All Forum Posts by: Trey Bagby

I currently have a family of four renting a 3 bed 1 bath sfh from me (husband & wife with two small children) and they sent me the following message:

“My wife and I are working on figuring out some new living arrangement possibilities for her father. I was wondering if our lease would allow him to move in with us as one option we could consider?”

There’s not really anything in the lease that specifically addresses this but it does say all tenants staying in the property must be listed on the (initial) lease. I’m just looking for some advice/opinions on what other landlords would do in this situation. They have been great tenants so far and have always paid rent on time. Thanks!

My real estate agent just sent me a listing that has the potential to make a really good BRRRR, the only thing that concerns me is the house was built in 1920. Any advice or things to think about when buying a property this old? TIA!

I'm looking for a good accountant with a real estate background in the Wichita area. Any suggestions?

Investment Info:

Single-family residence fix & flip investment in Mcpherson.

Purchase price: $30,000
Cash invested: $40,000
Sale price: $95,000

This property is a 4bed/1bath single family house with a little over 1,100 square feet. I purchased this property off market for $30,000 and gave it a complete overhaul. Some of the main improvements include: leveling the floors, tearing out the lath and plaster, new electrical & PEX plumbing, new siding, new roof, all new heating and air, new cabinets, new shower, new windows, replaced the flooring, and new doors. This project was probably a little more than I should've taken on for my first rehab (especially since I did most of the work myself) but it has taught me a lot about what all goes into it and the costs associated. In the future I will definitely outsource more of the work but overall I am very happy with how it turned out! PP: $30k rehab: $40k ARV:$105-$110

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

I wanted to build capital so I could BRRRR properties in the future

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

I found this property by driving for dollars

How did you finance this deal?

I got a line of credit for the purchase of the property and I paid for the rehab out of pocket

How did you add value to the deal?

I created value add by doing a complete rehab of the property

What was the outcome?

The project took a lot longer than I originally anticipated but I still was able to profit around $20,000

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000
Cash invested: $40,000

This property is a 4b/1ba with a little over 1,100 square feet. I purchased this property off market for $30,000 and gave it a complete overhaul. Some of the main improvements include: leveling the floors, tearing out the lath and plaster, new electrical & PEX plumbing, new siding, new roof, all new heating and air, new shower, and new windows.

PP: $30k rehab: $40k ARV:$105-$110

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

I wanted to get experience with the reno process so I can start BRRRRing properties in the future

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

Driving for dollars

How did you finance this deal?

I purchased it with a line of credit from the bank and paid for the rehab out of pocket

How did you add value to the deal?

Complete remodle

Lessons learned? Challenges?

I learned so much from this deal but one of the major lessons was that in order to scale quickly I have to outsource more of the rehab

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000
Cash invested: $40,000

This property is a 4bed/1bath single family house with a little over 1,100 square feet. I purchased this property off market for $30,000 and gave it a complete overhaul. Some of the main improvements include: leveling the floors, tearing out the lath and plaster, new electrical & PEX plumbing, new siding, new roof, all new heating and air, new cabinets, new shower, new windows, replaced the flooring, and new doors. This project was probably a little more than I should've taken on for my first rehab (especially since I did most of the work myself) but it has taught me a lot about what all goes into it and the costs associated. In the future I will definitely outsource more of the work but overall I am very happy with how it turned out! PP: $30k rehab: $40k ARV:$105-$110

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

I wanted to get experience with the reno process so I can start BRRRRing properties in the future

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

Driving for dollars

How did you finance this deal?

I purchased it with a line of credit from the bank and paid for the rehab out of pocket

How did you add value to the deal?

Complete remodle

Lessons learned? Challenges?

I learned so much from this deal but one of the major lessons was that in order to scale quickly I have to outsource more of the rehab

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000
Cash invested: $40,000

This property is a 4bed/1bath single family house with a little over 1,100 square feet. I purchased this property off market for $30,000 and gave it a complete overhaul. Some of the main improvements include: leveling the floors, tearing out the lath and plaster, new electrical & PEX plumbing, new siding, new roof, all new heating and air, new cabinets, new shower, new windows, replaced the flooring, and new doors. This project was probably a little more than I should've taken on for my first rehab (especially since I did most of the work myself) but it has taught me a lot about what all goes into it and the costs associated. In the future I will definitely outsource more of the work but overall I am very happy with how it turned out! PP: $30k rehab: $40k ARV:$105-$110

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

I wanted to get experience with the reno process so I can start BRRRRing properties in the future

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

Driving for dollars

How did you finance this deal?

I purchased it with a line of credit from the bank and paid for the rehab out of pocket

How did you add value to the deal?

Complete remodle

Lessons learned? Challenges?

I learned so much from this deal but one of the major lessons was that in order to scale quickly I have to outsource more of the rehab

Following

Hello all,

I'm trying to learn as much as I can about creative financing (primarily subject to & seller financing). If anyone has any advice, book recommendations, or networking groups that deal with these techniques I would love to hear about it. Also, if anyone has experience buying subject to or using seller financing I would love to connect and talk real estate. 

Thanks!

Trey

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $8,000

3 bed 2 bath, 1,100 sq ft. single family house. I purchased this property off market for $120,000 as my primary residence with the plan of renting it out in the next year or two. Overall the property was in really good shape, just needed cosmetic updates (removed wallpaper, updated fixtures, painted, new carpet, and new appliances). PTI come out to $705 and would easily rent for $950-$1000. Appraised at $140,000.