All Forum Posts by: Nicole S.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $5,000

House was built in 1954. 3 bed/1 bath, 900 sq. feet.

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

Market values were starting to rise in this area. Interest rates were starting to rise.

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

Local realtor

How did you finance this deal?

Conventional loan with 10% down

How did you add value to the deal?

Did not ask for any contingencies, only to leave the refrigerator. We have re-landscaped the front and back yards. We have freshly painted the entire interior. We have upgraded the bathroom with new sink/vanity and retiled the shower/tub area.

What was the outcome?

We are holding this house for future sale or LTR.

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

Kimberly Snider, Keller Williams - she's awesome and highly recommended. She works her butt off.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $242,000
Cash invested: $80,000
Sale price: $305,000

The house was built in 1985 and needed updating. It was a 3 bed / 2 bath. I updated to a 3/3 and opened the kitchen/dining area. At the time I listed it for sale, hurricane Florence came through Wilmington. A tree fell on the back part of the house, so I sunk more money into the repair. Unfortunately, I had to take a hit on my profits because of this act of nature. In the end, it was fun fixing it up and a great experience!

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

It was my first investment property. Unfortunately, I got too emotionally attached and added high-end finishings (like marble in the bathrooms, spa-like walk-in shower in the master, new cabinets in the kitchen, etc, etc.

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

I used a local realtor that I had used for another property to buy it but I found the house myself. I had moved to the area and rented a house nearby.

How did you finance this deal?

FHA loan.

What was the outcome?

It was a loss in the end but a great learning experience.

Lessons learned? Challenges?

Only add finishings that will help increase value (but not too high-end for the neighborhood). This house should have been a fix and hold, not a fix and flip. I should have rented it out but I was not knowledgeable enough to find quality renters.

Hello Michael. Were you able to find a tree service that could help? Where did the tree fall? How big is the tree? 

Veronica,

Hi! You are in the same boat I was in about a month ago. 

1) You don't need to be in business. Go to the secretary of state website for NC and register in your county as a sole proprietorship. You will need an EIN number from the government as well to file your taxes under. 

2) You can look for a hard money lender, but you will need some money in your bank account, savings, or retirement to get you started. You can also do conventional financing if your credit is good. I would HIGHLY recommend you read the everything you need to know about real estate investing book put out by Bigger Pockets. There are many ways to get money, but you will probably have to get creative. 

3) Do you have your contractor's license? If he won't pull permits he may not have a license to be a GC. I would be very curious about that.

4) I personally like a certain lender in Charlotte - message me for that name. 

5) Realtor.com I find is the best and most up to date.

6) Use Brandon's FREE webinars - there's 1 tonight on Flipping Houses. He always has a wealth of information. ALSO, Please become a member of your local REIA. You need to network with others in your area.

Hello, my name is Nicole. I have a full time job working for an Engineered Wood Products Company as a Safety Manager. Growing up in New Orleans, my Dad taught me how to do small things around the house as he remodeled our 100 year old home from top to bottom. Recently, my husband and I bought a home in Wilmington that was run down and sat empty for more than a year. I knew it had potential and for the last 3 months, we've renovated it from the bottom to the top. My Dad's interest in fixing up homes apparently had worn off on me - and it was SO MUCH FUN! Today, I am trying to learn as much as I can about real estate investing and would like to start flipping homes in our area. Any advice on how to start this business part-time would be greatly appreciated. I'm looking forward to starting this journey.