All Forum Posts by: Matthew Taylor

@Joshua Savage you might touch base with @Jared Pitts. He manages some Airbnb/short term rentals in town.

Midtown Bungalow on Harbert Ave in historic Central Gardens.  Home under contract as retail flip but considering wholesaling.  3/2 with incredible character, 2 car garage, beautiful natural light from oversized windows in kitchen and dining, and much more.

ARV - $365,000+

Rehab estimate - $50,000 

@Josh Collins  enjoy your trip.  Lots of locals active on BP.  @Elizabeth Wilson and @Sam Wilson are quality resources in the market.

Great recommendation from Elizabeth on Elwood's.  Food is fantastic but the view puts it over the top. 

@Stephen Akindona thanks.  I sent you a message.

Working on a wholesale lead in West Memphis, Arkansas. I am looking for some local assistance with regards to property valuation and local investors interested in a wholesale deal. 

Property is a 3/1, very near Weaver Elementary school.  

Any assistance is appreciated.

Thanks @Sean Carroll it was a great experience. 

@Samir Shahani I used net profit/all in cost.  Actually should be 38% not 28%.  Typo on the post.

Thanks @James Caruso and @Francesco G. .  Luckily we didn't mess it up to much and it turned out pretty well.

Thanks @John Knisely.

The property was off the market.  My partner has a relationship with the agent and the agent knew he was interested in flipping.

Partnering experience went great.  Neither of us are aggressive personalities and have pretty complementing attributes.

Yes, used cash for purchase and rehab (used HELOCs and some private funding).

Gray/greige is taking over, at the moment.

Purchase Price - $85,000

Rehab cost - $60,000 (5 month duration)

List Price - $225,000

Sale Price - $223,000 (received offer within 8 days of listing)

Sales price less closing and commissions - $200,000

Profit - $55,000 split between the two of us

Property was a 2 bed and 1 bath with around 1100 SF.  We enclosed another 100 SF that used to be a patio and stored the washer and dryer.

Rehab went over the original estimates but included some value add changes. Rehab took longer than we had hoped, as is often the case. Definitely learned plenty of lessons but we were still able to clear a solid profit.

I have read numerous times that you have to "buy right" and "you make money when you buy". This project opened our eyes to how true those cliches are.

Background:
A co-worker friend of mine and I had been discussing real estate investing. He was presented a property by a local agent. The property was located in one of the most sought after retail areas in Memphis. The house was occupied by an elderly person and was significantly outdated. My friend made a very low, cash offer on the property. He was planning to use personal funds and a private loan from a family member to fund the project. Somewhere between looking at the property and the owner accepting the offer, his personal loan backed out. He told me the situation and the offer amount. I told him we would find the money and make it work because it was great location at an even better price.

This was an awesome experience that taught us several lessons and earned us a tremendous profit. We are looking for our next opportunity property.