All Forum Posts by: Arbi A.

We have acquired a Single family home/mobile in Marietta, Oklahoma. Requires little TLC and land included with 1 acre lot.

@Caleb Heimsoth agree and working on a few companies who offer fix n flip programs and bridge loans.  If you have any you recommend please let me.l know. Thanks!

Thank you @Jeremy M. and @Bob B., without transparency others will have a hard time learning from mistakes which I like to always use my deals to prevent another flipper or beginner to avoid my mistakes including myself. @Don Gouge my projected price was $500K and when started the project kept on finding new issues due to the nature of the property condition. @Jeff C. the costs I am basing on includes my Downpayment, 3 months of hard money loan payments (12%) I paid points to allow for early payout without penalties. The cost of the rehab, the agents fees and my closing costs. Hope that makes sense of my calculation.

I lost about $75k which was my deposit to hard money lender. 😔

@Pat L. Couldn’t agree more!

No, it was not a typo and yes I did lose money on the deal unfortunately and I know what the mistakes were.

Investment Info:

Single-family residence fix & flip investment in Winnetka.

Purchase price: $350,000
Cash invested: $100,000
Sale price: $420,000

It was a mess and 90% of the house had to be rehabbed and revert back to a single family home, a 3 Bed 2 bath and 1,200 square foot with a pool. After everything was done you couldn't tell its past life. Here is the link to redfin so you can see the after, sorry dont have any pics from before.
https://www.redfin.com/CA/Winnetka/20713-Cantlay-St-91306/home/3741713

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

I love a good challenge and this was one of them. If it isn't challenging I don't feel like much was done. When I bought this house to flip, it was pretty much a single family home converted into 6 rooms. They had divided each room into 2 rooms. Like the bedrooms, living room was converted into separate rooms with there own entrances. One of the divided rooms had a kitchen and a bathroom.The pool had to be re-plastered and redone and had to change the pump setup.

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

It was a probate on the MLS and I the listing agent was open to negotiate. My agent told me that if I really want it, he will release our binding contract so the listing agent becomes my agent (Dual Agent) and in return the listing agent will provide my agent a referral fee. A great agent who helped his client get the deal. My I add.. it was my agent who brought it up. So since the listing agent was going to double dip, she decided to go with my offer.

How did you finance this deal?

Hard money loan with 12% with 2 points and 30% down.

How did you add value to the deal?

The deal was one no outside investor only Hard Money loan, and I have construction knowledge and builder, not licensed but learned from my dad and family.

What was the outcome?

The rehab came out great as you can see from the images, the new family who bought it was amazed that it was a flip and said the setup was done with effort and time. As far as the profit, well that didn't pan out to my calculation since there is always hidden costs and the contractor came out to high at the end. I say this, this business will never be all the same, you will win and lose but at the end you will strive and move on to the next one. We beautify any and all communities.

Lessons learned? Challenges?

Make sure to have 3 quotes before you buy the house to determine the actual cost plus 30% for hidden cost. Can not rely on any GC to finish it on time, you have to be on them to make sure they meet deadline. If any GC says in 3 months or less rehab not possible, give them the boot.

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

I did, however most of the digging, chasing and ideas was from me... so i recommend myself:) I am always transparent on what or how I do things.

Investment Info:

Single-family residence fix & flip investment in Winnetka.

Purchase price: $350,000
Cash invested: $100,000
Sale price: $420,000

When I bought this house to flip, it was pretty much a single family home converted into 6 rooms. They had divided each room into 2 rooms. Like the bedrooms, living room was converted into separate rooms with there own entrances. One of the divided rooms had a kitchen and a bathroom. It was a mess and 90% of the house had to be rehabbed. I had to revert the its current illegal setup back to a single family home which was a 3 Bed 2 bath and 1,200 square foot with a pool. The pool was in a terrible shape and need to fully get plastered and redone to make it safe and had to change the pump and the whole setup. After everything was done you couldn't tell its past life. Here is the link to redfin so you can see the after, sorry dont have any pics from before.
https://www.redfin.com/CA/Winnetka/20713-Cantlay-St-91306/home/3741713

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

I love a good challenge and this was one of them. If it isn't challenging I don't feel like much was done.

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

It was a probate on the MLS and I the listing agent was open to negotiate. My agent told me that if I really want it, he will release our binding contract so the listing agent becomes my agent (Dual Agent) and in return the listing agent will provide my agent a referral fee. A great agent who helped his client get the deal. My I add.. it was my agent who brought it up. So since the listing agent was going to double dip, she decided to go with my offer.

How did you finance this deal?

Hard money loan with 12% with 2 points and 30% down.

How did you add value to the deal?

The deal was one no outside investor only Hard Money loan, and I have construction knowledge and builder, not licensed but learned from my dad and family.

What was the outcome?

The rehab came out great as you can see from the images, the new family who bought it was amazed that it was a flip and said the setup was done with effort and time. As far as the profit, well that didn't pan out to my calculation since there is always hidden costs and the contractor came out to high at the end. I say this, this business will never be all the same, you will win and lose but at the end you will strive and move on to the next one. We beautify any and all communities.

Lessons learned? Challenges?

Make sure to have 3 quotes before you buy the house to determine the actual cost plus 30% for hidden cost. Can not rely on any GC to finish it on time, you have to be on them to make sure they meet deadline. If any GC says in 3 months or less rehab not possible, give them the boot.

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

I did, however most of the digging, chasing and ideas was from me... so i recommend myself:) I am always transparent on what or how I do things.

Investment Info:

Single-family residence buy & hold investment in Winnetka.

Purchase price: $450,000
Cash invested: $30,000

Purchased home AS-IS with long term tenants running their business through my property. Since I did not want to search for short term tenants and this was a long term tenants.

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

IT came with tenants who were their years before and wanted to sign long term tenant contract. Saves me from keep remodeling and looking for new tenants.

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

Found it on MLS and the listing agents requirement for him to accept my offer, I would need to keep current tenants. I agreed and he accepted my offer.

How did you finance this deal?

Conventional loan

How did you add value to the deal?

Accepting the tenant to stay at the property after purchase and close of escrow.

What was the outcome?

I still own the property and build a great equity.

Lessons learned? Challenges?

Always hire a management company to deal with tenants.

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

I had a buyer agent but was useless so I did my own due diligence and learned.