All Forum Posts by: Kevin Hart

Louisville is great! growing market, MFH properties sell fast. plenty of companies are coming here and staying plus the large ones that have been here for years (UPS, Humana, Ford, GE, Yum!, etc.) 

@Zach Gaubert hey Zach, fellow UK grad as well here. I would start with house hacking a duplex, triplex, or 4-plex. I wish I had the knowledge to do that when I first graduated college. Also im Louisville as well. Happy to grab coffee once restaurants open back up

@Noreen R. Nick Borders at Borders Home Inspection does good work and is an investor himself

Solid Deal!

Looks good Joe!

@Megan Gleeson Call Cervices Roofing. ill message you my contact there

Hey BP,

here's my situation. I became a full time investor back in September. My partner and I have completed 3 flips and have rehabbed 2 other properties that we were hoping to BRRRR. The problem is we have been turned down by many banks because we haven't been in business a full year and my partners credit is not great.

Who has a good lender that is willing to work with new investors? I would love to build a relationship with a lender to use over and over again. Are there any entrepreneur/real estate friendly refinance lenders out there or am I stuck being a flipper until our credit improves and we have been in business longer? 

thanks!

(p.s. before this is suggested, i am too prideful to ask a family member to lend their credit)

Investment Info:

Single-family residence fix & flip investment in Louisville.

Purchase price: $84,000
Cash invested: $15,000
Sale price: $144,000

This was my second completed flip. It was a 3/1 single family home. I used hard money lending to finance the purchase and rehab. The property appraised for 144k so i listed it with a sales price of 144k. We listed in early December, which delayed the sale due to holidays. Once buyers picked up again, we quickly got it under contract in early January.

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

I flip houses in order to raise capital for buying long term rentals.

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

Wholesaler

How did you finance this deal?

Hard money lender for 90% of purchase price and 100% or rehab

How did you add value to the deal?

we did some cosmetic updates in the kitchen, new stainless steel appliances, fresh paint and flooring throughout. Biggest rehab was we had to completely redo the bathroom because the subfloor under the toliet and shower were water damaged.

What was the outcome?

sold for a nice profit of $16,000

Lessons learned? Challenges?

lessons learned was to plan better around the Holiday season. This sat on the market longer than expected because we listed it a couple weeks before Christmas.

Legacy Title Company is who I use and super easy to work with. shoot me a PM and ill send you the contact info of who I work with

@Jackie Comitino I pretty much listened to every podcast and read as many real estate books as possible for years. Then did alot of networking with other investors here on BP and local wholesales so i could find deals. then it got to the point where i didnt like my day job so i knew i had to make a move or stop talking about it. i set myself a 90 day goal to find a property and once i bought that first one, it really took off. then 6 months later, im 6 properties in and left my day job. Buying your first property is like getting a huge burden off your back. Wholesalers, realtors, and other investors start to take you alot more serious which brings in a ton more opportunities for good deals.