All Forum Posts by: Tristan Gardner
Tristan Gardner has started 4 posts and replied 128 times.
Post: Cashflow-OHIO REA Flip!
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $60,000
Cash invested: $35,000
Taking down our first foreclosed property here in Mansfield, Ohio! I've had really good luck with the upper starter home level homes with an ARV around the 150,000 mark. Our market is called off a tad, but this type of inventory continues to move super fast.
What made you interested in investing in this type of deal?
Low entry, limited inventory on market, a quick 2-3 month project
How did you find this deal and how did you negotiate it?
On market. We sent 6 offers, one per week until the bank finally accepted.
How did you finance this deal?
PML @ 1% per month with all payments deferred until closing. That's some good stuff right there!
How did you add value to the deal?
This is a lipstick + flip.
New floors, paint kitchen counters, cabinet faces, new bath, install central air
What was the outcome?
It will be a quality, move in ready home for a first time home buyer
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, the GOAT John Pavlansky at Dream Huge Reality in Mansfield, OH. Tell him I sent you!
Post: launch control pricing
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Quote from @Justin Buswell:
Our experience with Launch Control was horrific. They over sold their capabilities and had issue after issue getting us on boarded. We asked for a refund, which they refused. We canceled and went back to the platform we had used before them. All the SMS services have issues but LC is not one I would use.
What was so bad? I’m looking to join soon so any help is appreciated!
Post: Quickbooks for "Active" REI
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
PMing you..
Post: PML Loan Payoff Letter
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Quote from @Ned Carey:
@Tristan Gardner it is the lenders legal obligatin to give you a statement (i think it is an IRs 1099 interest) of how much interest you have paid each year. Ths is different then a pyaoff letter which you request from the lender which they send you or a title company with the officail payoff amount for the loan
I agree, I'm looking to "caudal" a particular PML I'm using for a flip.
Post: PML Loan Payoff Letter
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Quote from @Andrew Postell:
@Tristan Gardner hmm, I'm not sure if there's a good way to attach things here...certainly willing to email this to you but the below is what I use when dealing with private lenders.
Also, an amortization schedule is usually a good tool to have to show the amounts based on how long you have been in the loan. If you have paid extra, or if it's interest only, or some other feature...you may have to do something different but amortization schedules are usually a good place to start.
This is perfect. Thank you!
Post: Quickbooks for "Active" REI
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Hey Shawn,
Did you new CPA have any insight on this?
Post: PML Loan Payoff Letter
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Two questions here about paying off a PML:
1. Does anybody have a document / statement they give to their PML to show the interest paid?
2. Can you provide a sample payoff letter you prepare or have received from your PML?
Post: Quickbooks for "Active" REI
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
BP Killers,
Who here uses Quickbooks to track income/expenses specifically for resi flip projects? Which plan do you have? Would you recommend it? Any other thoughts?
Post: Easy subject-to deal
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $120,000
Cash invested: $20,000
Sale price: $209,000
Perfect Subto deal with a 85k Subto and 35k cash to seller at closing. A 20k rehab brought this to a 55k project with a fantastic exit a few weeks later for a cool ~60k profit.
What made you interested in investing in this type of deal?
A low entry fee
How did you find this deal and how did you negotiate it?
Off market, referral
How did you finance this deal?
Private money lender
How did you add value to the deal?
Light rehab
Lessons learned? Challenges?
Follow-up with the seller every day while escrow is open
Post: Security deposit account
- Rental Property Investor
- Mansfield, OH
- Posts 129
- Votes 89
Yes, but I switched over to Relay Financial. Very similar with the ability to quickly separate into different accounts, but they also have the ability to create virtual debit cards that I can give to staff.