All Forum Posts by: Luke Grieshop

@Account Closed You're right! This would sit on the East side of 71. I am out-of-state, but my realtor/partner is local and able to be our boots on the ground & project manager. 

@Brandon Baker Thank you! This is where are focus is going to be for the near future, is exclusively on doing BRRR deals. Once we cultivate a good source of deals, I'd love to learn more about raising outside money to scale the portfolio even faster. If you have any thoughts, tips, or insight, would love to hear more!

Investment Info:

Single-family residence other investment in Columbus.

Purchase price: $32,500
Cash invested: $45,000
Sale price: $32,500

I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

The ability to not only create equity in a short period of time, but pull it back out.

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

MLS, seller was motivated and got about $5K knocked off an already low price.

How did you finance this deal?

Cash

How did you add value to the deal?

Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

Investment Info:

Single-family residence other investment in Columbus.

Purchase price: $32,500
Cash invested: $45,000
Sale price: $32,500

I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

The ability to not only create equity in a short period of time, but pull it back out.

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

MLS, seller was motivated and got about $5K knocked off an already low price.

How did you finance this deal?

Cash

How did you add value to the deal?

Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

Hey everyone! I'm in the refinancing process for a BRRRR deal I just did, and the appraisal came in much lower than my partner & I had anticipated. We felt we had 2 strong comps to justify pricing, which sold in the last few months. The appraiser used the sales comp approach with 3 properties that have no work done to them at all. Curious if anybody has suggestions on how to handle this? Is there a way to appeal the appraisal or something along those lines?

Hey all! Wasn't able to get much visibility in the other forum I posted this in, so sharing here.

Me and a friend of mine will be partnering on our first BRRRR deal. I am an out of state investor, and already purchased the place in cash. Because he is local and has some experience flipping, he agreed to fund the repairs and oversee the project. Once the rehab is complete, we will rent it out and go put financing on it to both reclaim our upfront investment. Although he will only be spending about 50% as much on the repairs [vs. what I spent for the purchase], we are splitting cash flow/expenses post-rehab down the middle, seeing as he's bringing experience and project oversight to the table.

My 1st question for you all, is what boxes should we be checking to ensure our partnership is setup legitimately? The two main things that come to mind for me are (1) forming an LLC between us, and (2) creating a general partnership agreement that outlines the terms of our deal(s). My second question, is how should financing be done once we go to the bank? Should we take a loan out in the name of the LLC? I'm unsure how this part works, considering the LLC would technically have no credit history tied to it. Or if that even plays a factor?

Any advice on this matter is more than appreciated!

I appreciate that insight Jaysen! In addition to the LLC, you would recommend a general operating agreement as well, which lays out more details?

@Jaysen Medhurst

Hey all! 

Me and a friend of mine will be partnering on our first BRRRR deal. I am an out of state investor, and already purchased the place in cash. Because he is local and has some experience flipping, he agreed to fund the repairs and oversee the project. Once the rehab is complete, we will rent it out and go put financing on it to both reclaim our upfront investment. Although he will only be spending about 50% as much on the repairs [vs. what I spent for the purchase], we are splitting cash flow/expenses post-rehab down the middle, seeing as he's bringing experience and project oversight to the table.

My 1st question for you all, is what boxes should we be checking to ensure our partnership is setup legitimately? The two main things that come to mind for me are (1) forming an LLC between us, and (2) creating a general partnership agreement that outlines the terms of our deal(s). My second question, is how should financing be done once we go to the bank? Should we take a loan out in the name of the LLC? I'm unsure how this part works, considering the LLC would technically have no credit history tied to it. Or if that even plays a factor?

Any advice on this matter is more than appreciated!

@Shelby Ek @Andrea Townsley

Thank you both so much for the input. Finding the time for in-person RE classes is difficult because of a job, but a way I personally learn much better. This information is helpful so thanks again!

Thanks for that input, Jordan! Was it 100% reading or audio involved as well? 

Hey all! Here in Arizona, taking your real estate courses online just became a thing. I’ve been told that there’s no audio, only reading for the 90 hours - this seems odd.

Anybody who has done this have feedback on their experience with taking RE courses digitally?