All Forum Posts by: John R Kepler

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $105,000
Cash invested: $124,000

3/1 SFH, 1118sf. On .69 acre lot in quiet neighborhood. Currently on MLS at $179900. Lots of showings but only one low offer in 7 days. I would be happy to BRRR this one.

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

SFHs is all we have done so far so this was in our wheelhouse.

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

Originly listed at $99,900. in December 21. I offered 101,000 anticipating multiple offers. Got it for $105,000 all cash quick close on best and final.

How did you finance this deal?

All Cash

How did you add value to the deal?

Cosmetic rehab inside, new Stainless appliance package. According to SNs HVAC, air handler and waterheater were all recent (2 years). Pressure wash and yard work outside. New roof with transferable warranty. Finished the carport laundry room with ceiling paint FRP walls and lvp flooring and new lighting.

What was the outcome?

TBD

Lessons learned? Challenges?

It is nice to be able to hold free and clear to see if someone will pay your price. On the other hand your cash is tied up while you wait. We knew going in that we wanted a home run or keep it and are prepared to let it sit for 90 days or so. In the mean time back out there looking for the next one.

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

My agent brought me this one. If you need an agent in south central Ga I will put you in touch.

Found a deal today that is 2 sfh on one lot. They are rough and very rough but nothing that I haven't done before. The price is right. My question is IF there is enough square footage on the lot to subdevide would you recomend for or against and why.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $28,000
Cash invested: $15,000
Sale price: $32,000

In the Marine Corps. A live in fix and flip. I took a part time job to help pay my $126 mortgage.

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

I had bought a General Development house lot through Military Sales when I was 19. I later started doing sales for them in Okinawa and bought another lot. They were not good investments but I did eventually make a little bit. More importantly they introduced a 19 year old kid to the possibilities of real estate.

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

Realtor. Bobby Reddick. Crazy that I can still remember his name after 50 years.

How did you finance this deal?

I had 15k tied up in a CD at the time. Interest rates were like 14 or 15% back then. I swallowed my pride and the lump in my throat and asked my brand new inlaws to loan me 15k for 6 months while my CD matured and I would pay them back with interest. They did and the rest of the mortgage was conventional.

How did you add value to the deal?

House was solid but had been a rental. New flooring, painted inside and out, new fence and landscaping.

What was the outcome?

We had a place to live, made a profit and  I had the best credit rating in my misfit family.

Lessons learned? Challenges?

The power of curb appeal, not to over improve for the neighborhood, that I was able to do what many of my peers did not. Always live within your means is the first step to having more means.