All Forum Posts by: Travis Hill

I would love to find a good underwriter. I love connecting people and deals, being in front of people discussing deals. Public speaking is my strongest superpower. If there info or data that needs presenting, I love to do it. 

Cleveland is still a great place to invest. I enjoy it there.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $43,000
Cash invested: $21,000

It is a cute 2/1 on the north side of Milwaukee. Basement and garage.

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

This property was new to our buy box and I wanted to test the value of a 2/1 in the area.

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

This was an off market property that a realtor who I work with there presented to me.

How did you finance this deal?

I used 100 percent private money.

How did you add value to the deal?

We did $51,000 rehab throughout the whole property.

What was the outcome?

We ran over on the budget and the appraisal came in really low. It is currently rented and cash flowing.

Lessons learned? Challenges?

We had our first Reevaluation of Value (ROV) on this property. The first appraisal came in at $88,000. We had comps at $125,000. The ROV came back at $98,000. We bought down the rate to 6 percent. That cost us $5200. We ended up coming out of pocket with closing costs, interest, and rehab a total of $21,000. So instead of doing a great BRRRR, we ended up financing our own turnkey.

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

CMG Mortgage, Anita and Mark David were awesome, I highly recommend them.
Robin Gevvart, solid agent, great friend, knows her market well.

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $53,000
Cash invested: $71,000

3/1, 1100 sq ft. We found this deal using mailers from Ballpoint Marketing. We used private money to purchase and fund the rehab. We refinanced this property six months later for seasoning. We secured a sub 5% loan, conventional, 30 year fixed.

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

This type of property is in my 'buy box.'

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

We used Ballpoint marketing postcard mailers to go direct to seller. I sent out 1085 postcards and the agent I worked with recieved a call from the owners. It was one of their rentals.

How did you finance this deal?

I used 100 percent private money. I had no money invested in the deal.

How did you add value to the deal?

We had a budget of $15,000 and ended up adding an additional $6,000.

What was the outcome?

This was a classic BRRRR. We were able to get all the PM out and put $1500 in our pocket after closing costs. It has positive cash flow

Lessons learned? Challenges?

The market is changing for sure. Supply chain issues and little nuances in the rehab caused us to go over budget. The loan process is also tightening.

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

GC-Done Right Home Solutions, Steve Stohlman, he is amazing and a great friend.
Progressive Urban Property Management, George Rofail and Amy Pierse, solid company to manage the property.
CMG Mortgage, I enjoyed working with this lender in the area.

@Account Closed what a wonderful conversation you both had. I enjoyed reading them all. I am new to subto deals as an OOS buy and hold investor but looking to learn and apply it to my portfolio. Thanks for the breakdown, disclose x 3, and the knowledge. Continued success.

I have used hard money and it was ok. I prefer private money. I have been a private lender. My terms have been no prepayment, 10%, first position, 1 point, 1 year note. I am currently using private money for my last two deals. They have similar terms. 

 @Kerry Baird that is a great interest rate for owner financing! keep it going

 @Ryan Williams I agree. I am lucky to have private money available but it is a relational transaction for sure. I do not know private lenders actively and honestly broadcasting their money. 

I use Stessa (Asset spelled backwards) it's free and I love it. I link accounts to it. I link my PM to it. I can upload whatever I want. It prepares my tax paperwork. It generates all bookeeping, accounting info for my accountant. 

@Kristen Silva I am an out of state investor and Marine stationed in California. Cleveland is a great market to invest in. I have property there with a solid PM, contractor, and agents. Happy to connect with you and your husband.