All Forum Posts by: Justin Campbell

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $192,000
Cash invested: $28,075
Sale price: $320,000

Off-market property. Previous owner was tired of being an out of state landlord and wanted out from his mortgage.

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

It was in a great neighborhood and was heavy cosmetic only.

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

Out of state landlord- Facebook. I offered, he countered and we agreed :)

How did you finance this deal?

Private money. Cash purchase.

How did you add value to the deal?

New kitchen, bathroom, flooring, interior paint, windows, light fixtures, garage doors, light exterior.

What was the outcome?

A great project.

Lessons learned? Challenges?

It's really tough to paint and do landscaping in the winter :)

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

Seth Haak! Highly recommend.

@Nathan Adams- I am, but thanks for the input. Are you investing in GF still? I moved back up here from just north of LA last year. 

@John Underwood Yes, correct. I had to look up UBIT tax- was not aware about that. Thank you for the food for thought. 

Hey BP Community,

I have met with a self-directed IRA firm and am exploring the possibility of using my retirement to buy a short-term rental. I'm familiar with the basic rules surrounding the product, but I'm wondering if anyone can suggest a quality location to invest my $120,000? I'd like to be able to pay cash for a place that has a solid ROI. If you know of anyone who manages short-term rentals, I would appreciate that referral as well.

Thanks!

Investment Info:

Single-family residence fix & flip investment in Great Falls.

Purchase price: $120,000
Cash invested: $11,000
Sale price: $171,000

A nice starter home in a decent neighborhood. I negotiated the foundation work into the sales price, so was able to move faster with this flip. Total renovation time was two weeks and covered floor to ceiling updates and landscaping. A great, short-term project. I used the cash from the sale of my last flip along with private money to pay cash for the property. Private Money parter receives 10% interest.

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

The numbers made sense right away. Minimal investment and the market is hot right now.

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

A realtor friend owned this home and wanted to sell. We negotiated him both selling it on the front and back end of the flip.

How did you finance this deal?

Cash/PM

How did you add value to the deal?

Floor to ceiling updates and landscaping.

What was the outcome?

We finished renovations in two weeks and had it under contract three days after that.

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

Jeremy Frank from Dustin Young is a great agent to work with...

Hello BP Community,

Can anyone recommend a commercial loan officer with whom you have worked that offers loan products in Montana? I am looking for a bank that I can work with on a 14-unit apartment in state. 

Thanks,

Justin

@David Levesque- These are some great questions. I found Coach Carson's article really helpful. https://www.coachcarson.com/de... I hope this is helpful and best of luck!

Hello BP Community,

I have a goal of getting 100 units in the next two years. I currently have five units (3 SFH and 1 duplex) with a total equity of $200,000. The goal seems overwhelming, but I know that if I can keep taking my best next step, it's possible. My question to those of you that are ahead of me is two-fold:

1. What systems do you need at 100 units? 

2. What strategies did you use to scale?

Thanks to any who can offer advice!

Investment Info:

Single-family residence fix & flip investment in Great Falls.

Purchase price: $100,000
Cash invested: $35,000

The property was listed for $140,000, but had been on the MLS for over 40 days. It also had significant foundation issues. I offered $100,000, and put $35,000 of rehab work into it including the foundation. A total rehab: all flooring, landscaping, paint, appliances, bathroom, etc. Currently under contract with a back up offer.

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

I am making an attempt to create enough cash flow to purchase more buy and holds. This property met that criteria.

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

It is close by my house and had seen the sign in the yard for weeks.

How did you finance this deal?

Equity partner funded the purchase.

How did you add value to the deal?

Oversaw the rehab, paid for rehab expenses and offered 20% of net profits.

What was the outcome?

It is currently under contract.

Lessons learned? Challenges?

A lot! Choose contractors wisely. Manage the flow of rehabs. Much more!

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

Greg Selmon with Keller Williams is selling the property- a great agent,

Investment Info:

Single-family residence buy & hold investment in Great Falls.

Purchase price: $82,500

Partnered with my dad to buy two SFH's on the SW side of town. Fully occupied and are cash-flowing nicely.

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

The two properties cash flow well and are in an appreciating neighborhood.

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

MLS- I was able to negotiate both of the homes for one sale price.

How did you finance this deal?

Equity partner put the down payment.

How did you add value to the deal?

Finding the deal and property management.

What was the outcome?

Purchased, placed tenants and off to the races.

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

Jeremy Franks.