All Forum Posts by: Michael Marchman

Investment Info:

Single-family residence buy & hold investment in Augusta.

Purchase price: $60,000
Cash invested: $70,000

First BRRRR property

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

I want to scale significantly in the rental aspect of real estate to create more passive income

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

Found it on Zillow and had an agent make an offer for me.

How did you finance this deal?

Used the cash I made on my first flip and paid cash

How did you add value to the deal?

I did the rehab myself. Kept the old cabinets, sanded and painted them. Re-surfaced the original hardwood floors.

What was the outcome?

Currently waiting on the appraisal for the cash out refi

Lessons learned? Challenges?

Finding a quality tenant can take longer than expected. It's important to be patient and not to lower your standards.

Investment Info:

Single Family Residence fix and flip investment.

Purchase price: $110,000

Rehab:$29,000

Sale Price: $185,000

This was a foreclosure property that was vacant for 7 years. This was my first deal so I wanted to do a flip to build some more capital to buy rentals.

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

Was in a great location.

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

I found it on Zillow and made an offer the first day it was listed. Used an agent to make the offers.

How did you finance this deal?

I financed this with a conventional bank loan. 20% down

How did you add value to the deal?

I did all of the rehab myself with my dad! It was a lot of work but a great learning experience. 

What was the outcome?

Sold the house for $185,000

Lessons learned? Challenges?

Where to start? Never pay a contractor money before the work is completed. Always save text and emails to contractors. Always plan to go over budget! Have patience when working with a buyer who is using a VA loan.

@Parker Collins local investor in Augusta here as well. Nice to meet you, let me know if you ever need anything.

@Cambria Wengert I highly recommend @Ryan Beasley

@Christian Wamsley is the man! Excellent work brotha!

Hey @Shaine Cobb do you mind sharing any of the subs you use? Thanks in advance!!

@Chris Connor I would highly recommend

@Ryan Beasley

@Jeff Ronningen agreed. One day before I was supposed to go see the inside of the home the sellers agent magically got an all cash offer closing the next day and wanted me to counter the offer. I feel good about walking away from it.