All Forum Posts by: Ryan Bolesky

@Christopher Rodriguez Yes sir, we closed on the property and we are currently rehabbing

@Joseph M. It was a part time thing for them as they run a business as well, almost 6 months of that time they were held up with some planning issues, it takes a little longer to get approved over there and they were denied for the initial planning. so the place sat for a while with no work being done! The mortgage they had was also interest free so they weren't in much of a hurry.

The project took about 14 months, he and my brother-in-law did all the work themselves. The materials and finishes are a bit different in the U.K. The outside was finished with a cement render

My brother has just listed his first international flip. The initial purchase price was 320k GBP, which is the U.K. currency for those that aren't familiar. Which would be equal to about 414k US dollars. He financed the initial purchase price, and leveraged private money from family and friends for the rehab. He put 200k GBP into the house, or 258k US Dollars. The house was originally one story 2 bedroom, 1 bath house at 1260 sqft. And he converted it to a 2 story, 4/5 bedroom, and 3 bathrooms with an added study. Coming in at roughly 3000 sqft. He added plenty more amenities which can be seen on the listing at He has listed it for sale at 895 GBP which would work out to a rounded 1.15 million US Dollars.

The location on this flip is a huge influence on the asking price.

West Hill is a highly regarded woodland village, situated on the western slopes of the beautiful Otter Valley in the heart of East Devon. There is a local primary school (West Hill Primary) and a secondary school in Ottery (Kings School) with both schools rated as "outstanding" by Ofstead. The nationally renowned Colyton Grammar School is served by school bus in the village and Exeter also has an excellent choice of state schools and league table private schools. Amenities in West Hill include a well stocked village shop with a post office, a garage and a hairdressers, with many further facilities in the town of Ottery St. Mary, three miles away.

Here are some pictures I got but the listing has better quality!

How'd this work out? I had a good experience with Homestead Funding in Clifton Park, if you haven't contacted them yet

Jakob Mykytyn welcome!! Make sure you check out the local meet-up, every third Monday in Latham NY at the Century House! Just google Action Investors Network and you should be able to find more info on it! And if you get any deals up here in Saratoga County, then feel free to add me to your buyers list! Good luck!!

I forgot to mention my total mortgage was 88k

First id like to thank @Chris Mason because without his reply to one of my earlier posts asking for help structuring the deal. I would have never found of about "Gift Of Equity"

This deal i purchased off my parents, we closed today, heres the numbers

2 family Unit, Upstairs 2.5 bedroom 1 bath, Downstairs 2 bedroom one bath, laundry hookups in each, off street parking with large backyard and enclosed front porch.

We set the Purchase price at 120k so that we could utalize 40k worth of equity as a gift. Before repair the house ended up appraising at 132k... The 40k gift covered a large down payment and closing costs. the only thing i had to bring to the closing table was a pen and 18 dollars, everything in escrow was covered including my lawyer costs. The only out of pocket expense was my Appraisal and Credit Check fee which was 400$ all together

P&I - 468,24

Property Taxes - 157.85

Insurance - 51.42

School Tax 151.66

Total monthly payment of $829.17

Both units take in 900$ a month, conservatively, total rental income before CAPX and other expenses $1800

Not only that but my parents were able to walk away with 48k... and after catching the investing bug have agreed to JV with me and reinvest their capital gains into some more multi-family units! I plan to pull some capital out in a HELOC as well as a large sum ive saved up from other investments. We can hit the ground running with our new partnership!

I want to say thank you to everyone who has took the time to help and lend a hand! Wouldnt have been possible without BiggerPockets and im super excited to continue!

Thank you @Mark Pedroza the issue was that they are working with a lawyer. And I can tell in my calls to the lawyer that she doesn't want to entertain a cash buyer at this time. I just don't think I have enough experience yet to work this deal, unless I can somehow contact the estate personally. ill keep trying  

@Christopher Rodriguez I'm still working on it, proved to be a little tougher then I thought. Ill let you know!