All Forum Posts by: Kimberly Ranz

@Rod Israel I would love to take a look and make a cash offer. My husband and I have been looking to build in this area. and having a main house to stay while building could be ideal. 

I'll connect directly. 

True, and I mean the general area right outside of city limits. 

I am seeking those interested in forming a little "master mind" group. I am interested in Cincy and AVL and want to find like minded people who are interested in meet ups for this type of sharing, learning, experience. 

We are now approved builders, with the capability to develop, GC, and build small to large. So, I am interested in learning from those who have experience or interst in this area. 

We will meet the last week in May. Final date/time tbd. 

Thank you!  

Update! I know its been awhile but I have been busy and that's a good thing! I've been studying, learning, getting mentors, meeting with developers and running  my pro forma! 

To answer a few questions, yes my acquisition was from the wholesaler. I was at my first auction and unsure so I wanted to wait and approach him after, which I did. He marked up his fee $3K which was fine with me. We were saving each other some time and money. This was 1/24. 

The property has been going thru the "process" with the city since, and we should be closing any day now. Good news is that the property is gaining in value. It's gone up $25K since Jan. And based on my pro forma, We will be looking at an over 30% ROI - which is AWESOME!

Since the closing was taking awhile, I went through the process of being coming my own builder/GC, and was able to get a bank approval for all the funding/repairs and even the initial cost of the house. WIN! The loan is at 3.25% with a 10% downpayment, which  is about $28K with fees and closing, once all is said and done. We are also now on the approved list so we can build for others with access to funding. Win/Win.

So, now I'm sitting on my $63K HELOC b/c we no longer need to fund the loan with it... wondering what the next move is.

***I am VERY much interested in Short Term Rentals (here in Cincy or in/near AVL- in AVL I am aware that they have to be outside city limits, which is fine). 

If anyone is interested in this type of build let me know. We are capable of building these and developing the land.

Thanks!

Kim

@Joe Villeneuve After the auction, I offered to pay him a small fee, once I had a look at the property. He ended up giving me two weeks to decide-  and then we signed a purchase agreement. 

Here we go: 

In our primary residence, we pulled a HELOC at 3.2% (no fees, % good for 12 months- if I close it early only $300 fee)- It's $65K.

Then, I ended up signing buying a flip for cash from a wholesaler. This is from a sheriff sale,  so it will be up to 75 days now, before we close the deal. The idea was to flip to sell b/c I need cash now, to help with a larger downpayment of our NEXT primary residence. 

Last week, someone offered to BUY our primary residence, off-market, for what we were hoping to list it for in a few months, once we sold the flip mentioned above. 

So, how can I not over leverage myself- yet get the rehab loan needed for the investment flip, and then get enough liquid for a downpayment on the next house. 

I was thinking of having the person who wants to buy our house (a friend) rent from us until we have the HELOC ready to be paid back? But if he's renting from us, we won't have the liquid to put down on the next house.

Any creative ideas? 

@Joe Villeneuve I was at the auction. The wholesaler was buying property left and right. The property I wanted came up and it was a quick battle btwn 2 others. I decided not to bid- in order to NOT drive up the price, and then connect with him after the auction and introduce myself. I ended up getting it that way. He's been a great asset to me. And the deal is a go! :) 

So, 

I have been doing my homework, and now I am getting ready to do final negotiations with the wholesaler. I know what he purchased it for, and he is only asking for about $4k, which is fair I think. 

Once we strike a deal. Who draws up the contract? I am not a realtor, and I heard I can just use a title company to close the deal. What are the risks of not using a RE attorney? Or will the Title company have an attorney? Should I get my own or feel ok using his? 

 We will not close for about 90-100 days given the auction type. 

@Christoper Burley & @Matt Sanders- I am interested in this project. I'd love to chat further. Emailing you both now. 

@Kyle J.  and @Dave Foster thank you! So much to learn! Dave- I'd love to talk to you more about options. Sounds like you've got a good handle on the 10-31!