All Forum Posts by: Robert Laird

@Natalie Lopez @Blake Wehling @Justin Leithem

@Jake Gavic @Jeff S. @Tim Herndon @Daniel Lane @Gavin Peacock @Bill Neves @Say Teoh @Ross Johnson @John Murray @Austin Youmans @Steve B. @Juan Reyes Jr @Bretney Lindley @Charles Flaxel 

@Mike Nuss @Dustin Miller @Chris Henderson @Cody Jurgens @Dane Fitch @Jeff S. @Jeffrey Tufenkian @Chris Shepard @Todd Ashley @Mathew Wray @Jason Powell  @DJ Fry

@Jack Shepherd

@Carlos Carbajal @Rapy Narruhn @Patrick Pham @Caitlin Nevels @Sean Ade @Steven Denio @Eric Guess @Neal Collins @Eric H. @Genna Golden @Jeff Hamlin @Bob B. @Randy Johnston @Say Teoh @Adolfo Cuellar @Chase Wippert @Jay Harding @Zack Banks @Michael Do @Max Lopatin @Max Belousov 

Investment Info:

Single-family residence fix & flip investment in Washougal.

Purchase price: $200,000
Cash invested: $40,000
Sale price: $300,000

Contributors:
DJ Fry @Carlos Carbajal

A small home in Washougal was updated and flipped in 120 days.

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

Low purchase price and light remodel with home being built in 1991.

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

Found this deal through mailers, it was not listed. I walked the property with the owners and negotiated the price down after walking the property. Owners wanted to sell and move quickly.

How did you finance this deal?

Hard money for the 1st position at 12% interest and 3 points. Private money for the 2nd position at 15% interest.

How did you add value to the deal?

Touched every surface, replaced cabinets, counter-tops, and appliances. Replaced floors, repainted interior, and exterior. Built deck in the backyard.

What was the outcome?

Bought the property, renovated entire property, listed, and completed the sale in 120 days. Net profit: $35,000

Lessons learned? Challenges?

Tailor the renovation to the type of buyers. Do not overdo the remodel with expensive finishes, but don't do only half a remodel either.

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

DJ Fry with Parker Brennan Real Estate listed the property for us and we accepted a full price offer 5 days later.

@Carlos Carbajal

Investment Info:

Single-family residence fix & flip investment in Woodburn.

Purchase price: $185,130
Cash invested: $65,000
Sale price: $315,000

Heavy fixer with a foundation repair in Woodburn Oregon was completely renovated into a move-in ready home.

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

The price was good with built-in equity.

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

A friend's family member had inherited the property. The family member who passed away was a hoarder and it took 2 years for them to clean out the property. Once the property was clean, they didn't want to deal with the repairs needed to list the home. After discovering the crack in the foundation we used the foundation bid to lower the purchase price.

How did you finance this deal?

Hard money lender for the 1st position @ 12% interest and 3 points, JV partnership for 2nd position.

How did you add value to the deal?

Retouched every surface. Added sheetrock in the basement to partially finish the space. Replaced some wiring and plumbing. Installed new appliances.

What was the outcome?

Sold the property two months later than projected. Net profit: $42,000

Lessons learned? Challenges?

The foundation crack repair took up a lot of time and finances in the beginning. Larger homes take longer than anticipated. The general contractor was injured 2 weeks into the start of the project, always have a back-up contractor on call.

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

RareBird listed the property and it went pending in 10 days.

@Cameron Tope @Luke Teson ListSource works well but you have to pay per lead. This can get costly with high list counts. 

@Julie Fullmer If you have done a transaction through a local title company they sometimes will give you the same data as ListSource for free or for a much cheaper price than the ListSource retail site. It is in their interest to help you to find more properties to buy so you will perform more transactions through their title company. You can call or email them and say something along the line of: "I am looking for more investment properties to buy and understand you have access to public records. If I provide you with my search criteria could you do a query and provide me with a mailing list so I may locate potential properties to purchase. Thank you for your help I look forward to conducting many more purchases through your title company." Hope this helps and happy hunting!

Unfortunately, I will be out of town, but thanks again for putting this on! It was great to see everyone and meet some new investors.

Thanks again @JR Hinds ! 

Looking forward to seeing some familiar faces and it looks like the weather is going to be gorgeous. See you all there! 

@Account Closed not a problem!

@Anthony Buzzard @Michael Do

I know these two guys do construction with investors. Way to go and good luck on your first property!