All Forum Posts by: Shayne Brescia

Thanks @Bill Jacobsen and @JPaul Mills!  I want to go as fast as I am able to put the deals together.  I have set a goal of 20 flips for 2015 and it is attainable for the amount of good leads I get, but the money isn't there yet to support them.  Has anyone had any success with lines of credit from banks?  

I am in Washington DC, so buy and holds are out... too much tenant protection and high cost of entry.  My main focus is on rehabs and possibly wholesaling.

So business has been going well.  Thanks to BiggerPockets, I have the best partner/mentor/construction manager that I could have ever hoped for.  We have successfully worked together to push through on multiple projects.  Currently we have one house on the right track towards completion, one home working it's way through probate court, and other homes under contract/with accepted offers.  We have a private lender that my partner already has an established relationship with who has no problem buying the properties for standard hard money terms.  Now we are at the point where all our own cash is dried up.  I am almost $100k out of pocket on down payments and rehab money on all fronts.  

For all of you experienced rehabbers that have multiple fronts... what should be my next steps towards getting the money needed to rehab these houses?  Should I just dump any future projects and wholesale to bring the capital back?  Go to the banks and start that dialogue so maybe they can work with me in the future?  

This isn't a question that has a definitive answer.  I am just looking for some avenues to explore for the future!

Thanks!

Welcome @Jeevon Jones Jr!  I would say to start by putting all your learning into finding the deals.  DC is a good market for flips, so if you can find the deal... people will line up to buy it.  Link up with a local wholesaler and help them by bringing deals to the table, and learn as much as you can.  

If you are a native of DC, the best advantage you have is already having an established network.  If you know people that own homes or rentals... you already have your foot in the door!  

Feel free to reach out to me for anything!  

-Shayne

These properties are the tail end of the housing crisis.  Because MD delayed foreclosures for so long, some of these condos were probably hung up until now.  

Talk to people, let them know what you are working on and that you are interested in buying houses in the area.  Explain the process and where you can save them money.  

Obviously as a real estate agent, you can really help on both ends of the spectrum.  If you find a deal that doesn't have the best numbers, you can always sell the house on the open market!  

We have had success with some simple door knocking around the homes that we are currently flipping in Petworth and Brightwood park.  It definitely pays to talk to everyone you see!

I really like the area around the Fort Totten neighborhood right now.  There is a lot of development near that metro and lots of space to grow.  I would look within walking distance to the metro (under 1 mile).

My first investment in DC was 6 years ago when I bought my first house in an "Up and coming" neighborhood in the city limits.  The house was in Petworth, and as those who live around here it has been one of the hottest markets for the past couple years.  To the dismay of my Girlfriend, then Fiance, now Wife... the neighborhood wasn't the best.  It did get better and better to the point that my the home price doubled (After some minor upgrades).  

My advice:  Start looking at some of the neighborhoods that have a lot of development and room for prices to grow.  I really like the Fort Totten area (Anywhere near the metro) and Brookland.  I would also consider homes within walking distance of the Anacostia metro station.  I know Anacostia gets a bad reputation, but it is growing and developing and it also is one of the few places left in the city that you can still find some breathing room.  Try to find a big home with the potential of a rentable inlaw suite, put some rehab into it and live there for a couple years.  Believe me, it will pay off.  

Just be sure to be security conscious.  Get an alarm and really lock down all parts of your house.  New homeowners in "up and coming" neighborhoods are big targets, but in my eyes its all worth it when you sell that house for double a few years later.

-Shayne

Hey @Tasha Mckoy, what neighborhood is the property in?  Does it have any potential for condo conversion?  What's the zoning?

If the property is in VA then you should talk to my mentor/partner @Account Closed He has experience with major builds in good neighborhoods out there.

I have lived in DC for years and I am still learning the neighborhoods!  Like @Robert Williams said, go to all the open houses you can in the neighborhoods you are interested in.  Just walking around will give you a good sense of the real estate market.  When I am out and about looking at properties, I like to occasionally pull up my redfin/trulia/zillow app and look at the recent sales (last 3 months).  Then I can go walk by the houses that have recently been sold and the price.  This is better suited for me as a flipper/rehabber but still useful for buy and hold.