All Forum Posts by: Stephen Fryer

Hey Stephen. Happy to talk flipping. 

I have an SFR that will be hitting the market this week in zip 46628. This is the second fix and flip that I've done in that area this year. It's a good market for first time home buyers.

I don't really have any specific preferences for market timing to be honest. My goal this year was to do 1 flip/quarter. I got a little behind and will have three. I guess I'll have to boost the marketing to get things rolling for the new year. 

I used private money to fund the flip. I have had some good success networking with local investors here in Ottawa to find people interested in partnering with me. The market here is really expensive and cap rates for SFRs are between 4-5%. I can still find affordable homes and great returns in South Bend.

I found the first property from an inheritance list and the second while driving for dollars. A wholesaler had placed a sign on the street and I followed up.

This is a working class neighborhood so I don't over rehab. Nice clean finishes so that people have a great place to call home.

Would love to hear other people's experiences.

Stephen

I am using hard money to buy a triplex. The lender is demanding a payment of $2500 in order to purchase payment protection insurance before he will close. I have done multiple deals this year and have never had this happen before.

Has anyone experienced this previously?

Hey Creig.

I installed lights outside with motion detectors  and a cheap motion detector and alarm for the inside and it seemed to do the trick. Helps to make friends with the neighbors so that they can advise you if they see a problem as well.

Hi guys. I'm a little overwhelmed. I have two fix and flips going and a rental that I'm closing at the end of the month. Looking for someone to take these properties off my hands.

• 1005 Cleveland Ave South Bend, IN 46628. 3 beds, 2 baths, 1800 sq. ft. Great rental neighborhood, Close to Memorial Hospital. $25K.
• 1519 College St South Bend, IN 46628. 2 beds, 1 bath, 850 sq. ft. Close to parks and schools. Already rented at $500/m on a month to month lease. Rentometer median rent is $575. Tenant would like to stay. 30K.

Hey @Stephen Sokolow

Great stuff above. Your exit for refinancing may be a challenge if the ARV is below $100K. It costs the institution the same amount to analyze a transaction, whether the value is $25K or $250K, so they want to make it worth their while.

Sounds like you would need some deep pockets to manage the rehabs, so be careful not to over-leverage yourself. The challenge with a land contract is that you may find it difficult to wholesale some of the units to raise capital to reinvest into the winners. 

Good luck. Let me know if you need any help doing your analysis.

Stephen

Hi Everyone 

I have properties in South Bend and Elkhart  Indiana. I am presently self managing but would prefer to use my time more effectively to scale my business. Looking for recommendations for a good property manager. Any suggestions?

Hey @Doran Summers. 

Thanks so much for reaching out. I have sent a PM and included some additional information about the project. 

Thanks @Breynan Hammons.

My first thoughts were to find a lender to help me close the deal. I am just finishing up a project right around the corner and would like to keep the crew busy.  Sometimes beggars can't be picky though. I will send some additional information in a PM.