All Forum Posts by: Travis Feldewerd

I did my first fix and flip about a year ago. Currently I am working on another. I'm excited to continue growing my real estate knowledge and portfolio. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $63,000
Sale price: $275,000

Older home. Fix and Flip. Full gut to studs. Everything new after that. Plumbing, HVAC, Electrical, Sheetrock, Cabinets, Flooring, etc.

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

I was looking to build my investment account with a fix and flip

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

A friend of mine was looking for an investor, he made me an offer and I took it. We didn't negotiate much, I was happy to have the opportunity since it was my first deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Full gut and rehab added property value

What was the outcome?

After both of our expenses we ended up breaking even after some unforeseen expenses

Lessons learned? Challenges?

I learned I needed to do more due diligence in the beginning. We missed multiple large expenses. We went way over budget because of this and it also took longer than we were originally hoping. In the end we broke even and learned a wealth of knowledge.

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

No

Thank you!

Thanks everyone who responded! This is all great info for me as well as anyone else that is wondering the same thing! 

This may be a silly question but is "debt service" just a different term for what the mortgage or loan payment is?

This is all great info! Thank you everyone! So here's another question,  With auto pay set up let's say one tenant decided not to pay, Is it as simple as calling the bank and cancelling auto pay until you get the rent squared away again?

Thank you all for the responses! I appreciate the feedback!

Great information! It's nice to hear from a route of someone using a property manager. Anyone not have a property manager have any input?

Jade, thank you for the response! Sometimes the simplest responses are perfect and I appreciate the feedback! Continuing on the question for you personally, Do you have all your rent checks mailed directly to you or do you do electronic payments?

Hello everyone! I am 27 and am starting out my REI life. I am new to REI and I am trying to get all the questions answered that I can think of! I haven't had much luck searching Bigger Pockets for this specific question. How are fellow investors paying multiples mortgages on multiple properties; especially if they are financed through different institutions? If for example you have 5 properties, are you setting up auto payments on each loan every month and then dispersing rent checks to each bank as they come in? Any help would be appreciated!