All Forum Posts by: Kirk Frickey

Investment Info:

Single-family residence fix & flip investment in Marrero.

Purchase price: $50,000
Cash invested: $35,000

**Fix & Flip in progress**

Single-Family residence i bought FSBO.

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

I found this deal though word of mouth and purchased it FSBO

Investment Info:

Single-family residence fix & flip investment in Marrero.

Purchase price: $50,000
Cash invested: $35,000

**Fix & Flip in progress**

Single-Family residence i bought FSBO.

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

I found this deal though word of mouth and purchased it FSBO

So far, all I have put in my fix & flips has been ceramic flooring. Recently though, we bought our primary residence and it had Vinyl flooring (which I'm told is water resistant since it has the padding attached to the bottom). Would this be a good alternative to ceramic and still keep the value added to the property? I haven't dealt with vinyl flooring before, but from word of mouth people seem to love it. I know it may come out to the same amount of material costs since it is averaged about $3 sqft in my area, but I would assume labor would be much cheaper since it is installed similar to the way laminate flooring would be.

On another note, should this be a material I consider when I start to build my portfolio of rental properties? I know some would say to put a cheaper flooring when using the property as a rental. My perspective is that I want my rentals to be to the standards of what I would consider when buying a house for myself to live in. Like i said previously, I haven't dealt with this material before. With that being said, i do want every opinion i can get, especially if you have a history with this flooring. 

Thanks in advance!

Investment Info:

Single-family residence fix & flip investment in Marrero.

Purchase price: $87,500
Cash invested: $25,000
Sale price: $163,599

This house was bought with an owner occupied loan. While living in the house I did the rehab myself. Lots of sweat equity!

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

The financial & personal freedom is what really got me interested in Fix & Flips.

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

I found this deal through a family member. Not much negotiating was needed since the sale price gave me so much equity as it was.

How did you finance this deal?

I used a Rural Development loan to find this deal

How did you add value to the deal?

Value was added to this deal by doing a full rehab from floor to ceiling

What was the outcome?

The outcome of this was a great paycheck, many trades learned, and the motivation to make this a career.

Lessons learned? Challenges?

The main lesson i learned was patience.

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

All work was done by myself.

I've never used private or hard money to fund a deal. My first two flips i had used loans through banks to fund my deals since i wasn't too comfortable with the process. I have been listening to podcasts concerning this topic and trying to read as much as i can. Now that i am more familiar with fix & flips, i would like to try and expand out of bank loans. 

Now here is my question:

 Should you get the deal lined up first and then look for the Money Lenders? Or should I find the Lender first and let my next step be finding the deal? I'm more looking for personal opinions on past experiences to see what route was better in your case. Thanks in advance! 

Thank you all for the feedback. This is pretty much what i was thinking also, i just wanted to make sure it was the most professional way of going about it. I will start adding this into my routine and I’ll keep you posted on what happens. Thanks again!

Hey everyone, I just started driving for dollars and i keep finding myself running across distressed properties where the owner is deceased. What is the best course of action to take on this in order to find the current owner and also not get cursed on the phone for disturbing this situation? Thanks in advance!