All Forum Posts by: Mattias Clymer

 yes sir, all of them have been wholesalers or at auction. 

THanks! I have done 3 total BRRRR. I am open to doing it again with the right property. Interest rates make it harder!

Quote from @Jamie O'Connell:

Quote from @Mattias Clymer:

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $50,000
Sale price: $235,700

My first flip

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

I was looking to get into the investing space more heavily and wanted to start with a flip.

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

A wholesaler came to my investment group meet up and presented the deal.

How did you finance this deal?

Used equity lines for the acquisition and funding the repairs.

How did you add value to the deal?

We opened it up, made a nice kitchen, changed the flow of a bathroom, new floors, paint, roof, and deck.

What was the outcome?

It was a great flip and we earned a good profit.

Lessons learned? Challenges?

The biggest challenge was getting past the initial fear that comes with a flip. It was a great decision and I don't regret it!

 Amazing profit! I am under contract for my first flip and nervous but excited.

 Good luck! It’s not a zero sum game and the lessons learned alone are worth it!

Quote from @David Pearl:

Quote from @Mattias Clymer:

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $50,000
Sale price: $235,700

My first flip

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

I was looking to get into the investing space more heavily and wanted to start with a flip.

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

A wholesaler came to my investment group meet up and presented the deal.

How did you finance this deal?

Used equity lines for the acquisition and funding the repairs.

How did you add value to the deal?

We opened it up, made a nice kitchen, changed the flow of a bathroom, new floors, paint, roof, and deck.

What was the outcome?

It was a great flip and we earned a good profit.

Lessons learned? Challenges?

The biggest challenge was getting past the initial fear that comes with a flip. It was a great decision and I don't regret it!

Nice profit on your first one! 

 Thank you! I was quite pleased and maybe a bit spoiled. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $700,000
Cash invested: $30,000

The most creative deal I've put together with owner financing, low down payment, and high debt pay off.

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

This was a true win-win-win type deal. The owner did well, my parents were able to downsize, and I was able to get a new investment property for minimum money down.

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

The owner is an old family friend and he wanted me to take over the property.

How did you finance this deal?

My parents bought their unit in cash, I supplemented $30k and the rest was owner financed.

How did you add value to the deal?

We haven't done much to add value to the deal yet. Its pretty turn key. We plan on slowly bringing rents up until a tenant moves out and then we can get true market rent.

What was the outcome?

This is a great long term assets with many complicated possible scenarios. It is technically two duplexes. So, the owner placed a note for 61% of the home on one of the duplexes. The other duplex was bought in cash at 39% of the total value. My parents wanted to downsize and love the unit/area. They don't want a payment or to have anything to do with the rentals. This allowed the owner to get the cash he wanted and for me to only put a small portion of it down.

Lessons learned? Challenges?

Structuring the deal was a challenge. The note balloons in 7 years and the owner may renew. If he doesn't I wanted to be able to easily refinance the deal. So, I did a 20 year am. My parents are older and if something happens that I need to buy them out, I can refinance the one duplex that doesn't have a note on it. If in 7 years they want out and the note comes due, I should be in a position to not need to add extra money to keep the deal.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $50,000
Sale price: $235,700

My first flip

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

I was looking to get into the investing space more heavily and wanted to start with a flip.

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

A wholesaler came to my investment group meet up and presented the deal.

How did you finance this deal?

Used equity lines for the acquisition and funding the repairs.

How did you add value to the deal?

We opened it up, made a nice kitchen, changed the flow of a bathroom, new floors, paint, roof, and deck.

What was the outcome?

It was a great flip and we earned a good profit.

Lessons learned? Challenges?

The biggest challenge was getting past the initial fear that comes with a flip. It was a great decision and I don't regret it!

Investment Info:

Single-family residence other investment.

Purchase price: $90,000
Cash invested: $50,000

First BRRRR. This place was a mess but its now a charming home that people love and it cashflows super well!

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

I was looking to do my first BRRRR. While this house was a mess, I could tell it had potential and was in a great area!

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

I found this deal through a wholesaler.

How did you finance this deal?

I used equity lines to buy and fund the flip and then did a cash out refinance.

How did you add value to the deal?

Opened up the tiny kitchen to the dining room... I had to get creative with the kitchen layout. Granite countertops and new stainless steel appliance. I converted the garage into a 3rd bedroom. Full remodel otherwise with choosing a more attractive paint color.

What was the outcome?

I got all my money out with the cashout refinance and this is now my best cash-flowing asset.

Lessons learned? Challenges?

Hire the right contractors. I had a lot of headaches with bad contractors for this one.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $144,000
Cash invested: $7,500

This was our first home turned first rental. With a low down payment and being put on a 15 year mortgage, this property has great equity that we leveraged with a equity line.

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

We first and foremost wanted a home to live in! From there, we wanted to keep it because we loved the home and wanted a new rental!

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

This was an on market deal in 2013. We were able to do a low down payment loan with closing cost assistance.

How did you finance this deal?

FHA to start but we converted it to a conventional on a 15 year mortgage with about 3.15% interest.

How did you add value to the deal?

New roof, HVAC, turned a 3 season sun room into full livable sqft.

What was the outcome?

This property balances our portfolio with heavy equity gains. It doesn't currently cashflow as well because we have the same tenants in the home and haven't been able to raise rents to current market rents.

Lessons learned? Challenges?

I love this deal. I suggest every young aspiring investor starts by buying an affordable home that could be a good rental. I think most would disagree with the 15 year strategy but if you can afford it, its not a bad plan to build up some equity. Its like a forced savings account. The mistake we made was not getting an equity line before buying our next home. The current draw back is it doesn't cashflow as well as it could... mostly due to complicated longterm tenants.

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

I worked with an agent and then joined her firm. So I recommend myself hahaha

I am as an investor/agent in mainly Harrisonburg/Rockingham county. I’ve helped clients with AirBNB’s in Massanutten. 

Hey Dwight, house hacking is a great way to get into investments.  Let’s connect and maybe you can come to our investment club sometime!