All Forum Posts by: Robert White

Next in the piping is a brrr deal. I already have a property picked out. It's a single family 2 bed 1 bath.

After buying a rental property I knew I wanted more. We decided to take the cash we had left and invest it into a flip to help fund more rental Properties. It has taken 7 months and we're 11,000 over budget but it's finally finished. We listed it yesterday morning at 9am. I received a call from my realtor at 3:15pm letting me know we had a full price offer. The person who made the offer has friends across the street from the house we were flipping. As soon as she seen the sign she called the realtors office. She told the realtor she wanted to make an offer on the house. The realtor asked if she had seen it which she replied she hadn't. (The neighbors had been over multiple times throughout the months seeing what we were doing). The realtor then asked the person if she could at least take them through it. They went through the house and went right back to the office and made the offer. We made sure to never cut any corners and it has paid off. I'm honestly shocked. Average days on market for my area is 78. We had an offer in 6hrs. Its kind of bitter sweet. We have put so much time into this that at one point I remember thinking we are never going to get this finished. We made so many mistakes but had an awesome team of contractors around us who new how to correct it or new someone that could. This has been an amazing journey and we have learned so much. We know we could have cut the completion time in half knowing what we know now. This was a great learning experience and even though we were over budget we will make a good return on this flip. I look forward to doing my next one. I'm looking at doing a brrr on the next one though. 

I had a tenant who was furloughed for about 2 months during this beginning of the Covid-19 pandemic. She was super stressed about not being able to pay rent. To be honest I was a little stressed as well. She lives in one side of my duplex. Luckily the tenant in the other side was still working and was able to still pay his rent. During this time my wifes family who knows nothing about real estate decided they were all of the sudden experts and where telling me to evict her and get her out of there and find someone new. They where hounding me constantly. I had to keep pushing back because she was a great tenant. Has always paid her rent and has been with us for 2 years. Well to top it all off during this period her daughter was diagnosed with cancer. So not only did she lose her job but now her child was very sick.  There was no way I could evict her for things happening that where out of her control. I just morally couldn't do it. I called her multiple times a week to check on her and made sure to reassure her that she was fine. I was not going to evict her and to pay attention to her daughter and we will get through this. I worked out a good deal on this duplex so if push came to shove I could cover the cost of it. This went on for about the last 2 months. She finally got back to work and this month she called me and said she has rent. She paid me full rent like she had before all of this covid-19 stuff. I feel that me looking out for her during this very hard time for her is all she needed. I'm very happy I didn't let people who had no idea what they were talking about get to me. Everyone needs a hand here and there and I gave it to her. We have gotten through the worst part so far here in wyoming. Businesses are back open and she is back to work and able to pay us and take care of her daughter. 

Investment Info:

Single-family residence fix & flip investment in Rock Springs.

Purchase price: $53,000
Cash invested: $31,500

Almost to the end of my first flip

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

I needed to fund my buy and hold properties.

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

This was a forclosure. I lost the bid the first time around but the financing fell through for the winner. It came around again and I finally was the higher bidder for 53000

How did you finance this deal?

I put 31,500 of my own money in it then i had a partner who put in 21,500

How did you add value to the deal?

We tore everything out and have completely remodeled the house

What was the outcome?

We are still working on finishing it. Counter tops go in this week

Lessons learned? Challenges?

Dont partner with family. Make sure you plan better so you dont end up doing things twice.

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

Sonya Riskus with brokerage southwest

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Rock Springs.

Purchase price: $90,000
Cash invested: $22,500

Duplex with both units rented

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

I liked the idea of having more than 1 unit. That way if someone moved out the property was still 50% rented.

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

Found it through a realtor. I offered them 40,000 under asking and they accepted

How did you finance this deal?

Commercial loan with 25% down

How did you add value to the deal?

New concrete, exterior paint and updated one of the units that was vacant at the time

What was the outcome?

It has been a good cash flowing property.

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

Yes I used Sonya Riskus with Brokerage Southwest. She is amazing. She has become more then just a real estate agent. She is part of the family now.

Hello Wyoming, I'm in the Rock Springs area. Working on my rental portfolio. I own a duplex and I'm currently working on flipping a house. I'm about half way through the flip. I hope I can connect with more of you from wyoming.

Thank you @Steve Vaughan. @Jerry W. we are looking to invest in Sweetwater County fro now. Mainly Rock Springs and Green River. I feel I need to keep the properties close to me for the first few so I can manage them myself and get a good feel for it. The biggest issue I have found is trying to get funding here. There are a lot of companies that do it but not in Wyoming. Do you have any advice for me in this department. I have only found one place that lends in Wyoming so far. Traditional loans are out of the question for us right now.

It's nice to meet you @Jerry W. My wife and I are looking at buy and hold and Fix and flip properties. More on the buy and hold side. We are still looking for our first property but have a few potentials that we are gunning for as long as everything checks out. What is it that you do for investing?

Hello I'm an aspiring Investor in Southwest Wyoming and am looking for other fellow investors in the area that o could maybe connect with. Are there any on here?

@Aaron K. Thank you. Kind of the vibe I have been getting today,  I think I'm going to take the advice and stay clear of them.