All Forum Posts by: Matt Ridenour

I'm sure I'm not using this part of the forum correctly, but I couldn't find a good category.  

I'm a super host in Michigan.  Airbnb generally is a year in advance, but I'm looking for a year and a half.  Just posting here on the off chance someone sees and can host our family of 14 cousins?  Non drinking and all over the age of 50, so we'd be an easy group.  :-)

We are looking for middle to end of September 2025.  

Thanks in advance if you can help!

Matt

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $825,000
Cash invested: $450,000
Sale price: $2,000,000

Our largest flip to date. We purchased this mid century home in rough shape and spent 8 months renovating. Mold remediation and water infiltration were our biggest obstacles. The new atrium glass was not in the original budget but really made the project pop. The running stream in the atrium was a bucket list item for us.

Here's a link to the drone fly through:
https://youtu.be/-KBnqiN_KHs?si=_xBBRViS8m4Z6viC

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

We are a small family operation but we love doing artful flips. The atrium stream and the mid century design opportunities called our name.

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

This was a wholesale deal that came to us via our realtor.

How did you finance this deal?

We used Kiavi to fund a large portion of the deal. Excellent company, though the funds were not cheap.

How did you add value to the deal?

We saved as much of the mid century material as possible. We saved the St. Charles cabinets and kept the floor plan largely intact. The woodwork was lovingly restored. We made the kitchen floor from scratch and added a new atrium and stream. Also refined a few of the rougher spaces.

What was the outcome?

Off market sale in the works with a closing date of April 25.

Lessons learned? Challenges?

This home was outside of our comfort zone in terms of cash outlay. Always make sure you have safety nets in place, especially at these high price points!

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

Kiavi Lending - excellent hard money resource.
Keri Middaugh - well connected realtor in the Ann Arbor area

Hey BiggerPockets investors!

I'm an experienced investor in Ann Arbor MI.  My wife and I focus on both flips and airbnbs, with "infinite banking" as our wealth storage mechanism.  We're looking for a small group (4-6 total) with moderate to advanced skills that would like to meet virtually on a monthly basis.  I'm happy to teach, but I'd also like to learn!  If you are interested in a small synergistic mastermind, please send me a connection request and let's see where it goes.  

Here is what I expect as topics at least for starters:

Investment strategy evolution

Creative borrowing/lending structures

Leverage and long term debt planning

Tax structures and planning

Your questions/problems/interests/goals here!

 Awesome answer!  Thanks for taking the time on this post!

 Hi Sean.  My brother lives out there.  I'll try and connects you guys!

Thanks for weighing in everyone.  I'll share your thoughts with him, and hopefully get him into the bigger pockets community.  

Hi everyone.  Asking for my brother who is in a different part of the country than I am.  He purchased an Airbnb and has it up and running.  He used hard money to purchase and renovate.  It's been less than a year and so the mortgage companies won't touch it.  (I should also mention that both he and his wife are self employed.)

My suggestion was a dscr lender, but he is telling me he spoke with a lender regarding that with no success.  I am thinking all dscr lenders have different criteria?  HIs current rate is 9.75% but is adjustable and balloons in 5 years.  I'm hoping he can find a 30 year loan so that he can get out there and grab the next one.  

Does anyone have any thoughts on this?

Oh, one more.  Who is investing in the Danbury CT area?  

Thanks Luis.

It isn't listed for sale. I've had some pretty great success calling (small) banks and speaking with their REO department. I've had my eye on this property for a while, and I'm hoping it's just tied up in red tape. I got my last bank project because I was proactive about calling them. Waited a year for them to cut the tape on it and then they sold it to me for what was owed.

Hi all,

Anyone have a decent number to contact the REO people for Huntington Bank? I have a property in my sights in Michigan.

I looked on their reo website and found only dead ends.

Finally coming back to this thread.  You guys are awesome.  Thanks so much for this.  I'll be working through these responses and will try to update on my actions.