All Forum Posts by: Kristy Pedersen

Hey Zach, I'm an agent in Montco, Philly, and Bucks. I'm always looking to expand my network! 

Justin Barall and the Tate Team is right in Hartford can help you out. 

https://www.linkedin.com/in/ju...

https://www.thetateteam.com/ou...

Hey Casey! Sounds like you have a great start. I went through the Jumpstart Germantown program a few years ago and learned a lot. I purchased my first home with an FHA 203k loan 6 years ago and it was the best thing I could have done to kick off my investing. I'm an agent now and happy to help answer any questions you have.

 It was an interesting case. It had been sitting for 10+ years after the owner passed away. Her grandson who lived out of state took ownership but never came back for it. The neighbors helped board it up and called the cops anytime squatters came. So it was filled with her stuff and a little discheveled, but no water damage and pretty much preserved in time. Here's a few before we got it cleaned up 

Thank you Michael! The goal is to get more rentals under my belt! I love the renovation, designing, decorating process hah so hopefully more rentals and short term rentals. 

 I sold just before rates went up! We went under contract in February, closed in March. 

 Thanks!

Thanks! I'd love to get more buy/holds. These flips are just to get me the down payments for rentals. Right now I'm focusing on my primary residence, sort of live-in flipping it. Hoping to sell it 5-6 years from now after actually being able to enjoy my renovation. 

Purchase Price: 60k

Construction Costs: 92k

Holding Costs: 10.5k

Sale Price: 230k - 11.5k in closing costs

Net Profit: ~55k 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $60,000
Cash invested: $92,000
Sale price: $230,000

Found this deal through a wholesaler. Ended up purchasing for 60k with cash and using a hard money lender for the construction costs to save money in interest on the loan. The project took longer than I wanted (8 months) but it was under contract in 2 days for 5k over asking price.

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

The neighborhood was perfect for what I was trying to do (affordable for me and up + coming) and this house had a lot of great original character with sturdy bones. I love preserving the 100 yr old charm of a house while also modernizing it.

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

I worked with a local wholesaler and let them know exactly size, price range, and neighborhood of the property I was looking for. They were fantastic to work with, truly a gem in the wholesaling community.

How did you finance this deal?

I paid most of the purchase price in cash and 20k of the initial construction costs in cash, the remainder I worked with a hard money lender.

How did you add value to the deal?

Completely renovated all of the mechanical systems including replacing radiator head with central air, all new electric, completely new kitchen and renovated main bathroom.

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

Direct Mortgage Loan Company for the hard money loan, Covenant Real Estate Investment Group wholesaling team for sourcing the deal, George Maynes at G2Philly for selling the property quickly