All Forum Posts by: Lauren Jones

Thanks so much

Biggest mistake? Welp, I don't want to publicly admit my BIGGEST mistake (lol), but I will say the project lasted too long! I learned as I went and was only 1 step ahead of the process since I wasn't working with a mentor. Purchased July 15th, rehab began Aug 1 and was completed in 4 weeks, on the market Oct. 1, under contract Oct 15th and closed Nov 14th. Now that I got the first one under my belt, future projects will flow more efficiently.

Congratulations on your first deal! You did it with GRIT! #BEENTHEREDONETHAT

I don't have a recommendation, but I lived there for 2 years. Where in Newark? I'd love to see your project on my next visit up there!

@Mohammed Rahman Yes, we're looking for the smallest financial impact on our family's monthly budget, but we have money to invest! If we're going to spend, I want us to invest in us. Based on both the suggestions I received, I'll pivot and do some STR research. Thanks!

@John O'Leary Thanks for that! We considered STR, but not realistic for my husband to manage with his busy work and travel. I'll have to run numbers to see if adding a property manager would work.

A friend had acquired several properties from that particular wholesaler and highly recommended them. I'd recommended asking for recommendations and calling their clients to vett.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $115,000
Cash invested: $19,000
Sale price: $264,000

3 bedroom, 2 bathroom, 1 car garage, 1300 square feet in a historical neighborhood in Dallas. Fenced-in home with a shed out back.

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

Originally looked to a buy and hold but saw more potential for a flip on this deal. The Bigger Pockets Flip calculator was an exceptional tool that allowed me to put an offer on this property with confidence.

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

Acquired this deal from a wholesaler. I offered asking price, which was accepted.

How did you finance this deal?

I financed this deal with a hard money lender, Sherman Bridge Lending.

How did you add value to the deal?

We converted the garage into a bedroom, renovated one bathroom, updated the second bath, refinished the floors, electrical updates, new light fixtures and hardware throughout, and added flush lighting in the kitchen. The exterior got fresh new colors and we replaced a few windows. We did some big ticket updates in the kitchen, new appliances, new HVAC, new water heater, and we gave concessions at closing for a new roof.

What was the outcome?

We went under contract within 16 days, 7 days after a $6k price reduction.

Lessons learned? Challenges?

By far my biggest challenge is working this deal without a mentor. I've done extensive research before we pulled the trigger, but I had so many questions along the way. I made some key mistakes but when all was done, we made good seed money for our next deal.

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

I was very pleased with Tammy at Sherman Bridge lending. She was very responsive and answered all zillion of my questions.

I currently live in DFW in Texas and my husband will be commuting to the Ft Lauderdale area for work.  I'm seeking advice on real estate strategies to minimize the financial impact of him commuting, as we don't want to rent while he is down there, and he'll be commuting for at least 2 years.

We are using an investor friendly Realtor from Bigger Pockets but would love to broaden our knowledge base. Our initial plan was to purchase a duplex/multifamily and house hack but what we are not finding anything where the numbers work. We'd prefer something requiring minimal rehab. I welcome any and all ideas and strategies!

Thanks in advance!