All Forum Posts by: Lucas Vriner

Thanks! It was my first real go at a live in flip. I"m very attracted to the idea of STR in ether the Gatlinburg or Gulf coast areas. It's hard to escape those kinds of CoC returns. I recently reached out to Avery Carl who seems to be the official STR expert here on BP. My aim is to acquire a STR by the end of the year, with another one to follow in 2021.

Nice work on making smart tactical improvements where it really mattered. I'm extremely interested in doing something very similar in the area.  I would love to connect sometime and trade ideas, contacts etc. Congratulations!

Searching for best, if any STR markets for ski towns. Anyone have success with this model? I have found that the numbers almost never work. Crested Butte, CO seems like a much better price point than many of the other resort towns in Colorado and Utah.

Investment Info:

Single-family residence fix & flip investment in Fort Mill.

Purchase price: $450,000
Cash invested: $40,000
Sale price: $599,900

Live in flip. From $450,000-$599,900 (33%ROI) in under 36 months.

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

Recognizing an opportunity with a distressed seller.

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

I lived on the same block and knew the family. I knocked on their door and made a verbal offer far below market value. Several months later the home owners called back. I listen to their list of needs and made every effort to make the transaction as simple as possible for them.

How did you finance this deal?

20% down conventional.

How did you add value to the deal?

Mostly cosmetic work. Updated all lighting throughout, paint, exterior and interior, cleaned up landscaping, added new sod and landscape lighting stained all decks, window treatments, kitchen hardware, updated furniture and excellent photos.

What was the outcome?

Sold for 33% ROI in under 36months.

Lessons learned? Challenges?

Meet people needs. In this case, the sellers where more motivated by making things simple and fast than any other factor. Meeting that need resulted in a far below market purchase with a light cosmetic rehab.

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

Agent:
Sam Grogan
(704) 564-0220
Mobile
Broker at Coldwell Banker Realty - Carolinas
Broker/Owner Best In The Carolinas at Best In The Carolinas

Sam is hands down the best Real Estate broken anyplace in the Charlotte metro area. Can't recommend him enough.

Lending:
Kara Whitman at Wyndham capital.
Kara is excellent, fast and knowledgable. I find Wyndham to have some of the most competitive rates available.
704.804.7515