Not so new in Louisville ky
Hello all, I’ve been browsing the forums since sometime mid-summer last year. Figured its due time for an introduction. I love listening to the podcast, about to finish up “The book on flipping houses” by J Scott.
So long story short, 3 deals under the belt. First deal was a major gut to the studs rehab, acquired it by putting 50% down and seller financing the remaining. Did all the rehab work myself over a year or so. At the time I was managing a small contracting company, so a lot of help from being in the field every day to learn enough about other trades to handle almost everything myself. I’m currently closing on the sale my first flip (deal 2) at the end of this month. Second and third came as a package, owners had both homes tied into a small town bank mortgage. They had faulted on the loan, I started negotiating with both the bank and current owners. I purchased the note from bank as a somewhat unofficial short sale. Upon purchase we agreed we would transfer the 3rd house into my name and came to an agreement of a type of reverse mortgage. Allowing the elderly owner of the third house to continue to live in and only pay me a break even (taxes, insurance, maintenance) rent amount. I acquired the 2nd home immediately, I used River city bank’s interest only note as a means to rehab the house so I could sell (plan a) or refinance and live in (plan b). Plan A worked! I now own 2 homes free and clear!
I plan and using River city for certain deals as they were great to deal with and fast! But also refi- cashing out on one of my properties to have the cash to purchase from auctions. I’ve been shopping and I like my personal bank's options.
The lease is up on my rental at the end of this month so I will be moving into it until I find something else. My short business plan is to flip to fund purchasing sfh rentals. I feel the flipping market is extremely competitive right now, but it's not stopping me from watching the MLS like a hawk, driving for dollars and researching alternative methods to finding deals. To date everything I've purchased was word of mouth.
At the beginning of this month I decided it was time to break free of my (somewhat) steady job and start my own remodeling venture. So far it’s been a great decision. Running my own schedule give me time to run real estate errands, head to the local commissioners auction, or actually sit down and enjoy a meal.
Other than real estate, I like to enjoy everything Louisville has to offer. Horses, bourbon, national parks. I attended college for aviation maintenance, and currently hold my A&P license. So you might occasionally find me at the local airport wrenching on something or working on my student pilot license.
So hello to all! I clearly need to work on my forum activeness. I couldn't put a price on the knowledge I have gained from bigger pockets.