All Forum Posts by: Kyle Ropelato

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $441,000
Cash invested: $173,000

STR
Had some rehab, will refinance in a year and pull cash back out.

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

STR had higher income potential. Able to get some instant equity by fixing property up. I can refinance and use my invested money again in the next deal.

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

Local Agent

How did you finance this deal?

Non-QM

How did you add value to the deal?

New roof, New flooring, New AC, New water heater and other appliances, fixed pool, general cosmetic rehab in bathrooms and throughout house.

What was the outcome?

1 month in after finishing repairs. Come back in a year when I refinance to see what I have invested in the property and what the first year of returns looks like.

Lessons learned? Challenges?

Don't spend your entire budget on the down payment, more than likely you're going to need money for the unexpected things that come with buying a house.

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

Lender was investor friendly.

Hey BP, I live in Utah and just purchased a home in Florida but I need recommendations on a RE attorney to help transfer the deed to my LLC. Or if there is an easier, better way then I'm all ears. Thanks!

@Collette Petersen thank you for the reference. I'll check them out!

Hey everyone, I'm looking for recommendations on accountants in Northern Utah that have experience working with RE investors. Thanks!

Thanks for responding @Chris Cambridge. To answer your question, I guess I was just assuming that for a lender in Utah to lend on a property out of state, using that property as collateral, that they would have to be licensed to do so in the state where the property is located.

I'm new to the lending aspect, hence why I'm looking for referrals from investors on lenders that are investor friendly that they've used in the past.

Hey guys, I am located in Utah but looking to invest out of state. I am looking to BRRRR SFH / MFH properties. I want to get in touch with some local lenders (Utah) as well as some lenders local to the area where I plan to invest (Florida). Does anyone have any suggestions on lenders they've used in the past that were great to work with and investor friendly?

The only caveat to local lenders in Utah, is that they would have to be licensed to lend in Florida as well. Thanks!

Casey, I also live in the Roy area. My wife and I are real estate agents and do most of our work in Weber County. I'm looking to start building a rental portfolio as well. Sent you a connection.

Jordan glad to hear you got your license, it's a hard but rewarding industry. My wife and I both got our licenses over a year ago.

1. Immediately, but it was a family member. First deal not with family was about 6 months.

2. A lot of agents take the winter season off due to the market slowing WAY down, but there are still sales, so there are still opportunities to find clients. If nothing else, when the market is down it can be a great time to get your name out there and plant some seeds for the spring season when the market booms again.

3. My wife and I are with Equity Real Estate. We met with a lot of the "bigger" brokers but the vibe we got from them was that we would be doing a lot of cold calling using their scripts until we got our name out there. That did not seem like anything we wanted to do at all. With Equity, we feel like we still get the training to help us, but we are able to work at our own pace and market the way we want to.

4. This was another factor in us deciding to work with Equity, they don't do a tradition % split. Instead they charge a flat fee for each transaction, regardless of the amount of the commission that you will make. For some people they like this setup more, while others prefer the split knowing that the split usually caps out after a certain amount.

Hope this helps.

@Tom Shallcross thanks for the info, I read that post and it has some great comments that go along with it. I agree with @Ali Boone that IRR sounds great on the surface but it seems like a lot of speculating to me. And once you start to speculate to much, you'll have a hard time truly trusting the numbers.

I guess the takeaway is to do as much homework as possible and not focus on any one metric as the end-all be-all. Thanks for all of your input guys.

BTW Tom, I'd still be interested in seeing that spreadsheet you mentioned in a previous post. It would give me an idea of what other investors are looking at. Thanks again.

@Tom Shallcross awesome, thanks for the info. That was another topic in Frank's book that he discussed that I found interesting and wondered if many investors actually implemented or not. All I ever hear about is CoC, so I wasn't sure if that's all investors focused on.

Do you try and figure out the IRR on all potential properties for initial analysis or rely on other metrics initially?