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All Forum Posts by: Kory Hannah

Kory Hannah has started 5 posts and replied 23 times.

Post: Share Your Success! Pics, Flips, and $$$

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

@Euan Arcia Wow..that is an amazing before and after!


Post: Investment from family member

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

We've done a couple flips now, and we're currently looking for our next project in the St. Louis, Mo market.  So far, we've done a conventional mortgage to purchase and then financed the rehab with mostly personal money and credit cards.  We're looking do more involved projects and a family member has expressed interest in investing some money with us on a per project basis.  We agreed on a % return per project but were not sure where to go from here.  Its a close family member and we trust them and they trust us but we'd like to get the documentation process worked out for this deal and so we're more familiar with it for future projects.  The amount of money is not such that we could use it for the entire purchase and rehab, but it would still be a big help.  Does anybody have any suggestions on what documentation we need or should complete to document the investment and return for both our side and the other side of the investment.  I appreciate any info that the amazing people of BP can provide.  Thanks

Post: Share Your Success! Pics, Flips, and $$$

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

Finally got our second flip in south St. Louis finished up and sold. We learned a lot through the process and are really happy with how it turned out.  We did a lot of new things for us in this one, like adding a beam to open the kitchen wall, shifting around the existing bathroom and completely adding a master bath and closets upstairs.

Our financial partner on this one would rather us not share the investment numbers, but it sold for the full asking price of $250,000 with multiple offers in the first week on the market.  After closing in a couple weeks, it will have taken about 8 months from close to close.  

We are really happy with how the deal worked out and already out looking for the next one. Wholesalers in the St. Louis area, let us know what you have!

Post: Share Your Success! Pics, Flips, and $$$

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

@Zachary Gwin  Thanks! This project really went pretty smoothly. We did have to deal with some surprise termite damage along the way, and a lot of junk. We tried to be nice to the elderly couple that was movIng out and told them they could leave a few things in the house if they didn't want to take them. That left us with a basement completely full of old magazines and broken appliances. We did learn, on the few things that we contracted out, that you really get what you pay for in subcontractors. 

I believe we ended up spending about $8K or so on the kitchen, but we did almost all of the labor ourselves. 

Overall it was a huge learning experience that led us to take on a lot bigger project for our second flip. It's turning out great and should be going on the market in a little over a week.  I'll add some pictures to this feed when we get the photography done this week. 

Post: Share Your Success! Pics, Flips, and $$$

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

@Ames Foley Thanks!  We're focusing on south city right now, generally near Hampton Ave. I do have a BS degree in drafting design architecture as far as that goes.  Really, we've both just been really interested in making, building and designing things all along. Amie also has a small decor business that re-purposes and repairs furniture along with making signs and other decor items. 

Post: Share Your Success! Pics, Flips, and $$$

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

Here a few before and afters of our first flip about a year ago. It was a little 50's 2bd 1bth in pretty good shape, but really outdated. We did most of the work ourselves on nights and weekends and got it back on the market in about 5 months. We accepted a full price offer after only 2 days on the market, so almost exactly 6 months from close to close.

St. Louis, Mo

Purchase Price (Short sale): $85K

Repairs: $26K

Sales Price: $150K

Currently finishing up our second one, it should be going on the market in a week or two.


Post: Experience with Ironbridge Lending

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

We're just about to get our second flip finished up and listed in the next week or so.  So far, we've basically worked with conventional financing and then personal money along with help from family to do the rehab.  We're looking to expand from basically a side project to more of a business.  In order to do that, we feel that we need to do something different with funding.  We're looking into possible investors in our personal network, but also some of the bigger private money lenders out there.  Has anyone had any experience with Ironbridge lending?  I spoke with them about their process and it seems pretty straight forward, but coming from the conventional world, the interest rates and points seem crazy.  I know private money 6 month term loans will be higher rates, but what they said was their normal numbers are 12% and 4 points with 10% down for purchase and rehab funds.  It sounds like the rehab funds are still distributed at stages along the way, similar to 203k.  I just wanted to see if anybody on here had any experience with them or suggestions on who else to take a look at.  Thanks in advance.  I haven't posted a lot on here but have been busy reading and listening to all of the knowledge on this site.  This site really is an amazing source of knowledge.  

Post: New investor friendly agent in St. Louis, MO

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

I want to introduce my investing partner, Amie Hull, who just started working with Coldwell Banker Premier Group. She is an investor friendly agent with a background in accounting and also invests in the city herself. Get in touch with her, she'd love to work with you. 

Post: St Louis SW realtor connections

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

She's great and invests in SW St. Louis city as well. I'm sure she can help find what you're looking for!

Post: Investment agents in St Louis area

Kory HannahPosted
  • Investor
  • Saint Louis, MO
  • Posts 26
  • Votes 23

Are you referring to agents that would help you find and purchase investment properties in the St. Louis area?