All Forum Posts by: Travis Hill

I am thoroughly grateful for the mastermind I am apart of. As an active duty Marine, I am apart of 'From Military to Millionaire' mastermind called the War Room. It allows me to share my successes, failures, and struggles with fellow military members who have experienced those same situations. I have also seen deals, partnerships, and financial growth in the same mastermind. My squad consists of 5 other veterans, we meet every Saturday morning (05 PST for me). We have been meeting for over four years. 

I am also starting a RE meetup here locally where I am stationed in California. I think it's so important to get around likeminded people trying to better themselves and the world around them. 

Understood. I invest OOS as well. Milwaukee and Cleveland. Hiring a PM is important. Like David Greene says, have the core 4 (contractor, PM, lender, and agent). Regardless of what market you invest in, know the zip codes, know your 'buy box' inundate wholesalers who can help you find that criteria. Lots of ways to skin the cat in regards to finding off market deals. 

 If you are interesed in the Columbus market. @Remington Lyman is a great guy, a hustler, and knows that market very well. 

@Marcel Couch may I ask what is your risk level of investing? What do you consider a 'good deal'? What is your 'buy box' for a property? These questions can help you determine where you want to invest. Know your area to determine which neighborhood class is in your buy box. Also determine your end state with the properties. The more you know your ideal property to purchase and how you want to invest in it, the area will be far easier to see in our investing market. 

You mentioned cash-flow. How much? Cash on cash return on investment? 

@Patrick Flanagan continue to educate yourself through whatever means you enjoy (podcast, youtube, books, etc.) attend RE meetups locally. Find events on social media to attend virtually. 

Like the above comments, underwriting cant be stressed enough. Is the market local to or are you out of state? Have your own underwriting template/form to input numbers. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $53,000

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 are in the middle of refinancing the property to pay back the private money.

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

It was our first time using mailers for direct to seller contact.

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

We used mailers from Ballpoint Marketing. It was a postcard. We sent out 1085 mailers and got this one response. The owners had a portfolio and was willing to let this property go. The agent was able to negotiate the price down from $60,000.

How did you finance this deal?

We used private money. First position, 10% annualized return, promissory note drafted by an attorney.

How did you add value to the deal?

We spent $21,000 on the rehab. We expect the ARV to be around $100k. We updated the floors, paint, and a new bathroom and kitchen.

What was the outcome?

It is currently rented for $1250/month. With a 6.5% estimated loan and a 75% cash out refi, it cashflows $264/month.

Lessons learned? Challenges?

Staying patient and waiting for the 6 month seasoning period to go conventional. I am deciding between the higher interest rate and using commercial funding for the LLC or stay in my name and move it to the LLC later.

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

I love working with Done Right Home Solutions for the rehab. Steve and his crew is amazing. I also love working with Mike Kulaga with Century 21 Homestar. Progressive Urban Property Management handles all my PM needs.

thannk you, @Dmitriy Fomichenko

Investment Info:

Single-family residence buy & hold investment in Milwaukee.

Purchase price: $120,000
Cash invested: $30,000

Contributors:
Stuart Grazier

My third investment property with Storehouse 3:10 Ventures. It is a 2/1+, rented before we closed and at $1350/mo. I was able to secure a 3.25% mortgage. So grateful to be able to have such amazing cashflow.

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

Storehouse 3:10 is a solid turnkey company in the Milwaukee area that provides amazing rehabs with Smart Asset Realty as the go to in Property Management.

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

I have been on the list to purchase properties every time. I am able.

How did you finance this deal?

I used standard conventional loan, 25% down.

How did you add value to the deal?

As a turnkey I did not add any value.

What was the outcome?

PP was $120,000, Appraisal was $135,000. 1350/month rent.

Lessons learned? Challenges?

I continue to learn how amazing Storehouse is. Guaranteed Rate as my lender does an amazing job at streamlining the process and Smart Asset Realty keeps it looking amazing and finding qualified tenants.

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

I work with Robin Gevaart as the realtor. Storehouse 3:10 the turnkey company, Guaranteed Rate as the lender, Prism title as title, and Smart Asset Realty as the PM

I purchased a 5-plex commerical MF in January 2021. It is currently being renovated in 3 of the 5 units. The renovations will be completed in mid March. I am looking to network with a lender/bank that would entertain a cash out refi on the property. 

@Julie J.goos morning. I did not get anywhere with this loan. I have since bought more properties with the hope of leveraging them in the future. My biggest obstacle was not enough properties in my portfolio.