All Forum Posts by: Keith Thomas

Just curious for those who use a project manager. What do you pay your Property managers to handle you fix and flips? 

@Rashmi Nigam I texted you about your Ticket. I would like to purchase ASAP.

Adrian I am interested 360-649-1460 Call or text.

Thanks

Hoping to get one Ticket to attend my first BPCON

@Jackson Poscablo

I will definitely try to attend.

Thanks for setting this up

Hello All I will in Nashville April 3,-7. I would like to connect with a local agent / investor if possible. I am will be open to some of the areas that I see mentioned. This will be my first time visiting but not my last. If anyone is available for a quick breakfast or lunch to discuss some great locations there Market I am all ears.

Thanks Keith

Investment Info:

Single-family residence other investment.

Purchase price: $210,000
Cash invested: $80,000

So this was a word of mouth by a co-Worker whos uncle passed away. So his mother was the executor. So I initially made an offer of 185k she wanted 250k and we landed at 210k due to the fact there was some drainage concerns in the back yard. Property sits on a big lot compared to the surrounding area. So once I am done due to other investments I want to pursue Ill make a decision to sell or Keep. This was my first time doing everything myself.

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

It came in at 50 cents on the dollar and I could be all in at 75% of the ARV so I know it should cash flow nicely.

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

Off Market word of mouth

How did you finance this deal?

Traditional finance through a local bank.

How did you add value to the deal?

New everything and adding a second bathroom really helps with a bonus room that could be used as a second office or workout room.

What was the outcome?

Still Working on the details

Lessons learned? Challenges?

Make sure you build the plan before you start the work.

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

Not on this deal.

Seriously just getting a checklist for due diligence in place before I purchase. I was working with a partner he saw a great buy and wanted to purchase it from the MLS. I was apprehensive and for good reason. This property was already gutted and just needed to be put back together. But it was also on the cities Radar and therefore we had to pull permits which turned out to be a Permit that had to be for New Construction which cost close to 10k. So Checklist and Due Diligence.

Investment Info:

Single-family residence fix & flip investment in Port Orchard.

Purchase price: $227,000
Cash invested: $80,000

Off Market deal. Came through networking with out of state wholesaler. It was was a mess full of dogs living there but had great potential. First time using hard money and also first time I partnered with someone as well. Things went great had a nice plan got a designer in to start the process and off to the races.
Buy 227k
Rehab 80k
Hard Money Fee/ Cost $13,090
insurance Vacant $ 2900
Repay Hard Money Loan $181,500
Sold 440k
Profit 80k after all fees

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

I had the capital and I did enough research and I didn't feel like I was gambling. I was investing in an asset that would give me a great return.

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

It was bought to me by a Realtor with whom I just met 2 days prior to this deal. I ran my numbers and saw the rehab and gave them a number.

How did you finance this deal?

Hard Money

How did you add value to the deal?

I gutted the whole house New Kitchen flooring, paint, plumbing ,appliances

What was the outcome?

Sold for a profit of about 80k

Lessons learned? Challenges?

Biggest Lesson is watch your carrying cost and hard money fees. They add up and take a lot away from your bottom line.

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

Yes I did work with a Real Estate professional to sell the property.

Investment Info:

Single-family residence fix & flip investment in Port Orchard.

Purchase price: $227,000
Cash invested: $80,000

Off Market deal. Came through networking with out of state wholesaler. It was was a mess full of dogs living there but had great potential. Used Hard Money got the loan. First time using hard money and also first time I partnered with someone as well. Things went great had a nice plan got a designer in to start the process and off to the races. Biggest takeaway for me is really getting your hard money cost in the deal. Those can really hurt your profit if the market is not super hot like it is now.
Buy 227k
Rehab 80k
Hard Money Fee/ Cost $13,090
insurance Vacant $ 2900
Repay Hard Money Loan $181,500
Sold 440k

profit after closing cost and realtor fees 80K

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

I had the capital and I did enough research and I didn't feel like I was gambling. I was investing in an asset that would give me a great return.

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

It was bought to me by a Realtor with whom I just met 2 days prior to this deal. I ran my numbers and saw the rehab and gave them a number.

How did you finance this deal?

Hard Money

How did you add value to the deal?

I gutted the whole house New Kitchen flooring, paint, plumbing ,appliances

What was the outcome?

Sold for a profit of about 80k

Lessons learned? Challenges?

Biggest Lesson is watch your carrying cost and hard money fees. They add up and take a lot away from your bottom line.

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

Yes I did work with a Real Estate professional to sell the property.