All Forum Posts by: Tim Scanlan

We just completed our first round of credit totaling 100+K with only 2 cards that are Personal. In about two Months, Michael Richard and Bianca Rivera have more than exceeded our expectation.

We will be using this credit to buy a Foreclosure cash, renovate to rent ready, followed by refinancing at 60-65% LTV. Our biggest take away is the pro level of customer service. We had a lot of questions about process, all were explained in detail.We also walk away with advice on building creditworthiness. I will say that we went into this creative strategy for two major reasons; 1.) We knew that all credit established would be under our personal name. And 2.) We did two flips with a community bank at 2 points and 6.5% loan at 80% LTV. But now, we can pay cash without the 20% Down and full cash Rehab expenses. We understand that this method will not be our way to invest going forward, just say that our experience with Fund & Grow met our expectation and then some...

Investment Info:

Single-family residence fix & flip investment.

Sale price: $185,000

My first RE Investment, and REAL eye opener to becoming an Investor!

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

The opportunity to work with a community bank, and delta between the ARV and purchase price!

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

I followed a successful investor who initially taught the vale of investing into Buy, Fix and flip properties. I did two between 2015 and sold both in 2016.

How did you finance this deal?

A community bank offered 2 points and 80% LTV @ 5.8%,

How did you add value to the deal?

Both were different. the first was a SFR where mechanical and CAP Expenses were required. Ripped out electrical base heaters and added HVAC and Vents. Add a total Tear Off roof, which really added up, but learned a lot between working with a community bank with relational banking, and working with a knowledgeable Broker who was a FHA Specialist and personal investor as well. My second was a Townhouse where I learned that all GC were NOT alike. But made more on the second flip.

What was the outcome?

Positive monies made, but in the end, it was worth it to learn what it takes to invest into Real Estate flips.

Lessons learned? Challenges?

If possible, be on site to ensure CGs are performing. A detailed line item Agreement is KEY!

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

None, so far... I am seeking out of state turnkey, or will be assembling teams to model a turnkey investment, wish me luck... I love learning, and love Bigger Pockets, including those who love to help/teach to all.

We received an audio regarding process to purchase assets:

Best of luck...

We would like to personally thank Lisha Alexander for getting both of our first round of funding into professional hands and exceeding our expectations and goals. We cannot thank enough the following two pros. at Fund and Grow!

Michael Richard is brilliant, detailed and patient with our first round of funding. Michael makes the effort to explain any questions I asked. Friendly, Professional and responsive made our experience worthwhile. Our goals are being met, results exceed our expectation.

Bianca Rivera is a joy to work with! Anytime I have any type of a question or problem she is there to help me with it. She is friendly and professional and pleasure to work with. She is timely in getting back to me with any emails or phone calls. She also raised my credit score substantially! Bianca explained everything clearly and beyond my expectations. Would recommend her to anyone who is looking to start a business!

Thank you for the post Ed.  I am interested in turnkey rentals in B to C markets in Indy.  Although new to BP Pro, I look forward to learning and implementing what took me decades to actually take action.   Thanks