All Forum Posts by: Samuel Garrett

@Asa Ifill I didn't provide that document. The negotiation was done through my transaction (RE) agent. The document was prepared by the closing attorney and was presented at closing.

@Asa Ifill sounds good. I also did a short term (5 months) owner financing at 0%. I was pretty stoked about that negotiation tactic. 

I used Harrison Gammons (Paul Killian) to close. The terms was written in a separate contract at closing. Very simple process.

Once you get to 85-90% complete, I would offer to reach out to the one lender I offered to you with FCB in Cullman to begin the refi process.Unless you already decided on another lender. 

@Asa Ifill have terms already been discussed? Have you ran the numbers to see how it will work? What is your exit strategy? Timeframe?

@Brett Hennessy congratulations on the completion of your project.

What drew you to this property, other than it is near/in the medical district? Are you self managing? Knowing what you know now, what would you have done differently that would have made the process better? Congratulations again!!

@Oren Kachel @Samuel Smith @Daniel Mendez gentlemen, i will send you a PM with the requested info. 
Thank you.

@Andrew Simms the product is called Rust-oleum, tube and tile refinishing. the process takes a few hours to complete, mainly the cleaning and settling time in between coats, which i typically I do 2-3. On this property, it took longer as I also resurfaced the tile around the entire bath. Older homes such as this one, it is typical to find the out dated pink, blue, beige tile around the tub and entire bathroom. here is a before:

and after a second coat:

@Cody Martin no problem at all.

ill send you a message.

Happy 2020 Investing!!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $36,000

3/2 1,600+ sqft SFH. Off market deal. Required an extensive remodel.

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

Just completed another renovation in the immediate area so i was familiar with the location and was confident in the ARV. I liked the size of the property as well as the appearance of an "easy" rehab, which i learned throughout, is truly not the case.

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

The same wholesaler that offered me my previous project. Because I just completed another deal with the wholesaler, he gave me is bottom line up front without a significant padding in price.

How did you finance this deal?

Leverage an existing Business Line of Credit on a previous property as well as capital from the sale of another property.

How did you add value to the deal?

Installed HVAC when there wasn't one previously. New windows. LVP flooring throughout except for where there was existing hardwood. Knocked down wall to open kitchen, new cabinets. New Water heater. New vanities in both baths. resurfacing of tubs.

What was the outcome?

Property appraised for just over our anticipated ARV. Property was rented out within 2 weeks of completing rehab. Placed a mortgage at 80% LTV, CoC ROI is 300%, and a 1.4 DCR, to pay off LoC and replenish capital used. Neighbors were truly thankful that we remodeled this home as it was an eye soar before.

Lessons learned? Challenges?

- Patience. In my mind, it seemed like a straightforward job in which could have been completed in 30-45 days. Coordinating with subs to ensure new hvac, windows, plumbing etc was done accordingly does require time and effort. Stay on top of your project manager.
- What we are doing positively impacts many lives. The future tenant. But also the neighbors in that community.
- I have a true excitement for resurfacing tubs. Cost effective and the look is great!

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

Worked with same core 4, thus improving on our efficiencies. I would highly recommend any of the team for your specific needs.

@Jessica Fuller Hi Jessica. Welcome! I am also a local investor in the huntsville area. I am always available if you like to brainstorm. I have a few properties in the huntsville and decatur areas. I have found success with using the BRRRR strategies to acquire my last four properties. They are out there. You are doing a great thing by putting yourself out there to the community so they know what you are looking for. I also attended the local Madison County REIA where I gain great knowledge but also met great like minded folks. So another good source for networking. Happy 2020 Investing!!

@William Allen Hi William. Great to hear that you are working in this market. would you be able to add me to your buyers list as well? I am a cash buyer. i can send you a PM with more details and further dialogue. Thanks!

@Grant Fairman, depending on the extent of work you are looking to do, ideal situation would be to do it on your own. Especially if you are owner occupying, have the time and have youtube. I have a buddy who does this as their strategy. And for the bigger jobs, maybe you just need a six pack of beer, large pizza and invite some buddies over to help!