All Forum Posts by: Kyle Kufeldt

Count me in also!

Thanks for the feedback.  It's good to confirm my original inclination but didn't know if there was something else that could be done with it that I was missing.

By "blow by blow details", I mean the specific numbers.  It's advice that I have been given by a few different people that I respect. 

I apologize for the long gap in between responses on this thread.  What I had hoped to be an 8 week project (who was I kidding on my first flip) turned into a 6 month project!  All in all, it was a fun, stressful, exciting, did I mention fun, experience.  I think I really lucked out on this first flip.  I don't know that I could of found a flip where I could of learned as much as I did as my first investment opportunity.  Not only that, but as they say, it turned out to be a paid education!  I just wish I had started this journey much earlier in my life then now but I guess it's better late than never.

The most frustrating part of the flip, was the amount of time it sat on the market.  In total, it was on the market about 9 weeks before we got an offer.  Although we had a lot of interest, it didn't translate into offers.  Looking back, I think I didn't pay enough attention to the finishing details of the basement.  Although I think of an unfinished basement as something that could have a ton of potential but is still not a space people would spend much time, with the price we had placed on the house, the fact that it didn't have a second coat of paint on the basement walls and floors must of prevented folks from feeling comfortable with buying the house.  I'm not entirely sure if it was coincidence or not, but after I made those changes, we got an offer.  In fact, during the closing, the buyer commented on how nice the basement was and the fact that it didn't seem like a normal basement.  Lesson learned!

So the numbers!  I'm a bit leery to give the blow by blow details so I'm just going to summarize.  I ended up doing over a 100k rehab.  Things that were not in my original budget included:

• Waterproofing the basement
• Replacing the windows
• Double my sheetrock budget since we decided to go down to the studs
• Increase in Painting needed for brand new sheetrock
• Double the amount on trashout
• Replacing all the ductwork
• Permits (Man are they expensive!)

The final numbers are a 19% return on the money I invested for a 6 month period.  It's not a homerun but I think it's a solid return.  If I can learn from my mistakes and get to a point of doing this 4 times a year, I would be very content!  A special shoutout to @Stan Butler who JV'ed with me on this deal and mentored me along the way. Many of the experiences were new to him as well and he has been doing this for 10 years!

I have bought a house that is a 3/2 with a garage and a greenhouse.  Is it worth saving or doing anything other than demoing it into a patio?

It seems like a waste to get rid of it but at the same time, I don't see it adding to my ARV either. Thoughts?

@Shane Woods I'm actually very close to putting the finishing touches on this post.  Hopefully I don't jinx myself but I'm closing on the property on Monday.  Once it's in the books, I'll post an update.

@Wesley Merville It's part of a computer software application called Odyssey.  It's used by many different municipalities in the country.  It has a lot of functionality but the only one I use it for, is to lookup new probate filings and the names, addresses of the executors/administrators of the estates.

@Brandon Monaghan I would like to hear from others on their suggestions.  If it's public record, you shouldn't need a reason to see the records.  Research would be as good of a response as any.  The courthouses that I deal with have everything on the local computer system so once they point me to it, I'm self served after that.

@Brandon Monaghan The probate records you are looking for are public record.  Buying property using legal means is completely ethical.  There are many people that believe focusing on probate to find motivated sellers is in bad taste.  I've only been focusing on probate for the last 8 months and I can say that I have found more folks that are grateful for the help rather than the opposite.  I have also encountered some very unpleasant responses to my direct mail letters.  I do my best to be polite and make sure to take them off of my mailings.

To get back to your post, I think you just need to find different folks at the courthouse to work with.  You should also practice your elevator pitch on your business.  Ideally, you will want to persuade everyone that you meet that you can help them get rid of property that they no longer want to own.

Stay persistent!  Good Luck!

@Barima Opong-Owusu I don't handwrite the letters but I do sign each letter and handwrite the address on the envelope.  This will get your letter opened and read more and also allow you to use mail merge to create the letters to each executor.