All Forum Posts by: Vitalii Lunko

Hi everyone, 

I have many houses which should be remodeled and I don't have a luck to find contractors in my area. 

Would you recommend something? 

I think of hiring employees on full time on my real estate LLC but I did not have experience of hiring people here in the US.

I definitely need a business insurance, any ideas what else? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $31,000
Cash invested: $90,000

Under Remodeling ARV 270K

 Because it is 25% not 100% 😂

 I've been there 40 days in December and had not time for enjoying the nature. Next time) 

Thanks, indeed, it was my first full rehab project. Even if I were to lose some money, I gained experience

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $23,000

I bought this property at an auction. I'm particularly fond of the large plot of land and the small pond on the property. Remodeling is currently underway.

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

Price

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

Auction

How did you finance this deal?

Cash out of pocket

How did you add value to the deal?

Remodeling Ongoing

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $225
Cash invested: $50
Sale price: $310,000

I acquired this property using a 'subject-to' (sub2) purchase and rented it out for a year. Due to the impact of Covid, I couldn't sell it immediately, so I opted for Airbnb. A year later, I sold it at a modest profit. While the experience was enriching, I invested a lot of time and earned relatively little in return. Nonetheless, I'm proud of the outcome. It was my inaugural project involving the hiring of local contractors.

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

After completing online courses about 'subject-to' (sub2) and various unconventional methods of buying and selling properties, I needed hands-on experience. I acquired this deal from my mentor who already had it under contract. He certainly made more money on this transaction than I did, but I gained invaluable experience. I also did all process of buying this property by myself without a title company. I registered a company in Alaska and registered a warranty deed I drafted before.

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

I did negotiate a little. I purchased it from my RE mentor.

How did you finance this deal?

Cash out of pocket

How did you add value to the deal?

New floor, staining, painting, new deck etc.

What was the outcome?

Just 5-10k of profit but I am happy I did not lose money as it was a tricky deal.

Lessons learned? Challenges?

Never pay by hour. Always pay by piece.
I were hiring many people and there were doing a milky job. I could save 5-10k if find a professional and pay for a project in one piece.

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

no

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $145,000
Cash invested: $20,000
Sale price: $212,000

It was a sub2 deal with 45k investment in total

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

Small investment and high ROI

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

cold letters to distressed properties (pre-foreclosure)

How did you finance this deal?

the biggest part is sub2 with a promissory note and some cash out of pocket

How did you add value to the deal?

small repairs

What was the outcome?

high ROI because of sub2

Lessons learned? Challenges?

everything is possible

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

My friend found contractor to do repairs as I was out of the country and wasn't able to return

Hello, everyone, I'm new here. I have four properties in Alabama and Mississippi that are currently undergoing remodeling. While I have more deal opportunities available, I'm short on funds. What would you recommend? I can comfortably contribute 20-25% and am looking for financing for a year, after which I plan to refinance. Should I focus on hard money lenders in the specific states where I'm buying properties, or do out-of-state lenders work as well?