All Forum Posts by: Shane W. Chapin

@Samuel S. Thank you!

Investment Info:

Single-family residence fix & flip investment in Rochester.

Purchase price: $63,000
Cash invested: $43,000
Sale price: $139,900

This is a 3 Bed 2 bath ranch style home. I am using the BRRRR method with this property. We are currently rehabbing the property and hope to be rent ready by April 1st. I will update this deal once we shake out the refi to see how much, if any, capital I have to leave in the deal.
UPDATE: Due to market conditions and my level of rehab on this property, we have decided to flip the house as opposed to renting it. I will update some pictures and final sale price once it is sold. You can see photos on my FB and IG pages.

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

This wasn't the type of investment I was looking for. I had set out to find a multi family property when this deal was brought to us. I have been reading/listening/educating for quite a while and just wanted to dive in and get our first deal done.

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

This was brought to us by an agent we had been working with. I fumbled my way through the walk through, estimated repairs on my own based on no experience other than our primary home. Made the offer I felt was fair for the condition and the market and after a few back and forth discussion's, we were able to agree and close.

How did you finance this deal?

I used a local community bank. We put 20% down and financed with a portfolio loan. We used personal funds for all of the rehab.

How did you add value to the deal?

There was a dining room that we ended up building in to a fourth bedroom due to the size of the kitchen. Replaced every window, new high efficiency furnace. All new plumbing, faucets, fixtures, switches, flooring, landscaping..etc

What was the outcome?

Due to current market conditions and the level of rehab we performed, we are putting this house on the market. I plan on taking the profits from the sale and looking to move in to a commercial multi family property. My wife is a real estate agent with KW and will be listing this house on Wednesday 9/25. I will update this post if anything should change.

Lessons learned? Challenges?

So many lessons..so many challenges. This was the best education so far. We learned a lot about ourselves as individuals and as a family. I talked to our 10 & 8 years old daughter's though the whole process of why Daddy was doing what he was doing so I hope they learned a few things as well. I picked up a few skills and tools along the way that will help me in the future and I am excited to find my next opportunity.

I 100% agree with you Charles. I am fortunate enough to have served in the US Army and led men from all walks of life to achieve a common goal based on the needs of the mission. I am also currently the GSM of a Ford franchise dealership and manage a team of about 15-20 individuals on a daily basis and have helped our dealership build the current systems and processes over the last 13 years. Real Estate doesn't feel very different from what I am doing now, just a different product. Thank you for the feedback and advice. Make today a fantastic day!

We house hacked our primary residence and are listing our first flip this Friday. I know it is not quite the "track record" one would want to see for someone trying to get in to larger multi family deals but I recognize the power of apartment investing and haven't come across a rule book that says I cant. I do have a specific skill set in sales/negotiating, so I am able to raise money for deals and would give myself more than a fighting chance negotiating any deal put in front of me. With the new rent control laws here in Rochester, NY I am looking to invest for buy and hold in other markets while continuing to flip properties here as opportunities arise.

@Jesse Robert Zamarripa III I will say congrats to taking a step in the right direction. I agree with others here that your personal finances will need to get in order before you can realistically invest in real estate. With that being said, you do not need money to learn and it is free to network! Have a clear goal, no matter how big or small, and focus on it. Find someone doing what you want to do and see how you may help them with their goals and continue to learn along the way. We must give in order to receive. Good Luck to you Jesse.

@Charles Seaman Congratulations on the deal! Sounds like a winner! This is great motivation as I too am looking to get in to larger multi family deals myself. Thanks for posting and good luck with this property.

Welcome to BP @Sam Maule This is a great place to start! Read all of the books, listen to the podcast's, be clear on your goals. I am an investor here in Rochester (about to complete my first flip) . Good Luck!

@Tarica Davis Welcome to the BP community! I am here in Rochester as well and have just started out not too long ago myself. I am in sales so if I can help you with and pitching/negotiating/closing just let me know. I am happy to help. Best of luck to you!

@Jessica Howard We are in the home stretch now with our project and have decided to sell the property and move our profits on the the next one. We will be looking for a multi family property with value add opportunity. I am even starting to look at self storage as well. I am headed to Florida in a few weeks and hope to look at some properties there as well.

@Alex Jones Nice to connect with you! I am in the final stages of my first SFR rehab and will be renting and refinancing soon. This property has been the best education I could've asked for as it has taught me so much about myself and the team around me. I realize there are things that I really enjoy doing, and things I dont want to have to do myself on the next one. I work full time and have been doing all of the work myself with the help of my family and friends. This has significantly extended my holding time but again, I am glad I took the leap and learned as much as I have.