All Forum Posts by: Kenneth Croisetiere

good morning fellow BPers! My business partner and I have located a SFR which we intend to either flip or hold. The property is located in Manassas, VA. It will not qualify for conventional financing for a few reasons therefore we are starting to shop around for a hard money lender. Our max offer on the property will be $175k and we are estimating the renovations will cost approximately $35k. The ARV is $265k which should be a slightly conservative estimate. Please feel free to message me or reach out to us at [email protected]. Thanks in advance everyone!

Good morning fellow BPers! My name is Ken Croisetiere and I have recently started down the path of becoming a REI. My business partner and I are based in the Washington, DC area. We have formed our LLC and purchased our first MFR about 3 month ago in Cleveland, OH. We are currently self-managing and business is going well.

Our long-term goal is to grow our rental portfolio. In order to expedite the process, we are looking to flip houses in order to generate cash for the next acquisition. On a similar note, we are also looking for SFRs or MFRs where we could apply the BRRRR method.

Although our first purchase was out of state, we would really like to grow our portfolio in the northern virginia/ maryland/ Washington DC market.  We are hoping to partner with somebody who has experience in both finding deals and completing the flip.  We are open to working with out-of-state partners, but obviously would prefer a partnership with someone local.  

My business partner and I currently work in Washington, DC.  Our days are spent driving in and around the city, so we could be an excellent set of “boots on the ground”.  We are pretty familiar with the city, as well as surrounding suburbs.  Also, our daytime jobs revolve around working with all types of contractors (electricians, plumbers, framers, roofers, etc).  If we don’t know a reputable contractor in a particular area, chances are pretty good we can network and locate one.  We have served as a general contractor on smaller projects within our own homes, and I’m sure we could make a project run smoothly with the proper guidance.  

Thanks in advance everyone! 

Good luck on the 1031 exchange Josh! We just closed on a duplex in Cleveland, but most likely our next purchase will be a SFR or Multi-family (2-4 unit) in Washington, DC! We just started looking around a few weeks ago.

I'd like more information. I'm not too far from Fredericksburg. Can you reach out? Thanks!

I just re-read your post and noticed that 1% equates to 3.3k. How much will it cost to correct the items that were discovered during the inspection? How much money will be left over after these repairs have been performed?

The obligation should be enough to cover anything that would randomly break or fail from the date of the inspection up through the date of the final walk through ( which is typically around 30 days). Unless you used a sub-par inspection company, I couldn't imagine you discovering anything major which the inspection company did not catch during their inspection. It is absolutely possible that a hot water heater could fail or a HVAC or a/c compressor could suddenly stop working during this time period, but the 1% obligation should be sufficient funds to cover these items should they fail ( depending on the sale price of the house. If you are buying a $50k house, then 1% will cover the hot water heater but not the a/c system). I am by no means an expert and I'm sure others will chime in, but I have a hard time seeing an appraiser catch something the inspector missed. The big capital expenditure items (roof, windows, siding, structural, etc) does not fail during such a short time period. Again, just my gut instinct, but I'm sure other BPers will lend their opinion as well. Good luck on your first deal( we are closing on our first deal at the end of this month).

@Jonathan Twombly Thank you for the lightning-fast and super helpful response.  We will look into that possibility now.  I wasn't aware that this was an option.  I'll let you know if that option works out.  Thanks again!!! 

Good afternoon fellow BP'ers! I have a quick question regarding an upcoming purchase. Our LLC is based in MD, however the next property we are purchasing is a duplex in OH. Are we able to use our MD-based LLC for this transaction, or do we have to open an LLC based out of OH? Thanks in advance, you guys rock!

Good morning BP people!!! I have a quick question regarding my next out of state purchase. Our LLC is based in MD, and the property is located in OH. can I use my existing LLC in MD To deed this property, or do I have to open a new LLC in OH? Thanks in advance, you guys rock!

Good morning BP people!!! I have a quick question regarding my next out of state purchase. Our LLC is based in MD, and the property is located in OH. can I use my existing LLC in MD To deed this property, or do I have to open a new LLC in OH? Thanks in advance, you guys rock!