All Forum Posts by: Shiloh Cunningham

Good find! Looks like it turned out pretty nice! Do you remember what the flooring in the kitchen is called?

I know that on my counties GIS, there is an option to do a "Comp Search". I can type in what kind of property and the range of sale dates and pull up quite a few. Not sure if yours has the same features.

Hello BP, I am closing on my second flip in a couple weeks in Muscatine. I did all the work myself on my first, but for this deal, I will need to hire out drywall and flooring. I tried craigslist, but there were no results for Muscatine. I searched Facebook, but I really get the feeling people will recommend anybody, just because they know the business owner! Anybody have any recommendations from personal experience?

PS: I think you can see more pictures of this deal on my profile.

Investment Info:

Single-family residence fix & flip investment in Muscatine.

Purchase price: $56,000
Cash invested: $12,000
Sale price: $112,000

I purchased this house as a live-in flip, renovated over the course of 2 1/2 years, and sold it August 2019. I learned SO MUCH from this first investment, had a few setbacks along the way, but made a great profit in the end.

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

MLS

How did you finance this deal?

FHA

@Colleen Murphy,  which route do you take and what was the outcome of your project?

Hello, I just got done listening to the most recent podcast on the BRRRR strategy by David G. In the podcast he mentioned that using a bank loan to originally purchase a BRRRR property is not the preferred way because of the associated closing costs. If going the hard money money route though, don't the points usually come close to what you would pay if you were going through a bank?

If it were me, I would get the most life out of it that I could. You don't want to wait long enough for leaks to start popping up though, because fixing that damage on top of a roofing bill wouldn't be great.

Investment Info:

Single-family residence fix & flip investment in Muscatine.

I purchased this house as a live-in flip, planning to live in it for 2 years for the tax benefits. Currently, I am wrapping up renovations and hope to list by the end of March 2019.

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

I became interested after seeing my parents flip a couple houses.

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

I found this deal on the MLS. I made an offer below asking price, the seller countered, I rejected the counter offer. A few days later, the realtor called and asked if I would make another offer, so I told them the only offer I would do is my original. The seller agreed!

How did you finance this deal?

Traditional home loan

How did you add value to the deal?

The house just really needed a facelift for the most part. I did almost all the work myself, which saved a lot of money.