All Forum Posts by: Justin Coulson

Hello, does anyone put signage in the yard of their flip property to entice neighbors to sell? If so, what does your sign say? I was thinking something like below, but I’ve never used yard signs before.

Under Renovation

KOCO Investments

Looking to sell?

Call xxx-xxx-2938

Hello, I’m flipping my first house with a partner. Close on it next week. We are paying for the house and renovations with cash and looking for advice on how to keep track of all the renovation costs since we will be splitting all the costs 50/50. Any strategies or advice would be greatly appreciated!

Have any agents out there, who’ve purchased their own investment property ever transferred their commission to the down payment to avoid being taxed on the commission income?

Also, seller is already paying my closing costs and I'm not interested in waiving my commission to lower the sales price as i'm looking to lower my cash to close.

Traditional conventional financing.

Are there any lenders out there that will finance a multifamily investment (no house hack) with less than 25% down? Ideally, 5-10% down. Every lender I've spoken to so far has told me that it's not possible. Is this a lost cause?

Hello,

New investor here. I have roughly $50,000 to invest (focusing on two-unit multifamily homes). I'm currently looking at multifamily homes around $200,000. What makes more sense - Purchase one two-unit multifamily home ($200,000) by myself putting 25% down ($50,000). Or buy two two-unit multifamily homes ($200,000 each) with a 50/50 partner, so $25,000 down per house?

Any insight would be great!

Investment Info:

Single-family residence fix & flip investment in Grand Rapids.

Purchase price: $230,000
Cash invested: $80,000
Sale price: $399,900

This was my Grandma's house. She was moving to a retirement home and it was a perfect opportunity to buy from her. Split 50/50 with my dad.

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

Grandma's house. Off market opportunity in a very hot area that needed a heavy cosmetic upgrade.

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

Grandma's house. We got it appraised by a third party appraiser.

How did you finance this deal?

Seller financing.

How did you add value to the deal?

Advanced cosmetic. Brand new kitchen, new flooring, fixtures and paint throughout. Finished part of the basement. New roof. Tore down wall to open open kitchen and dining room.

Lessons learned? Challenges?

Staging a home is everything. Originally listed without being staged and sat on the market for a couple months. Pulled it off the market over the holiday season and then relisted it staged and it sold instantly for the original asking price.

I also underestimated selling on a busier street.

Would you include a price in the handwritten letter? Or just mention that I would be interested in purchasing their house?

I want to approach a homeowner about purchasing their home. It's not for sale. It's outdated and an eye sore in a red hot neighborhood that I'm very familiar with. I would love to flip the home, but don't know the best way to approach the homeowner. Door knock? Mail a letter? And should I mention price initially or just ask if their interested in selling at all? I believe it's worth around $200,000 as is. Any tips or suggestions would be greatly appreciated!