All Forum Posts by: Kyle Bostelman

Mahmoud, 

If you get in touch with a local broker they may be able to export you a .csv file from realist that filters information from both the MLS and tax records that you can use as a great targeted mailer list. With stamps being so expensive, the more focused your criteria, the better your ROI. I would search a specific zip code with great projected appreciation, and experiment with reaching out to people with long time ownership and very low LTV. Get creative and throw together a quick CMA estimating their house below market value and you may just get someone to bite.

Hope it helped, and if you need more specifics on what realist is and how it works just let me know.

Thanks,

Kyle

Josh,

Live-in flips are a blast!  However, they come with a decent amount of headaches as well.  @Jiri B. is exactly right, they will always take longer than you plan.  

I have a property under contract currently here in Durham, in the Woodcroft area, that is going to be a live-in BRRR on a 5% conventional. This property I found on the MLS, but be aware if you are going to make a deal work from the MLS you have to be balancing on the edge of just barely getting the lender to give a loan on the property (distressed) so you can add value to create equity. On the other hand, if you have large amounts of capital to put into a property, you can get off market lists from some local brokers.

Reach out anytime!

Best,

Kyle

Neal - if you shoot me a message with their contact information I will reach out to them over the next couple weeks. I appreciate it!

Last week I relocated from Fort Wayne Indiana to Durham North Carolina. With my last few years in Indiana I got very interested in real estate investing and read everything I could while listening to bigger pockets podcasts religiously. I am a contractor with my own LLC in Indiana while being a design engineer and software engineer remote for a company out of California. I have one flip under my belt that yielded a high return by my standards, and more importantly I learned the importance of systems and running accurate numbers from the very start.

I am currently looking into small multi-families, and would like a hack house as my first step into this.  I have an apartment for 1 year, so there isn't much of a rush currently.  However, I would like to surround myself with some like-minded individuals, and would be interested in helping in any way I can.  

Please reach out to me if you are serious about flipping or buy and hold.

Was there an estoppel agreement in place when you took over the property?  (A document that put into writing things such as terms of lease and current rent). Documents like these usually aren't relied on for anything, but when something like your situation occurs they can be a God's send, making removal so much simpler.  

If there is no such document in place, and the current tenant is current, month-to-month, and pays the $520, keep them and send a notice of increasing rent.  In your state I would give them a 1 month notice (30 days). 

Best,

Kyle