All Forum Posts by: Theresa Nardello

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $257,000
Cash invested: $25,000
Sale price: $400,000

This house had squatters in it so nobody wanted to touch it. I saw the potential and knew it would be worth it even if I had to wait 3-4 months for an eviction. I was fortunate to get help from a nice guy who negotiated cash for keys and they squatters moved out within a few weeks. I did very little work because funds were tight, but the market is booming in Spokane and there's very little inventory - and I had multiple offers.

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

Too good to pass up

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

Local wholesaler

How did you finance this deal?

Hard money

How did you add value to the deal?

Painted 100% of the interior and exterior window trim, replaced the front door, added tile floors in the bathroom and kitchen, painted bathroom vanity and replaced all fixtures, put in new quartz countertops on original cabinets, all new light fixtures, door knobs and handles throughout.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $257,000
Cash invested: $25,000
Sale price: $400,000

This house had squatters in it so nobody wanted to touch it. I saw the potential and knew it would be worth it even if I had to wait 3-4 months for an eviction. I was fortunate to get help from a nice guy who negotiated cash for keys and they squatters moved out within a few weeks. I did very little work because funds were tight, but the market is booming in Spokane and there's very little inventory - and I had multiple offers. I actually had it under contract for $430,000 but it didn't appraise and the buyers did not have the extra funds to pay the difference. I could have started over but wanted to close and move on to my next flip. Cash at closing was over $128k so I can't complain.

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

Too good to pass up

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

Local wholesaler

How did you finance this deal?

Hard money

How did you add value to the deal?

Painted 100% of the interior and exterior window trim, replaced the front door, added tile floors in the bathroom and kitchen, painted bathroom vanity and replaced all fixtures, put in new quartz countertops on original cabinets, all new light fixtures, door knobs and handles throughout.

I've had 10 Airbnbs in the last 6 years and this has happened to me only once.  That's what your security deposit is for (or the insurance policy they can buy if they prefer).  File a claim with Airbnb.  They will probably take a couple weeks to refund you the money, but they will. Be stern and insistent that you are owed that money.  Obviously, you need to provide photos and proof.  I've filed claims two or three times and eventually, they paid me.  My girlfriend filed a kind of big claim for a stain to her countertop and they paid on that too.  

And definitely leave them the WORST review possible - I feel it's our duty as hosts to do this - and then write them a personal note within the review and tell them how ridiculous they are for treating some else's property like that and inform them that you will do all you can to ensure no other host will ever rent to them again.  How infuriating!  I'm sorry that happened to you.  Do you have a Ring or some other type of camera system to notify you when there's a party or the like?  They're well worth the $100 and you can watch it all on your phone.  Exterior only, of course, but that's enough.  The one time I had a similar situation was years ago and I did not have a Ring yet.  Had I known, I would have gone over there and shut off the electricity from the exterior box and kicked them out personally.  

Good luck!

Ralph,  I see this old post of yours and I'm now looking for the same information.  Can you refer me to any title companies who do double closings?  

Thanks, Teri

I'm seriously considering PIN v5 but these posts are daunting.  They are years old now, so I'm wondering if anyone has had experience in the more recent past with PIN?  If so, please share.

Also, the new offering allows for two people, so if anyone is interested in sharing the cost, let me know.  It's now $1497 but they've offered me $97 a month as a returning member. I'm researching if that's a better deal in the long run.

Thanks

Trent,

I know this is a very old post but I was wondering if you ended up using Eastside Funding?  I used them twice in 2015 and they were excellent.  Very easy to work with and not strict at all.  They extended one loan a couple times and even gave me some more money.  I've been away from real estate a couple years and am getting back into it and wondered if you use them or can recommend another hard money lender in Washington?

Thanks, Teri

Willden Family Investments LLC is a SCAM.

Although I don't see any mention of them here on BP, I thought I should mention it because they are putting themselves out there as private lenders.  I found them on MyHouseDeals.com - who regularly publish lists of private lenders.  They've been on that list for several months and I've communicated with them on 2 different projects.  In both cases I received a preapproval letter offering me my full purchase price plus a sizable rehab budget.  They make it seem like the only thing you're going to have to pay for upfront is an insurance policy to cover them in case of default - it's 2% or thereabouts.  It's a small enough number that I'm sure people go for it.  They are not making real estate loans however - only personal loans.  This will obviously allow them to bypass escrow/title companies.  

They have done their research.  Nicholas Willden is, in fact, a successful businessman in Henderson, NV.  They are using his name and address, however, they leave off one letter on the street name and change the "Street" to "Circle" - hoping no mail will ever reach the real Nick Willden.  They also have you write to Kristen Willden's email address, but the real Mrs. Willden is named Kristine.  When you do a Nevada corporation search for Nicholas Willden you will get a long list of various entities he's had back into the '70s and '80s.  I did a Spokeo search and found the real Nicholas Willden and spoke with him by phone today and he is aware someone is using his identity and assured me he does not do private loans and it's a scam.

Murphy,

I'm on BP looking for info about Bob Diamond's Overage course and saw your post from last year.  Did you end up buying it, or find out any further information about it?

Thanks, Teri

You didn't really answer my question.  If you don't have a website, do you have a list or how do we find out about the specific properties you are selling?   You said,  "I have 4 in Norcross, 2 in Lawrenceville, 7 in Cumming, and 2 in Buford."  What are the addresses, specs, prices, etc.?

Anton, I'm an investor looking for small multi-families.  Do you have a list or a website you come point me to?  I'd like to know the specifics of each if possible.

Thanks, Teri Nardello