All Forum Posts by: Tera Mabe

Hello,

Are you interested in private money lending at all? Currently writing a proposal on a great flip in Tennessee, and in search of funding.

Hi Keifer. Nice to see someone local on here. Would love to chat and see if we have any common interests. I have a W2, and up until recently had a little capital. Carpal tunnel surgery on both wrists left me out of work short-term, and depleted most of said capital. I can return to work in two weeks, and in the meantime have been diving in and trying to learn as much as possible. I have also been doing a little shopping around. My realtor is a 22 year veteran in the business, a friend longer, and a broker. I stumbled onto a possible flip with awesome potential, but it might take some outside assistance; whether in the form of a partner or a lender. I'm new to networking and public forums, but I figure I've got to start somewhere.

Tera

Thank you. 

I apologize, I posted the cash invested incorrectly. The total rehab was 28k. Im not sure what I did there. I was a bartender for many years. When I decided to become a Paramedic, I put myself through Paramedic school working for one of my bar regulars learning the ins and outs of carpentry. The quotes I received from to contractors were both around $80,000 for the complete renovation. Ultimately I hired out the structural work, exterior painting, plumbing, and electrical. I framed the windows, refinished the used/new cabinetry, flooring crown molding, baseboards, interior painting, bathroom refinish, deck build (under the direction of my Pops), and butcherblock countertops. 

I love this as much as I love being a medic. The difference is this offers financial freedom, and Paramedicine offers bulletproof vests, PTSD, and chronic back problems. So now my goal is to build my future as a Real Estate Investor.

I don't have the money to jump in headfirst, but I certainly have the determination; and a decent foundation of knowledge to build on.

Investment Info:

Single-family residence fix & flip investment in Knoxville.

Purchase price: $67,000
Cash invested: $17,000
Sale price: $127,900

3 Bd, 1 Ba. SF. Rancher.

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

I love seeing old homes come back to life. The property had been abandoned for several years, but it had great bones and so much potential.

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

Came across the owners outside in the yard and offered to buy!

How did you finance this deal?

Private bank loan with 15% down, and rehab line of credit.

How did you add value to the deal?

Complete renovation. Added open concept into kitchen, with down draft range for small space. Hand cut and stained butcher block countertops. Opened wall from kitchen into the storage space connected to the carport to create sunroom. Added outside access with deck. New flooring. New baseboard and crown molding. Reframed interior windows. Refinished bathroom tub and tile. Refinished used cabinetry. Stainless steel appliances. Landscaping. Complete paint interior/exterior.

What was the outcome?

SUCCESS!! Sold within 48 hours of listing.

Lessons learned? Challenges?

Plan wisely so that you don't have to do things twice. Contractors, and then back up contractors, and then back up back up contractors.

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

Allison Oaks, Broker. Platinum Realty Group. Knoxville TN.

Hi there! Full disclosure first, I am a paramedic not a lawyer. Second, I would say this might be a good time to  believe in karma, and not evict a dying man from his home. Also, I imagine death is it's  own termination of lease, no? Not that that should have a great impact with a month to month lease, unless he has paid in advance for an extended time period. I would first consider reaching out to him and just simply asking what his wishes might be, as he likely has faced and accepted his fate, especially given his age. It might be as simple as one conversation where he gives you contact information and takes care of it ahead of time, or it might be that he says do with it what you like. You never know if you do not ask, right? Regardless,  I don't believe it would be an unreasonable inquiry.

Also I would add that although I do not know what state you reside in, his estate consists only of what belongs to him. Short of suspected foul play I can see no reason anything would tie up your property post mortem, and even then it would be brief.  Other then allowing the family an allotted period of time to retrieve his belongings as a courtesy, you should not be beholden to anything unless otherwise contractually obligated.