All Forum Posts by: Lauren Patrick

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $66,500
Cash invested: $60,000
Sale price: $145,500

The house had a garage turned into a mother in law suite. The property was in complete distress with sitting water in basement. The home inspector did not do a good job with inspection. We kept finding surprises through out

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

Hot neighborhood

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

Paid asking price in multiple offers

How did you finance this deal?

Heloc and hard money for rehab

How did you add value to the deal?

complete rehab

What was the outcome?

Did not make the 50k I anticpated. I learned a lot on how to get everything in writing with contractors using the fat pay method.

Investment Info:

Single-family residence fix & flip investment in Mantua.

Purchase price: $70,000
Cash invested: $35,000
Sale price: $140,000

Owner financed with balloon payment on transfer

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

To help out homeowners. They were under contract with a lender that pre approved them and shouldn't have. It was last minute and they needed 14k to get into their new house. I gave them the money as a down payment owner financed their home, fixed what needed to be fixed to get a buyer and sold it.

How did you finance this deal?

owner finance

How did you add value to the deal?

the property would not have sold in time in the condition it was on.

Investment Info:

Single-family residence fix & flip investment in Deerfield.

Purchase price: $80,000
Cash invested: $40,000
Sale price: $153,000

Owner was behind on taxes, brought taxes current, rehabbed while making monthly payments to owner. Sold and made a ballon payment to owner.

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

Distressed Seller

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

Friend. It was hard to gain trust with owner.

How did you finance this deal?

Owner financed.

How did you add value to the deal?

Helped owner not to loose his house.

Lessons learned? Challenges?

Do a general inspection so your buyer isnt doing it for you.

I have 120 unit apartment complex under contract for 3.7 million and working on obtaining financing. The owners agreed to owner finance me back 22%. I may be able to get more.

I have two options now. I am trying to decide what the better option is!

1. I have a mortgage broker with an investor that will do 25 year ammortized at 5.5% with variable term after 3 years. I can refinance after 3 years. Balloon payment due at 10. I either have to have appx 300k put in escrow at closing (which i personally do not have) or a sponsor.

2. I have a mortgage broker who has an investor that will do 30 year amortized at 5% with a balloon payment due at 10 years but requires me to have a sponsor since I have never done a 3.7 mil deal or do not have 3.7 net worth. 

what happens if you have to do an eviction?  Is it ok to send money back certified mail?

Does anyone have any recommendations for insurance companies that insure vacant homes. I am waiting for a house I remodeled to sell.  Insurance is killing me slowly!

You can modify the contract you have.  The seller and the buyer need to initial any changes.  Feel free to email me with any further questions. 

Anyone know a book on managing a rehab project.  I would like to learn more about organizing a crew.  Thanks!!!

I'm sure you're okay.  felons can be Realtors. it's just up to the state. I had to call and ask about a prior conviction they told me I was fine right away. If you have any other questions about getting your license message me I just got mine a month ago.

Have you read Rich Dad Poor Dad yet? It's all about the numbers. You have Twelve Grand in the bank. Invest in real estate.