All Forum Posts by: Matt McGuire

@Lola Aboyeji

5:30-8:30

Hey you guys, I am starting a meetup at Pacific Yard House in Conroe the third Thursday of the month. @Mitchell Benson already said he'd come, thank you sir. I'd love for you guys to come out. That's next Thursday for the first one. Spread the word!

Hey BP community! 

I always hear on the podcast, "if there isn't a meetup in your area, you should start one". So that's what I'm doing! If you live in or around Conroe come out and get to know your peers! We will be networking, sharing stories and making meaningful connections. This wont be some big production, just real people getting together to talk about real estate. I hope to see you there!

I am in Montgomery as well. We should all get together at B-52 sometime.

So no takers on this house. I’ve already lowered the price 10k. My realtor thinks I should put more money into curb appeal. I’d be curious to hear from experienced investors, is it worth it to spend another 5-10 thousand or reduce the price by that amount?

Investment Info:

Single-family residence fix & flip investment in College Station.

Purchase price: $162,000
Cash invested: $30,000

This house was a rental for 20+ years and had been let go. It was completely overgrown with vines and had not been updated at all.

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

It needed a lot of work but it had a brand new roof, newer AC and hot water heater. I had the foundation inspected before I bought it and it didn't need repair so it seemed like a good flip.

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

I met a realtor over there and he found it for me. He called me and facetimed it. I ran the numbers on the BP calculator and we made an offer. We did get some inspections and asked for concessions. The house was not listed yet, but the owner wanted 175k for it.

How did you finance this deal?

Hard money.

How did you add value to the deal?

New flooring throughout, new paint in and out, cleared all the trash and a ton of brush from the yard, new appliances, landscaping, etc.

What was the outcome?

It is currently listed for $269000. We shall see....

Lessons learned? Challenges?

It is my first flip. I learned that I didn't add enough budget for repairs. I ended up doing some of the work myself and made some other changes to save money. Overall I think it will be a positive outcome, but next time will be better.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Colin Clark with Century 21 in College Station. He is an investor-minded realtor and I would recommend him to anyone.

I've heard the ads on the podcast. Has anyone used SimpliSafe and would you recommend it? Also, is there still a member discount? I checked the pro-perks and didn't see it on the list.

I bought a 4-plex that I found on Realtor.com that had been listed for somewhere around 190 days. Frankly I don't know why nobody else was interested in it and it did make me nervous. But I ran the numbers again and again and they checked out. I got all the inspections, did my homework, did the deal. Now its cash flowing over $600 a month and has been a good property. 

Brandon says in the webinars all the time that every property has a home run number. So if the numbers make sense and you factor in any big problems like foundations then do it. The one exception to that would be the war zone. If you can't place tenants that will pay rent you are in trouble. So make sure to understand the area that its in but otherwise don't worry about what other investors are doing.

@Kerry Boyle I could be wrong here. I'm no expert. But from what I understand, most HML's will get the work inspected and make sure it is 100% complete before issuing a draw to pay for it. And often times they want to see that the contractor has credentials and pulls permits so they know they are covered. Its just a risk management practice that a HML will do.