All Forum Posts by: Lucas Davidson

Investment Info:

Single-family residence fix & flip investment in Fostoria.

Purchase price: $1
Cash invested: $43,500
Sale price: $64,500

fire house

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

i was in the middle of flipping my first house, my uncle called and asked if i wanted another house. one of his vacant rental houses he was trying to sell had caught fire.

How did you finance this deal?

material on credit card

How did you add value to the deal?

made everything like new

Lessons learned? Challenges?

the city held my uncles insurance money until i was finished with the rehab, even thou it had been transferred to my name.
was a major learning experience working with the city and fire department, I believe it was a learning experience for the city as well.

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

realtor to sell

Investment Info:

Single-family residence fix & flip investment in Bettsville.

Purchase price: $6,500
Cash invested: $57,100
Sale price: $78,500

first house bought second to complete and sell.

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

bought at sheriff sale

How did you finance this deal?

paid cash, material on credit cards

How did you add value to the deal?

did total gut

What was the outcome?

im becoming very well known in my area

Lessons learned? Challenges?

time management, time value

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

no

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $18,000
Sale price: $126,000

gutted and did a total rebuild new everything.

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

deal where you can force equity, interest me.

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

I flipped the house beside it. the owner was impressed with my work on the other house, this house was her parents. her husband passed a few years ago and the house was to big and needed to much work for her to stay. She made comments about her house being my next project i thought she was joking at first.

How did you finance this deal?

bought with cash, credit cards financed material, cash and credit card financed labor

How did you add value to the deal?

knowledge,labor,finance

What was the outcome?

when i ran my initial numbers my profit margin was only about $5000, if everything went smooth. of course i went over budget, im in a very small town, my reputation and learning meant more to me then profit. however, luckily the market went up and and i was able to make a profit. the house went on the market before Christmas, just bad timing on my part wasnt to bad tho about 60 days on the market to get a serious offer.

Lessons learned? Challenges?

time management!

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

i used an agent to sell

Quick update were have an accepted offer for list price and it was on the market less then a week

 my uncle had it for sale before the fire, he said the biggest complaints he got was how small all the bedrooms were. I will say I really debated on removing a bedroom. I'm about out of funds other wise I would love to finish the basement. Honestly if the bank would give me a loan, I would keep it and make the basement into a second unit. Also it's on a corner lot and butts up to a school.

I bought my second property six months after my first, the first one's not done yet. But the second one I bought from my uncle for a dollar, Had fire damage. I'm getting close to having the second one done now. I've had it about 6 months, I've done all the work myself. remodeled the kitchen, knocked couple walls out, remodel the bathroom, turned it from a three bedroom to a two bedroom, put all new Plumbing and Electric in it, new Windows & Siding and ran all new duct work. It has a full basement that I thought about finishing not sure if it's worth it or not, it's not in the best neighborhood. since I'm unable to get a loan I put all material on credit cards. I can't find any good comps for the area I found anywhere from houses selling for 10000 to 80000. I'm expecting to resale for around 45 to 50, I've had the neighbors say I should get around $75. Of coarse I'm behind on books for the year,but I'm pretty sure I have around $27000 in it. I figure it's one way to get started.

Well I learned not to be in a hurry the whole inside of the house today, primer and paint. lighting started getting bad about the time I started painting, I now know the primer was much thicker. I believe I have runs everywhere, I'll find out tomorrow. And my boots stuck to the plastic, and started pulling off the tape. Well I was getting frustrated good learing experience.