All Forum Posts by: Matthew Rogers

That date works for me! Count me in.

Hey ladies and gents,

I'm not going to be able to shoot down to Bismarck this week after all.  By all means don't cancel on my account, but if it is decided to push, we'll try again in the near future.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $56,500
Cash invested: $10,000

Buy & Hold #4. This time we were able to purchase off of a line of credit and then structure long term financing at a later date. When all was said and done, we got paid 2k to own this house!! It is a stone's throw away from the local university and will rent for about $1k per month.

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

Great BRRRR opportunity

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

MLS. My wife is an agent and she negotiated the terms.

How did you finance this deal?

Commercial line of credit.

How did you add value to the deal?

Exterior/Interior paint, installed A/C unit, New electrical + panel, Appliances, Vinyl flooring throughout, bathroom upgrades

What was the outcome?

Paid 56K / Appraised for 115K... Great university rental

Lessons learned? Challenges?

Doing the labor ourselves is becoming a time challenge. Next time we'll probably spend more to contract out.

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

My wife is an agent. We have an excellent local lender.

Any recommendations for location on the North side of town?  I'd like to cut the commute time and save that gas money to buy more real estate!! Haha

How about Thursday the 20th? I just realized I have a conflict Friday as well.

We are targeting Friday evening May 21st in Bismarck. Location TBD: open to ideas!

As far as lending is considered, most banks are going to be looking at your personal credit. Filing for an LLC can be a bit pricey and if you are low in the asset column, it may not make sense. You'll have to assess what level of risk you are comfortable with as far as liability is concerned. Don't take my word for it though, as I am not a lawyer. Definitely consult w/ a good attorney & accountant to see what entity is most appropriate for your personal situation.

 A few things to consider...

1) It can be used as a negotiation point to lower the sales price.

2) Perhaps call the local county permit office to see what it would take to get it approved?

3) Have an experienced, reputable contractor provide input on what it would take to get it right.

Is it going to cash flow great as an investment in the meantime?? Really the biggest downside is when you try to sell the property on the backend that you will have trouble. 

For me it wouldn't necessarily be a deal breaker if all my other boxes are checked.  Good luck!

Local community banks and credit unions tend to give the best terms.  I'm not sure if that maxim still applies to the 203k.  However, building a relationship with a local lender makes financing easier for future purchases.  It's a relationship based business and if you prove you're honest and your financials are generally sound, you can expect a favorable lean on lending decisions down the road.  Good luck!

Hey friends,

See what I did there?? :)

Any interest in a May meet up? I'd love to get together and hear about everyone's progress.  

As for us, we're wrapping up house #4 and hoping to find another buy in June/July.  We're looking good at meeting our goal to have 6 cash flow properties in the portfolio by years end, despite the crazy hot sellers market.  I'll post pictures and terms on this most recent deal to my dashboard as soon as it's done.

I wouldn't mind tripping down to Bismarck this time around.  However, Minot or anywhere else in between is just fine too.  Let me know!