All Forum Posts by: Brett Tvenge

I want to learn from others, but here, I will go first.

Acquisitions: Agent touches and contacts. Networking with family/friends. Hosting a monthly meetup. Telling all the Home Depot employees what I do (got a sick flip from one this year when a customer was looking). 

Financing: We have our fast lender and our regular lender. Fast lender is private capital, can close in 3 days, and a tight knit group. 12% rates and 2-3 points. Kiavi is our normal lender who is at 1.5 points and around 10%. We also utilize local banking relationships for our holds as they will do a rehab to hold product for us with only one closing on the front end.

Management Strategies: For our flip, we make hard deadlines for the project managers. Pre-closing, first 5 days, first 30 days. This has helped tremendously with scale! Just purchased house #20 for the year early July, and without these process and expectations, we would be a sinking ship.

Let me here some ideas on what you're doing if you are purchasing at scale to run your business and learn from each other.

Hello BP community,

I am currently about half way through my 1st Flip or what I thought i was going to flip. How can I determine lets say if i wanted to rent out this property using the BRRRR method rather than just flipping it? Its a condo in Scottsdale AZ. Any and all help is appreciated.

Thank you.

@Boffill Yosleys

Rehab looks on quality to be ok. A few suggestions

1. The pic w the back of the front door showing 5 or 6 locks doesn't convey a good look of safe neighborhood or any attempt to make a door attractive.

2. Kitchen island has minimal dining space as it lacks any overhang and most of it is taken up by the cook top

3. Basement elec panel needs trim around it and ceiling looks like it was patched and is hiding a leak. Basement also has some dusty looking floors and drywall not done.

Hi guys brand new to real estate investing. Gone through a couple of books so far including "real estate by the numbers" and working my way through "how to invest in real estate". Based in PHX, AZ. Busy work schedule (Im an anesthesiologist) so looking for a more passive strategy to get started. Im also open to out of state investing as I realize the importance of growth of other markets. Any pointers welcome. Thanks again. 

Phil 

I'm seeing wholesalers here in AZ asking 80% ARV flat (no reduction for repairs). Even a light cleaning would take at least 1 month of holding + closing costs on both sides. Almost every "deal" that's hit my Inbox needed $45K to $60K in repairs. I've started asking myself, "Who's training these folks?!?!".

Anyone in the Phoenix area have similar experiences? What is everyone else seeing in your markets?

I'm seeing wholesalers here in AZ asking 80% ARV flat (no reduction for repairs). Even a light cleaning would take at least 1 month of holding + closing costs on both sides. Almost every "deal" that's hit my Inbox needed $45K to $60K in repairs. I've started asking myself, "Who's training these folks?!?!".

Anyone in the Phoenix area have similar experiences? What is everyone else seeing in your markets?

Hello!

I am getting all of my ducks in a row to start off on the hard money lender journey here in the general area of Phoenix, AZ. My background has been IT and Product for almost a decade now but after realizing that this was not my calling I finally decided to go head first into the real estate investment industry starting off as a hard money lender. 

Are there any tips or advice for me from locals or anyone in the region?

My 2023 goals:

- Form JPG Capital, LLC (Done!)

- Acquire first client/borrowers

- Establish consistent positive interactions and business decisions

- Invest in short or long term rental properties while maintaining hard money lending business

Tyia!

No, it has been empty, no water at all at least the 3 years that I have known of the residence, probably a decade or more, I would assume since the owner was in his 90’s.  I will find out the details from a family member tomorrow.  

Hello BP community,

For house flippers doing consistent deals, what tool(s) do you use for accounting? I've tried QB (admittedly, didn't try for long) and it didn't seem to be a good fit. Seemed like QB would be good for a rental, but since with flips you have to capitalize every cost and everything is essentially on the balance sheet (versus the P&L) it didn't seem to work properly. Now, I manually export CC and bank statements into CSV files and then separate each transaction where it needs to go. I do at the end of each year and really dread it. It is super tedious and hurts my brain. 

For instance, we bought/sold 5 flips last year so we have 5 "buckets" each transaction could fall in PLUS our general office expenses (Google ads, Propstream, DealSimple, etc.) 

I manually go through every transaction to drop in the right "bucket" to figure out our profit for each deal and then I give to my CPA. Is there an easier way to do this? I've done this for years now and feel there has got to be a better way.