All Forum Posts by: Tristan Gardner

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!

 What was so bad? I’m looking to join soon so any help is appreciated!

PMing you..

 I agree, I'm looking to "caudal" a particular PML I'm using for a flip.

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!

Hey Shawn,

Did you new CPA have any insight on this?

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?

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?

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

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.