All Forum Posts by: Krista Goodrich

Awesome, thank you so much for this info-truly helps!  I see you are in Austin, we are headed out there in November for a conference and to Houston to visit our friends at King James Lending.  Can't wait to get to the Salt Lick for some BBQ!  Truly appreciate the explanation.  

Awesome thank you @Bruce Lynn

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $20,000
Sale price: $255,700

A friend's son was over a year behind on payments and facing foreclosure. They came to me to see if I could help. I had the son add me to the deed, brought the property to current, moved him out in thirty days (we pre-agreed on that), did a minor renovation, sold the property for a great price for the buyer that still yielded me an exceptional return. Paid the son 10% of profit so he had some money in his pocket.

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

When my friend brought me the deal it was an obvious winner. I just needed to make sure my friend and her son were comfortable with how it would play out and not have resentment. It was a win-win. The son avoided foreclosure and had some money to get a restart and I made an excellent return in investment.

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

This deal was brought to me by a friend that knew I had the knowledge and means to help. This is why it's a great idea to put yourself out there. Facing foreclosure? Reach out, let's see if I can help so we both walk away with money.

How did you finance this deal?

HELOC and cash.

How did you add value to the deal?

We did a minor renovation of painting, repairing wall damage and a few doors. We replaced some appliances and fixtures. Nothing major.

What was the outcome?

We sold the house and closed in less than 60 days from listing date. The buyer got a great deal.

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

I was the agent and used my contractor and title professional.

Looking for someone who can help me learn more about how tax dees and tax lien sales work.  I'm set up on the Volusia TaxDeed Real Auction site, but am struggling to understand the following:

1.  In researching past sales, why do some deeds with a face value of say $600 get bid to $1500 when moments later another deed with a face value of $3300 also bids to $1500.  I need a better understanding of the numbers. 

2.  Do you own the property if you win or are you holding a lien that pays interest.  If someone misses one tax payment, can they pay the bill with interest which would then pay the holder back and deed cleared back to owner?

3.  If you do end up owning the property, how long until you can "quit claim" it to yourself or what is the process to get the deed recorded in your name?

4.  What do I need to know that I don't know? 

Any help would be appreciated.  I'm interested in exploring this space but don't feel like I have the grasp I need to make good investments yet. 

We try to make sure we have enough space for at least ten...the heads in beds for our area (and the others I invest in for vacation rentals) consistent outperform smaller property investments.  We took a dungeon-like basement and turned it into a game room, laundry area, added two bedrooms and a full bath.  On the middle (main) floor, we opened up the kitchen and completely updated it with fashionable design.  We put a barn door on the old separate dining room and turned that into a second master then converted the enclosed front porch to a dining area.  We put an additional small dining area on the front porch (sounds weird but that's the ocean side) as we know with a lot of guests more space is needed.  We also added a full bathroom to the main floor.  We moved the A/C so that it would cool the entire house.  We also renovated both upstairs bathrooms. 

We also use Intracoastal occasionally

Those are my main two banks!  Erik/Vinny and Andy are my go-tos at SouthState and Barwick.  And yes, I'm still acquiring properties, there just have not been very many deals in the last few years with Florida booming but that is rapidly changing so we are ready to go when we find the next one. 

Hi there, I was updating my account.  This one was bought in 2018.  For this type of home (in a more questionable area) I do month-to-month leases so that if they miss a month I can evict without issue...I should have clarified that.  In more stable areas, we do annual leases. 

Investment Info:

Single-family residence buy & hold investment in Daytona Beach.

Purchase price: $57,000
Cash invested: $7,000

Purchased from a wholesaler for $57k, added $7k in value, cash out refinanced (appraisal came in at $94k), rented out for $1200 a month. Current value approx $130.00

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

It was crazy cheap

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

Wholesaler, negotiated down slightly

How did you finance this deal?

HELOC then cash out refinanced to a commercial loan

How did you add value to the deal?

Renovated interior-bathroom and kitchen, painted exterior

What was the outcome?

It's only had a month of vacancy, currently rents for $1200 and has capital appreciation

Lessons learned? Challenges?

I don't do leases on this house as it's in a challenging area and I want to be able to get rid of bad tenants quickly.

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

I am the Realtor, used my contract and I own the property management company. I have two commercial bankers I love and would highly recommend. I used one of them on this deal.

Investment Info:

Single-family residence buy & hold investment in Daytona Beach.

Purchase price: $300,000
Cash invested: $150,000

A1A dilapidated house that we purchased for cash and fully renovated into a funky fun 5 bedroom vacation rental. Installed a Cowboy Pool and made the basement a game room. Currently renting for over $80k gross a year.

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

I knew that is was legally zoned for vacation rentals, which is hard to find in our area. It also would sleep a ton of people which works for our model.

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

Drive by and then offered the bank significantly more than they listed it for with a 6 hour window to accept so that other bidders wouldn't get it:)

How did you finance this deal?

Hard money then cash out refinance.

How did you add value to the deal?

Renovated the entire home and outdoors.