All Forum Posts by: Justin Greene

All, I am local in Kansas City but I work with an "Industrial Money" buyer. If anyone is interested in getting bids on their properties, let me know! We are looking to buy 50+ this month. Buy box: SFH, 900+sqft, 3 bed+, vacant at closing. Closer to turn key the better!

Hello all! I have recently joined a friend / existing team that has a direct connection to a large fund. We have positioned ourselves to be able to sell to them directly - not a small feat! They have helped the fund purchase over 100 houses for them in the last few years, and I have hit the ground running myself. I am hitting a large wall from the reputation of "wholesalers" in general. Our Kansas City market is inundated with traditional wholesalers that have muddied the water. While we are technically wholesaling, we are doing it to one buyer and we are able to pay market prices. 

I am looking for ways to distinguish myself from traditional wholesalers that put the house under contract before they have a buyer lined up, and that beat the sellers price down to the bare minimum. 

I can explain it, and like I said, I have found some success, but I am looking for unique ways to target home sellers or other investors wanting to sell.

Thank you for reading! Any advice is appreciated! 

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $42,000
Cash invested: $68,000

I am currently rehabbing this house starting to get my refinancing options lined out. The completion date is 12/1/2019! Getting Close!

This was my first real fixer upper. Learned an immense amount from this project! Redid everything, completely new electrical, new plumbing. removed a few walls. new kitchen. Purchased as a 2 bed, 1 bath. Turned it into a surprisingly spacious 3 bed, 2 bath with laundry upstairs!

Final numbers updated. Appraised at 185,000 a year ago, and with this current market could be at 200,000 now!

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

Local wholesale

How did you finance this deal?

Wholesale company purchased this house from seller, then owner financed it to me.

How did you add value to the deal?

Purchased as a 2/1 bath. Converted to 3/2 and updated the entire house.

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $42,000
Cash invested: $68,000

I am currently rehabbing this house starting to get my refinancing options lined out. The completion date is 12/1/2019! Getting Close!

*Final numbers updated. Appraised at 185,000 a year ago, and with this current market could be at 200,000 now!*

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

I bought an out dated home in college and made slow improvements. After selling, I had a bit of cash to play with and I wanted a challenge. I bought this house in rough shape!

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

I had a wholesaler that I had reached out. A friend of a friend. Drove 5 hours to meet him one, and ended up buying this property after one brief drive by viewing, and about 6 pictures. A lot of trust in my friends trust of this wholesaler. I cant say I recommend this strategy, but luckily it worked out beautifully for me!

How did you finance this deal?

The Wholesaler was able to finance this for me. 1 year term. Amortized at 30 years. 6% interest. Interest only payments for 12 months.

How did you add value to the deal?

Complete remodel and I did 85% of the labor. Added one bath and one bedroom.

Lessons learned? Challenges?

This was my first real fixer upper. Learned an immense amount from this project! Redid everything, completely new electrical, new plumbing. removed a few walls. new kitchen. Purchased as a 2 bed, 1 bath. Turned it into a surprisingly spacious 3 bed, 2 bath with laundry upstairs!

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

Apex Realty Network - Kansas City

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $42,000
Cash invested: $68,000

I am currently rehabbing this house starting to get my refinancing options lined out. The completion date is 12/1/2019! Getting Close!

This was my first real fixer upper. Learned an immense amount from this project! Redid everything, completely new electrical, new plumbing. removed a few walls. new kitchen. Purchased as a 2 bed, 1 bath. Turned it into a surprisingly spacious 3 bed, 2 bath with laundry upstairs!

Final numbers updated. Appraised at 185,000 a year ago, and with this current market could be at 200,000 now!

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

bought an out dated home in college and made slow improvements. After selling, I had a bit of cash to play with and I wanted a challenge. I bought this house in rough shape!

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

I had a wholesaler that I had reached out. A friend of a friend. Drove 5 hours to meet him one, and ended up buying this property after one brief drive by viewing, and about 6 pictures. A lot of trust in my friends trust of this wholesaler. I cant say I recommend this strategy, but luckily it worked out beautifully for me!

How did you finance this deal?

The Wholesaler was able to finance this for me. 1 year term. Amortized at 30 years. 6% interest. Interest only payments for 12 months.

How did you add value to the deal?

Complete remodel and I did 85% of the labor. Added one bath and one bedroom.

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

Apex Realty Network - Kansas City

@Nicholas DiPasquale

Hopefully it goes well for you today. Love to hear what they say. I haven't quite started tackling the problem for myself yet, just started researching last night. It seems like there are some solutions, but they are a bit expensive compared to traditional Freddie Mac

@Nicholas DiPasquale

I have my second deal underway. I am looking for advice on the Refinancing step of the BRRRR strategy. I recently left my W2 job to pursue a W9 income stream. However this makes refi a bit more challenging. Any advice on refi without a W2 job and less than two years of self employment income?

@David Barnett

I turned down a promotion for logistical reasons, and with that shortened my time with the company. I agree that it will make it more challenging to cash out refinance, but I don't think it is impossible. I was asking if anyone else had ideas on how to make it happen - always trying tonstart on step two by asking questions, rather than blindly trying to find step one alone.

Investment Info:

Single-family residence buy & hold investment in Kansas City.

Purchase price: $42,000
Cash invested: $55,000

I am currently rehabbing this house starting to get my refinancing options lined out. The completion date is 12/1/2019! Getting Close!

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

After learning a lot from my first deal, I knew that I wanted to do the BRRRR method as quickly as I could. Luckily I found a wholesaler before I had even moved to Kansas City and this deal came along. The numbers worked so I made it work!

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

A wholesaler found the deal for me.

How did you finance this deal?

I was able to get seller financing with one year interest only payments. This helped reduce cashflow while I rehab the property.

How did you add value to the deal?

This is a complete tear out gut job that I have put a lot of my own labor into. I have some contractors that are also helping on the big projects

What was the outcome?

To be determined.

Lessons learned? Challenges?

Figure out Refi plans sooner.

Investment Info:

Single-family residence fix & flip investment in Cape Girardeau.

Purchase price: $84,500
Cash invested: $25,000
Sale price: $146,900

This was my first Realestate transaction. I was very happy with the success of this deal. I was able to house hack for the three years that I owned the house, renting out two rooms to cover the cost of the mortgage.

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

I knew that I wanted to buy a house as soon as I finished college - this house was in decent shape for being a foreclosure and I knew that I had people that would rent rooms from me to help cover the mortgage. I was thrilled to live for free and build a decent amount of equity at the same time.

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

I did this deal the traditional way - Realestate agent that found it for me.

How did you finance this deal?

This was traditionally financed through a local bank. I had a good W2 job, and very little debt. It made it extremely easy to finance.

How did you add value to the deal?

I did all of the work myself. I tore out carpet and exposed the hard wood floors upstairs. Complete remodel of the upstairs bathroom. Added one legal bedroom and a bathroom own stairs as well as finished the entire basement.