All Forum Posts by: Matt Ridenour

 Much appreciated.  We bank with Chase for our big transactions.  I'll message you shortly.  Thanks for the info!

Thanks for weighing in guys!  @Mitch Conrad I'm only thinking of escrow so the senior will have peace of mind that I'm not going to run off with the money.  Also, there may be some tax benefits if they can qualify for federal funding based on low income.  I do love the senior living wing of a business strategy.  Our boomer population's housing needs are exploding!  And I love that you are cognizant of the appearance of impropriety.  Our industry can easily get a bad rap for taking advantage of people.

@Jaedon Stout do you have business credit institutions you recommend?  My wife and I are full time real estate and therefore no W2.  That makes us unlendable, other than income properties.  I do have a good relationship with a local lender, but not for a business line of credit.  If my memory serves, I worked on this a year or 2 ago and ran into this wall. 

@Travis Timmons I think the key is to try and include a simple "one sheet" explaining 2 or at the most 3 options for them to choose from.  Optimally you also can get the children of the senior involved so nobody feels their parents were taken advantage of.  

I appreciate the convo.

I suppose that's a semantics discussion to your point.  Anything in that vein is seller financing.  I can give them 10k up front and then cash them out once I'm done.  Thanks for taking the time to answer.

Hi Jaycee. Unfortunately this part of my business is flipping. I build and run STRs for cash flow. The flips are to pay down my STR mortgages. (My full strat is to own as few STRs as possible to fund my lifestyle for simplicity.)

I feel like a seller financing would be unfair, as the seller wouldn't reap the benefits of holding the note for more than a few months.  My way around that is the lease purchase.  With that I can flex my offer to include profit sharing if needed.  

Ok Bigger Pockets fam.  I've had tremendous success asking questions here before, so here's hoping!

The quick and dirty:

I have several projects going currently (2 flips and a new build STR.) I haven't stopped my marketing campaigns, and suddenly I have several potential deals coming at me at the same time. It's a good problem to have, I know. I'm solving some of it with partners, that's not what I'm asking.

What I'm asking:

I have a few older folks looking to sell me their homes and downsize.  I'm looking for win-win solutions that will preserve my capital and get them the money they want.  My best current strategy is a lease purchase agreement, where they give me the house for a low lease amount and I cash them out after I'm done remodeling.  I'm also trying to find a way to "sponsor" their stay at a senior living facility for "x" years in exchange for the house.   In this scenario I would place that amount in escrow and have it auto-debit monthly until the funds were depleted.      

I'm certain there are good strategies people are employing.  If you've heard a good podcast or read a good book I'd love a recommendation.  I focus only on win-win and easily explainable strategies for these older folks and their families.  The last thing I want is to come across as a slimy salesman.  I'm very open with my sellers in terms of numbers.  I want them to know up front what I do, what I make, and why I have to have a "lower than retail" price.  

Thanks so much for any discussion.  Sorry for the long post!

Hello BiggerPockets fam!

I'm at BPCon this week and I'm striking out on my biggest need of the week.  BTW what an awesome event!  First time attending but won't be the last.  

My wife and I are small time investors.  We have about 4 million in mortgaged assets, but about 2 million in mortgages.  We do our own construction work which is how we build our equity.  

I'm looking for a commercial portfolio loan that wraps these properties into one loan, with the excess equity available as a line of credit.  I don't want to cash out refi because I don't want to store the cash and pay for it.  All I'm looking for is a pool of money I can use as a line of credit against my equity so that I can move quickly for fix and flips.  

Anyone have suggestions?

Thanks so much in advance!

I'm sure I'm not using this part of the forum correctly, but I couldn't find a good category.  

I'm a super host in Michigan.  Airbnb generally is a year in advance, but I'm looking for a year and a half.  Just posting here on the off chance someone sees and can host our family of 14 cousins?  Non drinking and all over the age of 50, so we'd be an easy group.  :-)

We are looking for middle to end of September 2025.  

Thanks in advance if you can help!

Matt

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $825,000
Cash invested: $450,000
Sale price: $2,000,000

Our largest flip to date. We purchased this mid century home in rough shape and spent 8 months renovating. Mold remediation and water infiltration were our biggest obstacles. The new atrium glass was not in the original budget but really made the project pop. The running stream in the atrium was a bucket list item for us.

Here's a link to the drone fly through:
https://youtu.be/-KBnqiN_KHs?si=_xBBRViS8m4Z6viC

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

We are a small family operation but we love doing artful flips. The atrium stream and the mid century design opportunities called our name.

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

This was a wholesale deal that came to us via our realtor.

How did you finance this deal?

We used Kiavi to fund a large portion of the deal. Excellent company, though the funds were not cheap.

How did you add value to the deal?

We saved as much of the mid century material as possible. We saved the St. Charles cabinets and kept the floor plan largely intact. The woodwork was lovingly restored. We made the kitchen floor from scratch and added a new atrium and stream. Also refined a few of the rougher spaces.

What was the outcome?

Off market sale in the works with a closing date of April 25.

Lessons learned? Challenges?

This home was outside of our comfort zone in terms of cash outlay. Always make sure you have safety nets in place, especially at these high price points!

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

Kiavi Lending - excellent hard money resource.
Keri Middaugh - well connected realtor in the Ann Arbor area

Hey BiggerPockets investors!

I'm an experienced investor in Ann Arbor MI.  My wife and I focus on both flips and airbnbs, with "infinite banking" as our wealth storage mechanism.  We're looking for a small group (4-6 total) with moderate to advanced skills that would like to meet virtually on a monthly basis.  I'm happy to teach, but I'd also like to learn!  If you are interested in a small synergistic mastermind, please send me a connection request and let's see where it goes.  

Here is what I expect as topics at least for starters:

Investment strategy evolution

Creative borrowing/lending structures

Leverage and long term debt planning

Tax structures and planning

Your questions/problems/interests/goals here!

 Awesome answer!  Thanks for taking the time on this post!