All Forum Posts by: Sarah B.

Lets talk. Feel free to contact me anytime, I believe my contact info is in my profile, or PM me and we can exchange numbers.

Thanks Will Barnard. BP as in bigger pockets? I had to google it before it clicked.

Target market is most of Sacramento County with some parts of Yolo and Placer counties. Under 100k is tough to pick up, though not impossible. Ideally I'd like the partner to bring at least 200k to the table to have access to a wider range of deals.

I'll work any deal from the 'cookie cutter' flips with rehabs averaging around 25k, to major additions costing up to 125k for renovations. I have 3 rehabs in process where I am adding square footage and going all out. While these take a bit longer, they are more profitable.

I could get the easier rehabs done for around 15-20k but I do spend a bit more on my rehabs by getting higher quality items. In the end it's well worth it and current average DOM is 7 with multiple offers in by day 3. Time is money.

Project in process about 90% done: We added on square footage, but only a few hundred square feet.

Acquisition price - $176,500
Rehab - $65,500
S/H Costs - (including possible 2% buyer concessions) $26,000
Resale -Interested parties at $325,000 - comps support up to 345k
Profit - $56,800 ROI 23% If I go with the current offer of 325k. Chances are I will throw it on the market and let the offers come in.

Another project in process at beginning phases: Adding a 2nd story

Price - $345,000
Rehab - $120,000
S/H Costs (including possible 2% buyer concessions) - $52,000
Resale - $650,000 - ARV appraisal coming in at 680 or 690k
Profit - $132,600 ROI using 650k to be conservative 28.5% ROI

Some more recently completed projects are listed on my website www.renovationinvestments.com with project details as well as before & after pictures. I haven't kept up with it in a few months and have 4 completed projects to add, which I should probably do. I'm no web designer and it takes me awhile. lol

I'm looking for a money partner to go 50/50 on deals. I handle everything from A to Z. I find the deal, determine ARV, plan & execute rehab, project accounting, resale of the the property, and everything in between. The partner brings the cash.

My background in flipping houses is extensive. I have been in the business for 3 years involved in over 150 projects in that time, with much success. I have personally acquired or been involved in the acquisition of 75% of those properties and have negotiated and re-sold 40 of them to end buyers.

I would also be interested in a private loan. Not hard money because I currently need cash to be competitive in this market. I have 15-20k max to invest if absolutely necessary.

Any recommendations on where I can find a partner or private lender? I recently stumbled upon startups.co, has anyone heard of them or have personal experience?

Thank you in advance

You have yourself a good little deal there. Not knowing what the comps are selling for I would say keep it as a rental. I look for at least 1% of purchase price on rents. If this deal were to come up here in Ca, is jump on it as a rental, especially with good tenant already on place.

Keep us posted!

Obviously you misread @Eric Michaels. I was one of 15 actual cash offers that wasnt accepted because they accepted a hard money offer posing as cash.

I didn't say its ridiculous that they canceled contract because they lied about financing. It's is ridiculous that sellers aren't even considering hard money financing, though I do get it. I myself lately turn down hard money investors unless they're above the $300-350k acquisition price because its so difficult to find them deals.

Why respond if you have nothing of value to bring to the conversation and haven't even read the initial post accurately??

I don't work with buyers but I do know a few really good buyers agents in the area if you're still looking.

I'm looking to either get a hard money loan, or find a partner to 50/50 with. I find the deals, plan, design & manage the project, and the partner brings the capital. While I am experienced and have a proven successful track record, it's difficult (for me) to locate money investors. On the other hand, I only currently have 20-25k to invest if I were to use hard money. That just isn't enough. I need up to $150,000 not including rehab. Most hard money lenders will only lend 65%-70%.

Another hurdle when using hard money lately is the extremely hot Sacramento market. I locate deals a few different ways, mostly off the MLS lately, and banks are not considering hard money offers because they typically have 15+ cash offers.

An example: I submitted an offer (all cash) on a property that wasn't accepted. A week later the listing agent sent out an email to everyone who made an offer on that property that stated "HARD MONEY IS NOT CASH. If your offer was cash and you are still interested please resubmit your offer".

Apparently the offer they accepted was written as cash, but was actually hard money. When the bank found out they flat out canceled the contract and put the property back on the market.

It's ridiculous but it's the current market in my area.

Any suggestions on ways to overcome these hurdles or have any creative financing ideas?

Hi Michael, I work in the Sacramento market. If you want to chat feel free to PM me and we can exchange numbers.

And just to be safe I would cancel the check first

Yay!!