listed at a much higher price but showed very weak. I was able to wait for days on market to extend and offer at a number that took advantage of the owners missteps.

How did you finance this deal?

This was a standard mortgage deal.

How did you add value to the deal?

Through my own sweat equity and design services. This was also the first deal I was able to find a quality staging company.

What was the outcome?

Great! Lived there a year and loved it. When I made the decision to sell and start my own company the house preformed just as planned.

Lessons learned? Challenges?

Country homes are challenging! Comps are hard to find and appraisals go south more often than not. Utilities are hard to deal with and well and septic add layers to the sale.

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

Yes worked with local agent but completed most of the marketing through professional staging and photography which I funded.