All Forum Posts by: Ken Nyczaj

Investment Info:

Single-family residence fix & flip investment in Grasonville.

Purchase price: $64,000
Cash invested: $130,000
Sale price: $290,000

Latest flip complete in Grasonville, MD. Replaced the following- roof, windows, siding, foundation (framing), flooring, walls/ ceilings, kithen and baths. Long, 6 month project but turned out great, was the eye sore and problem property of the neighborhood and we were happy to help the community.

About 30 days into our latest one and are continuing to look for more deals in this current market situation but playing it safe to keep flips around the $300k price range.

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

To help the local community

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

Off a sign, negotiated directly with owner.

How did you finance this deal?

Bank financing

How did you add value to the deal?

Replaced everything

What was the outcome?

Great opportunity to learn and make some money while doing it.

Lessons learned? Challenges?

Projects can take longer than expected when replacing everything.

@Theresa Harris Thank you for the reply. Not concerned about water running through my property as it doesn't happen from the neighbors downspout, it is all building up around their foundation. They will be running pipes from the down spout, under ground, through my yard to my back woods which is sloped and is on property I own.

I'm more concerned with the liability of a neighbor working on the property I own under an LLC. Would like to help them out but I'm cautious about a few things.

Hello all,

Recently, a neighbor asked to run drainage from his rear downspout through his yard to the rear of my yard and out to the woods on the rear side of my property line. Claiming the water from the downspout is causing foundation damage on their home. They'll be trenching and running a pipe and adding in two drainage systems to help with any build up of water in my yard all on their dime. This was offered as a thank you, and to help with some stagnate water that does buildup in my yard.

I'm concerned about liability. Legal documents have been drawn up to be signed and witnessed, removing any costs, responsibility, liability from my LLC that holds the property.

Anything else I'm missing? Should there be a contractors license involved? Proof of insurance, etc?

@Thomas D. There is a good meetup in Anne Arundel County, you can find it if you google Real Estate Anne Arundel County Meetups.

I say something like:

Hi this is.... and I'm looking for homes to purchase in the area. If you are interested in selling or know anyone interested please give me a call. 

I like to keep it non invasive and not use their address. Learned that from the second podcast, but again it hasn't netted me that many deals so.... I may be switching it up soon.

@Karrie Underwood A great way to start is Driving For Dollars. Do some hand written letters, maybe get a list of a 100, 200 or 500 homes. That will keep costs under control depending on your financial position. What's important is persistence, don't be surprised if you don't hear anything until your 4th or 5th letter. Try sending every 4 weeks. I've found hand written has gotten me the best response rate, but I'm just getting started as well and have only flipped one house, and just finishing my first wholesale.

I've been in discussion with an owner and I'm trying to create the deal like this, and he seems to be ok with it. Just curious if anyone has tried this before:

House is owned free and clear, the two owners/ brothers are willing to put my company on the deed/ title. All of us will own 25% of the property.

All of us are responsible for the renovation costs, but my company will do the actual renovation. We'll get the bank to loan on 80% of the reno costs which will be about $64,000 and we will all split the down payment 25% each.

Upon the sale of the house we will all get proceeds at 25% each after sale costs.

Just curious on what type of feedback anyone has and what to watch out for. Thank you

@Kath Marie thanks for the advice.

Hey Everyone,

My team and I are looking to make an offer on a single family home in Anne Arundel County Maryland just a little outside Baltimore.

The current owner has an existing tenant with no formal lease. I've been told he defaults this to month to month for all of his properties.

We are looking to buy this property and flip it. What is the best way to proceed with removal of the tenant? After we take ownership is the tenant trespassing since they have no right or existing lease to be in the property?

Thank you

Hey all,

I’m looking for single family properties to flip or for buy and holds in Queen Anne County or Anne Arundel County or Talbot County. Anywhere in this region or in Annapolis Maryland I would consider.

Thank you