All Forum Posts by: Ryan Copeland

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $54,000
Cash invested: $41,000
Sale price: $175,000

This was a partnership with my nephew. I partnered with him because he knew the area and could be boots on the ground. I had the finances, he had the relationships and experience.

The property needed some work. It was heir property, the was owned by the brother of a man who had died. He lived out of town and didn't want to keep the property. The bathroom walls were torn out and there wasn't a tub/shower. We restored the property to new glory and created a nice new home for the buyer.

Video Walkthroughs: https://youtube.com/playlist?l...

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

It was a way to turn a profit and be able to use the proceeds to buy more real estate.

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

The deal came through a pocket-listing from a realtor that my nephew has a great relationship with. Paid asking price.

How did you finance this deal?

Conventional Lending

How did you add value to the deal?

LVP Flooring, Tiled both bathrooms, new paint throughout, granite countertops throughout, new carpet, new appliances, panted cabinets.

What was the outcome?

A nice profit and a very nice home.

Lessons learned? Challenges?

Lessons Learned:
1. It's VERY hard to find good carpenters. The other tradespeople seem to be easier to find and work with.
2. Sub out the flooring to someone who specialized in that one thing.
3. When using sub-contractors, find people who are good at One-Thing.

@Michael Dumler you are correct, I do need to keep taking action and I'm doing just that. I'm a constant learner and I read books to remind me of what I may already know and to learn something different. I'm 3 deals in thus far and am anxious to keep growing as an investor. With this aggressive market it's hard to even buy anything off the MLS, I haven't gotten an offer accepted in 10 attempts.

Thanks @Jeremy Nault. You're the 2nd person to recommend "The Compound Effect", so I'm going to add that to the reading list. Out of those you recommended, which was most impactful to you and why?

Hello BP. I tried searching the forums for new books that will help me become a better real estate investor and businessman. There were some good posts, but I have read most of the books in those posts. So I figured I'd come here to see what impactful books folks would recommend that I have not read yet. Below are the books I've read. Please recommend some books that would help sharpen and strengthen me from a mindset perspective, tactical and strategy perspective. Basically anything that will help me be better.

Books Read/Completed

1. Buy, Rehab, Refinance, Repeat
2. The Millionaire Next Door
3. Everyday Millionaires
4. The Total Money Makeover
5. Crushing It in Apartments & Commercial Real Estate
6. The Millionaire Real Estate Investor
7. How to Invest in Real Estate
8. Rich Dad, Poor Dad
9. The 10x Rule
10. The Alchemist
11. The Richest Man in Babylon
12. The 4-Hour Workweek
13. Extreme Ownership
14. The Book on Rental Property Investing
15. The Book on Flipping Houses
16. How to Make Big Money in Small Apartments
17. The Cashflow Quadrant
18. The Game of Life and How to Play It
19. The One Thing
20. Short-Term Rental, Long Term Wealth (in-process)
21. Set for Life (in-process)

@John Leake thanks for the feedback, and yes this helps. This property is in a small town too. City Hall did tell me that I can submit a hand drawn plan. However they did tell me that it needs to be very detailed and show all of the electrical and plumbing work.

Hello BP,

I have have run into some permitting issues. I had the work done by licensed contractors, but I didn't have permits (I was told that they weren't needed initially). After an electrical inspection, I have been told that we need to get permits for the work that's been done. The only thing I have a question about are the "Plans". Does anyone know what's being referred to in #1 in the image below? 

@Scott Williams when did you start your journey?

@Ty Ash I used a local website that helped me to find my cleaner, but it's not in Milwaukee.  However, use the TurnoverBNB app to find cleaners and manage them.  They will have some sample checklists there.  My cleaner was so good to where I never created a checklist.  Yet I need to.

Hi Charlie. Yes, I do manage myself. The key is to automate everything that can be automated, finding a great cleaner and having a trustworthy and timely handyman. From a day-to-day operations standpoint, the automation and cleaner are key.

Hi @Serena Kim! Good post! I'm interesting in purchasing an STR in the Orlando area. Based on the research I've done the area does really well with STRs. I'm not sure which area to buy in. Maybe you can help since you're an agent and own STRs. I'll send you a connection request and hopefully we can have a chat.