All Forum Posts by: Olivia Grabka

@Katie Miller our goal is to complete 6 flips and 2 BRRRs this year. We are also hoping to add another 100 units on the property management side. The interest rate environment makes developing our property management attractive, property management offers uncollateralized cash flow independent of interest rate fluxuations. So, in sum: 6 flips, 2 BRRRs and adding another 100 units on the property management side.

@Katie Miller

Investment Info:

Single-family residence wholesale investment.

Purchase price: $332,500
Sale price: $365,000

3 bed, 2 bath, 2024 square foot single family residence built in 1972.

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

Groton is a fantastic town. Sellers reached out to us, they wanted to sell the house without handling renovations on their own.

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

Sellers found our profile on this site!!!

How did you add value to the deal?

We transferred the property to an experienced builder in Groton.

What was the outcome?

We made a $32k assignment fee.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $54,330
Sale price: $260,000

Fully renovated gorgeous Colonial style home in one of Gardner's best neighborhoods. Gorgeous and original hardwood flooring throughout the house. Kitchen is wide open with plenty of storage and granite counter tops; kitchen is furnished with new stainless steel appliances. Kitchen easily flows into the dining room, along with a generous living room and a sun room on the first level. Three bedrooms with ample closets on the second floor.

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

Gardner is our home market, a friend of my partner who does business in Boston was offered the property and her sent it our way.

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

Call from a friend, we negotiated the sale through a wholesale transaction.

How did you finance this deal?

Fix & flip financing.

How did you add value to the deal?

Kitchen renovation. Bathroom renovation. Flooring refacing. Exterior paint. Landscaping. Electrical updates. Plumbing & heating updates.

What was the outcome?

We made a $47k profit.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $109,000
Cash invested: $40,355
Sale price: $220,000

Three bedroom ranch located on over an acre of land in Gardner. Close to golf course and several parks and forests. Easy access to several major routes. Property features a wide open basement space, gas heat, well water and fantastic location for someone that is looking to be away from the crowded city.

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

We have done a lot of business in Gardner, we have sold a lot of real estate & flipped other properties; we know the town really well.

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

Property was listed with a specialty broker, but eventually went to foreclosure auction & we won the bid!!!

How did you finance this deal?

Fix & flip financing.

How did you add value to the deal?

Spent about $25,000 on renovations, the renovations were mostly cosmetic.

What was the outcome?

We made $65k on the deal.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $134,900
Cash invested: $191,277
Sale price: $418,000

"Modern Farmhouse" Bright Upgraded Kitchen with Energy Star Appliances is wide open to Huge Fireplaced Family Room that has Vaulted Ceilings, Exposed Beams, New Skylights and TONS of Windows! Another Fireplace in the Formal Living Room and Yet another in the Formal Dining Room. Off the Dining Room is the Master Suite. Welcome to your Sanctuary. New Large Skylight and Slider that goes to Deck, Giant Cedar Closet and Immense Bathroom that has a soaking, tub double vanity and Sauna.

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

House was listed for sale on the MLS for 8 months, there was a sale on the street for over $400k and the house was available for $135k, we thought it was a good opportunity.

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

Property was listed on MLS, it was bank owned; we made an offer and the bank took it.

How did you finance this deal?

Fix & flip financing.

How did you add value to the deal?

1. New septic system
2. Gut renovation
3. New heating system
4. New roof
5. New flooring
6. New EVERYTHING

What was the outcome?

We made a $54k profit.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $61,216
Sale price: $275,000

Come see this fantastic classic New England Colonial Style home. Property features 4 large bedrooms, with 1.5 baths. Property is within Indian Lake East neighborhood with ready access to major highways for easy commuting. Home features gleaming hardwood floors, new roof, beautiful molding/trim, with tall ceilings & spacious rooms. The property has been updated with new electrical systems, features a brand new kitchen with modern stainless steel appliances

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

We buy & renovate property as a business, this property was available for sale and we believed we could add value.

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

Property was listed on the MLS.

How did you finance this deal?

We partnered with M3 Innovations, Inc, we paid the down payment, closing costs and they secured the financing.

How did you add value to the deal?

We updated the electrical, the roof and updated the property cosmetically.

What was the outcome?

We broke even.

Lessons learned? Challenges?

1. Hire a professional roofer, we used our team members to replace the roof (they are experienced) but we should have outsourced the job
2. Use a flooring company, our team members were not flooring specialists; it took them 2 weeks to complete what a flooring specialist would have done in a day.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $225,000
Cash invested: $94,271
Sale price: $420,000

Renovated and updated 3 bedroom,1 bathroom single family home. Open floor layout leads you into the the living room and completely remodeled kitchen with brand new black stainless steel appliances. Remodeled bathroom with a 2 sink vanity. Master bedroom can be one of the two oversized bedrooms with plenty of closet space. Rustic and durable flooring throughout the whole house, insulated 3 seasons porch which can be used as a bonus room, office or sitting area. Huge backyard is perfect for family gatherings and entertaining friends. Close to major highways and 30 minutes from Boston makes this the perfect home!!!

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

We make our living by buying distressed properties, fixing them and reselling them. We were interested in buying the house because we knew we could add a lot of value by gut renovating the house.

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

We purchase a foreclosure list and partnered with a couple of new agents to find this deal. The agents did not have the budget to buy a list, we did; we didn't have the time available to door knock properties, the agents did. Things worked out for both us, they got to sell their first house and we got to buy a great deal.

How did you finance this deal?

We partnered with M3 Innovations, Inc. we put up the down payment and closing costs, they secured the financing.

How did you add value to the deal?

Gut renovating the house. The house had mold damage, termite damage, water damage etc. we gutted the house and completely renovated it. We also changed the layout of the house, adding additional square footage and an extra bedroom.

What was the outcome?

We made $46k on the deal.

Lessons learned? Challenges?

We learned to move slowly during demolition. At one point the building inspector suspected that the property may have had a hazardous material underneath the flooring. Our people moved really quickly during the demolition, as a result we had to shut down the project for a week and a half to prove there was no issue. Had we simply moved deliberately, we would have saved ourselves aggravation and time.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $110,000
Cash invested: $28,299
Sale price: $245,000

Welcome home!!! Your new home is fully renovated, all systems are brand new!! First floor is open concept featuring hardwood floors throughout. Living room is spacious and allows for family game nights or entertaining guests with easy access to the brand new kitchen. Kitchen design features top of the line materials with stainless steel appliances, the layout and look are spectacular but practical with plenty of storage and counter space. Half bathroom on the first floor is generously proportion

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

We were interested in investing in the this type of deal because we wanted to continue working on local flips (we are based out of Leominster and I live in Westminster). The property was on the market for a while and we thought we could do a good job.

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

Property was listed on the MLS, we reached out the listing agent made an offer and got the deal.

How did you finance this deal?

We financed the deal with our partner M3 Innovations, Inc., we put up the down payment and made the monthly payments on the construction loan but M3 secured the financing.

How did you add value to the deal?

We added value by making the property functional, and livable!!! The house was a shell when we bought it, so we had to do everything!!!! Electrical, heating, plumbing, flooring, ceilings etc. The pictures you see reflect a lot of hard work on behalf of our contractors, because the house had no walls when we bought it.

What was the outcome?

We made $35k on the deal.

Lessons learned? Challenges?

We implemented a better accounting system for our flips as a result of this deal. At one point we missed accounting for a $9k expense, and as a result we went over our budget by about that amount. After this deal we started recording all expenses at the end of each day, we started using project specific spreadsheets and improved our communication.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000
Cash invested: $12,744
Sale price: $92,500

1. Purchased as a short sale from a specialized broker
2. Broker negotiated entirety of transaction, all we did was show to the closing
3. Renovations were cosmetic in nature, we did have to service & make some repairs to the heating system
4. The house itself was just overlooked by the market - it was always a good house at a really great price, but people passed on it for whatever reason; I think in general people are afraid of short sales

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

This was just my second flip!!! I was looking for something that was really low risk, this house was really cheap & the amount of work that it needed was minimal. I got really lucky because someone else should have bought it, but no one else did and I got to do a pretty easy project for my second deal.

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

I found it on the MLS through a specialty Agent, the Agent focused on short sales exclusively. I think the bank had already set a price for the sale, so the Agent walked me through making the offer and then a few months later we bought the house. The renovation took about two weeks.

How did you finance this deal?

Paid cash; I partnered with M3 Innovations, Inc. on the deal, I put up the purchase money and they put up the renovation money.

How did you add value to the deal?

We added value by making the house look pretty again. The house was just tired, because the owner was down and out for a little while. We were able to come in with fresh eyes and made the house look pretty again!!!

What was the outcome?

Our profit was right around $60K.

Lessons learned? Challenges?

We ran into a challenge reselling the house, we got the property under contract and the Buyer's Agent thought that we had misrepresented the size of the lot (we didn't). We think the Buyer got cold feet and was afraid we were going to keep their deposit, so they ginned up a complaint. Everything on the sales sheet was accurate and we agreed to allow the Buyer out of the sale, because there is no point being in a sale with someone that does not want to buy.