All Forum Posts by: Travis Dreyer

@Andrew Tucker I would be up for getting together as well. I have been doing rentals and flips part time pretty much only in Holland.

Hey Sam , 

I know people who would be interested, myself being one. I'm from Holland as well.

Another thing you could possibly do depending on how nice your parents are, is to buy it and rent it out while still living with your parents. And then decide later whether it's worth converting into a 2 family. 

That's funny! It was on Elm Ln. Did you throw a bid in? 

      Thanks for the kind words! That's a great question. Actually I was in the process of closing on a different property in the same market that turned into a highest and best offer situation. So I ended up going 10k over asking on that one but wasn't even the highest bidder. My offer was still the one accepted because it was cash. So based on those numbers I felt I had to go 7.5k higher on the next one to get my offer accepted. I ran the numbers and was comfortable at that price and it all worked out great! I've noticed in this market the asking price doesn't mean much. 

 @Jacob Waterway I have done different ways but in this deal it was 12%. So not too bad because the flip only took 3 months. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $91,513
Cash invested: $28,487
Sale price: $145,000

Fix and Flip. Bought and sold in 3 months. Profit: $25,000.

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

I've always wanted to flip a house. One of the motivations for this flip was to generate profit to invest into more rental properties, specifically multifamily.

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

MLS, It was a foreclosure. I worked with a realtor and offered $7,500 over asking. I was one of 7 offers and won the bid.

How did you finance this deal?

Cash Investor

How did you add value to the deal?

A lot was cosmetic. Complete redo on kitchen and bath. Some new windows. Paint and Kilz everything (house was a smoker house)

What was the outcome?

It was great. It was fast and profitable and I havn't found a deal near that good since.

Lessons learned? Challenges?

No major mistakes were made but I would say make sure double and triple check your rehab numbers.

How did you structure how your CASH investing partner got paid?