All Forum Posts by: Phil Restivo

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,500
Cash invested: $40,000

Bought this foreclosure with a conventional loan and living in it for 2 years while I renovate to avoid capital gains.

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

Needed a place to live, and wanted something I could build equity in.

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

I found this on the MLS and bid 5k over asking.

How did you finance this deal?

I’m self employed and didn’t have 2 years tax returns so got my parents to co-sign for a conventional mortgage with only 5% down.

How did you add value to the deal?

40k in renovations

Lessons learned? Challenges?

Under estimated rehab costs, next time I will put together a spread sheet and do a more thorough SOP

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

Ascend financial group

Investment Info:

Single-family residence fix & flip investment in East Haven.

Purchase price: $101,000
Cash invested: $27,000
Sale price: $192,000

This was my first flip that I purchased off a wholesaler using hard money. I did all renovations my self while working a full time job and made 32k in 6 months. If I didn’t have a full time job I could have completed start to finish renovations and had this house sold in 3 months with a higher net profit. That’s when I new I was hooked. I’ve learned so much on this deal and if I could do it again, I would have rented and refinanced it.

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

I found this deal through another investor who wholesaled it to me and I negotiated his commission on it for plumbing work he needed done.

How did you finance this deal?

I used hard money.

How did you add value to the deal?

I did 27k in renovations

What was the outcome?

I made a nice chunk of money in a short period of time at the same time gaining experience and knowledge.

Lessons learned? Challenges?

If I could go back I would have done the Brrrr method and rented it and still would have came out with most of my money to buy another property.

Hi everyone. I'm 28 years old, a licensed plumber and have my own plumbing company out of Wallingford CT. I'm looking to close my first deal on a flip, but have not had any luck yet. I don't have any problem finding deals, I have made offers on 10 different properties 2k-15k over asking price and still have yet to land one. I have about 30k cash to put down and looking to do a FHA or conventional loan depending on the property. All of these properties are in the New Haven County area and are bank owned. After I submit an offer through the listing agent, most of the time I hear nothing back, or I see the house goes on deposit a week later. My questions are: How can I submit a second offer, if it's unknown that they declined my original offer? I ask my agent to find out the status of my offer everyday and they say the bank doesn't respond. Is my agent feeding me B.S.? Is the only way to score a deal in CT to make cash offers? Please any advice would be greatly appreciated!