All Forum Posts by: Kim Martorana

Thank you, but that is the route I have taken 3x in a month.  My premium membership cannot be changed by myself - it instructs me to clink the link for customer service.  I do that and it takes me to a contact us email only screen.  I complete the process and submit and then no one gets back to me to complete the cancellation.  It’s a horrible system that keeps charging me monthly despite me trying to cancel for a few months now.  And there is no phone number!

I am a Premium member.  I wish to cancel my subscription.  I have gone thru the customer service email contact 3x in the last month and no one from BP ever calls or emails me.  It says I must have help to cancel and cannot do so on my own via the dashboard.  Anyone have any ideas on how i can get action????  

To prove myself in the industry and put skin the game I have been using my own funds to finance my rehabs.  In 2021 I have vowed to find private / individuals to lend to me.  I want to help others make money and this will allow me to hit my 10-12 property purchase goal this year, too.  I planned on buying 12 in 2020 and bought 8, because of Covid and I tied up the funds I had personally.  I talk the talk and walk the walk, however, honestly, I am just not an internet / forum knowledgable person.  There are so many intelligent, successful people here it gives me hope others can help me perfect a strategy to connect with people on BP that want to lend in first position ASAP.

My son will be 21 by next summer and is thinking of moving to Austin TX. We live in Cleveland OH now. What's the real estate investing market like there? I have rentals and do private money lending here in Ohio. Looking to find someone to network with and learn more. I'm near retirement and open to living in TX, too. Would like to have an idea of what my portfolio can do there and what areas are solid, stable returns. Starting now to have time to develop relationships. My son will have his own LLC by then and I'm aiming to help him pick up some properties for income / cash flow, too.

Hi Anthony,  good morning.  I have access to money with fees.  What I seek is a private individual with funds to lend without the points and associated lender fees.  I have a few resources here in Ohio, but they are currently lent out.  Have a great day and thanks for touching base.  Warmly, Kim

Would you consider lending private funds in CLE OH?  I’m looking for 50k with a 1.25% interest-only payment for 4-6 months.

I offer 15% annually; 1.25% monthly interest-only.  1st mortgage secured.  Loss payee on insurance policy.  Looking to obtain funds in August and close in September.  I have a friend who owns a title company and closes all my deals.

3 bedroom, 2 full bath, 900 sq ft ranch. Full gut because sellers were heavy smokers for years...better to get rid of the permeating smell. Purchase price is 25k and rehab is 25-30k. I plan to flip it and it's solidly in the range of 75-90k. My all-in costs are within the 70% of 75k ARV. I have my own contractor and the realtor to list and sell it upon completion. I flipped a $270,000 home in March of this year, so I have experience and am locked into secure safe numbers. And, I hold 5 rentals all obtained since Thanksgiving 2019.

I’m in my 50s and have an aggressive but smart investment plan over the next 12 months to grow reserves with flips and build high cash flow with rentals.  I hope to hear from you.  Warmly, Kim

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000

Zillow listing. Seller wanted home gone it was causing marital strife; vacant and an expense. Realtor knew I could find a way to offer at sellers price.

ARV $125,000. Buying with a Land Contract agreement with no down payment and I just cover the current mortgage payment; $512/month. Rehab is 10-12k, less than a month and list to sell at $145,000. Under Land Contract I must sell or refi within 6 months of listing date; I have 7-8 mos now.

OPTION A - profit from flip around $30,000.

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

Low rehab, hot area and seller was flexible with structuring a winning deal so long as they got $75,000

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

Realtor who works with investors and I have already bought one other great deal from her.

How did you finance this deal?

Land Contract with my only obligation being to pay the mortgage of $512. Using my own $15k or less to cover the cosmetic rehab.

How did you add value to the deal?

House is a generous size with a nice yard and detached 2 car garage; great family house. Value added is going to all updates from kitchen, bath, paint, flooring and lighting fixtures.

What was the outcome?

Attorney drafting the Land Contact and I hope to have it signed by all on August 17, 2020 and to take ownership on that date, too.

Lessons learned? Challenges?

Found a new financing method for my “tool kit”.
Challenge was finding the seller’s real reason for the sale and then solving for “X”. In this case, the negative cash flow was causing marital issues, so I just offered to pay the mortgage which frees them up money monthly.

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

Noel Hall, realtor with Keller Williams Citywide, Cleveland OH.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000

Zillow listing. Realtor was in talks with Seller about bringing me to home as an investor. Seller wanted home gone it was causing marital strife; vacant and an expense.

ARV $125,000. Buying as a Land Contract agreement with no down payment and all I have do is cover the current mortgage payment; $512/month. Rehab is 10-12k, take less than a month and then I have will list to sell at $145,000. Under Land Contract I must sell or refi seller out within 6 months of listing date.

OPTION A - profit from flip around $30,000.

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

Low rehab, hot area and seller was flexible with structuring a winning deal so long as they got $75,000

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

Realtor who works with investors and I have already bought one other great deal from her.

How did you finance this deal?

Land Contract with my only obligation being to pay the mortgage of $512. Using my own $15k or less to cover the cosmetic rehab.

How did you add value to the deal?

House is a generous size with a nice yard and detached 2 car garage; great family house. Value added is going to all updates from kitchen, bath, paint, flooring and lighting fixtures.

What was the outcome?

Attorney drafting the Land Contact and I hope to have it signed by all on August 17, 2020 and to take ownership on that date, too.

Lessons learned? Challenges?

Found a new financing method for my “tool kit”.
Challenge was finding the seller’s real reason for the sale and then solving for “X”. In this case, the negative cash flow was causing marital issues, so I just offered to pay the mortgage which frees them up money monthly.

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

Noel Hall, realtor with Keller Williams Citywide, Cleveland OH.

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $34,017

MLS listing. ARV - $75,000. 3/1, 1100 square feet. Purely cosmetic: kitchen and bathroom, paint and flooring.

Private Money lending me $43,000; 34k for purchase and 9k. PML is for min. 6 months at which point I’ll refi with a lender and be able to get cash out, too, since their seasoning is 6 months of ownership. PML getting 1.25% monthly interest.

OPTION A: Refinance and rent out at $1000-1100/month. I have one on the same street making $900/month
OPTION B: List for sale at 90k.

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

The numbers were fantastic. Realtor works often with investors so she knows how to price the homes to move AND win for sellers and buyers

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

MLS. I called listing agents office. Realtor said they have multiple offers coming in, but she would hold it for me to see the next morning. I won the acceptance and wasn't even the highest offer!

How did you finance this deal?

Private money from a friend of one of my college friends.

How did you add value to the deal?

I’m going to increase the size of the 1st floor full bathroom by a simple foot or two. Update the kitchen with quartz counters and paint the really nice shape cabinets that are in there now. Paint the walls and sand and stain the original beautiful hardwood flooring.

What was the outcome?

Deal hasn’t closed yet, but it’ll take about 2 weeks to rehab and while that is occurring I’ll start posting on zillow rents for a solid tenant.

Lessons learned? Challenges?

You can get deals off the MLS. No real challenges here - this property is textbook.

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

The realtor is Noel Hall out of Keller Williams Citywide, Cleveland OH. After this home and the connection we felt with each others skills, she showed me another home to rehab and flip. That home is with an attorney to draft a Land Contract agreement. And, she and I have an offer out to a 3rd seller in one month who is thinking over our proposal.