All Forum Posts by: Michael Widick

@Cody Brookes

Hey Cody, my names mike and myself and a partner run a small construction company, as well as a property management company. Specialize in Flips, remodels and B&H. We both live here in Columbus / Phenix city area. Have for over 10 years, have a ton of connections for realtors etc.. if you have any questions or anything please feel free to Fire them at me I’d love to chat. 🤘🏻

Trying to get a loan for a single deal, consisting of 3 doors. For $100k or less. Unfortunately my credit scores not great due to the high revolving credit my wife and I have. She owns and operates a business and utilizes the cards frequently to purchase inventory etc... we already own 1 SFH rental, trying to gain some more but having trouble getting approved. Looking for any and all recommendations

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $10,000
Cash invested: $15,000

Rental Property. Currently under Rehab. Once complete hoping to rent out for $850-1000 a month.

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

Listenting to Bigger Pockets Podcast. Pursuing Financial freedom

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

Father In-law actually had it and he used to live in it as his primary resisdidence. Left it to rot for about 10 years. So this year after completely my first Fix and Flip I used my profits to purchase it off him for $10,000.

How did you finance this deal?

Cash.

How did you add value to the deal?

He asked $15,000 but thanks to my construction back ground I identified tons of issues with the house. and was able to talk him down.

What was the outcome?

He came down to a purchase price of $10,000, for sale by owner, no realtor cost.

Lessons learned? Challenges?

Always try and not use a realtor.

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

No

@Courtland Clark

Hello! The American Building Company located in Columbus GA could help you with just about anything. We Manage a few rentals currently already, change overs, service calls. We’d be glad to help. DM me if you’d be interested

@Daniela Andreevska

Awesome! thank you! I did a walk through today with a inspector, everything checked out, going to have the pipes scoped to ensure nothing crazy is going on. If that checks out.. then it’s demo time!

@Mathew Giladi

Dude super interesting, not familiar with the idea though. Can you expand?

@Lee Judd

🤘🏻I appreciate it! I’m going to re evaluate the comps in the area and do my do diligence

@Marc Rice

Great point, I think it would theoretically go for $85-$100.. either way I believe the seasoning period is 12months. Hopefully by then I have some more capital from flips or rentals. And what equity I can take out is useful.

@Beau Watson

Sounds good to me. Send me a pm and will figure it out.

@Tucker Graczyk

Sounds good! I appreciate it!