All Forum Posts by: Traci Cameron

@Virginia Marphis other than getting my RE license, that’s what I’ve been doing! Thank you for the great advice! I’ll keep pursuing.

@Eric L. I would love that! I’m also in Clarksville. I’ll message you my contact info!

@Jay Hinrichs here in Clarksville alone there are over 1000 RE agents. I just have no desire to be an agent. I love the renovation side of things!

I tried so hard last summer to begin investing as a flipper. I simply could not compete with cash buyers and my RE agent kept telling me that my renovation expectations were too unrealistic (she was thinking it would only take about $10-$12k to flip a house but when I crunched numbers I was coming up with $25k+ in reno costs). I became very discouraged and took a break from pursuing it for a while.

But here’s the thing, I can’t stop dreaming about it no matter how much I try to convince myself I just can’t do it. So, a thought came to me this morning and I’d like to run it by you seasoned investors...

What if I were willing to work for free? From start to finish...I want to understand every aspect of the thought process. I can search for properties, be a part of planning the remodel, meet with contractors, do demo work, contribute to the remodel labor...you get the idea. And hey, if I do a great job, I certainly wouldn’t be opposed to the investor throwing a few bucks my way. More than anything, I want to gain experience. I live just north of Nashville so I’d particularly love any middle TN investors to give me their insight but I welcome all investors to weigh in!

I know the feelin @Ivan B Espinosa! All the books, coaching, webinars, seminars...they all paint a picture that anyone can do this with little to no money and poor credit. The reality is that you have to bring something to the table (skin in the game). I’d tell you to try and partner with someone else but that too is a challenge if you don’t have several years of experience.

Try and save $5000 up and get a few good friends to save $5000. Find an inexpensive flip that just needs some cosmetics (hopefully you know how to do most of the repairs yourself because that will save you money). After you get the first one done, your confidence will help propel you on to the next and you’ll have a little more cash to work with.

My biggest challenge has been trying to compete with cash buyers!

Finally had found a deal on an off market property. The number worked, made offer, offer accepted, set to close August 10th. Here’s where things went downhill... When I made the offer, tenants were still in the house. As part of the contract, I stated tenants had to be gone (non issue), stainless steel appliances stay, yard debris needed to be cleared out (looked like Sanford and son...). Tenants moved out and destroyed the place. Not too big of a deal as I would be rehabbing anyway. But, they also took the appliances and busted up the deck with a baseball bat as they left. Seller refuses to replace appliances even though it’s in our contract and will not repair deck. In lieu of appliances and deck repair I said I would drop price to 59,500 (was $62k), their choice. They said no to both. Since I’m still within inspection period, all parties agree it’s best to terminate contract. I get the email document to withdraw this morning only to find my agent stated me backing out due to electrical box issue (there was no issue) instead of the truth. Advice? Do I leave it be? This sucks.

I used a HELOC from my primary residence to have the down payment on my first investment property. This strategy is working well for me so far!

@Kevin B. my head is spinning! That went way over my head so you’d have to private message me or call me to explain.

As far as rentals, I’d rather not in this particular neighborhood. Rents run about 750-850/mo but tenants in this area do not take care of properties. That’s actually how I acquired this one. Tenant trashed it and sellers just wanted to be done with it.

realistically, I should be able to flip this in 30 days. My son and I will do the little stuff like paint, switching out hardware. Contractor will be remodeling the 1 bathroom and flooring. I put in 120 days based off Brandon Turners suggestion on one of his webinars.

Found this off market property by accident. I went a little high on my rehab estimate costs just to be on the safe side. Realistically, my rehab costs should be under $10k. Since I opened my LLC, the banker I'm working with is giving me a commercial loan that requires 20% down. It's for 1 year at 5.25% interest only payments. There are 2 available clauses with the loan should something terrible happen and I can't sell within a year. I can either get a 6 month extension (up to 2x) or I can convert it to a conventional 30yr principle and interest payment.

The ARV I have is at a safe $108,000. The market would support a sales price of $112,000 as the prices out here keep going up. Again, I'm trying to play it safe. Scheduled to close in 3 weeks! The property needs cosmetics only. No tearing down walls, has new roof, new HVAC, new water heater and includes stainless steel appliances!