All Forum Posts by: Jason James

@J. Clark Baird Will do. Going through city CUP process now. 

@J. Clark Baird These deals were in the PRP area (40258). Great area for first time home buyers. Another deal I recently got was a package of 3 in the Beechmont area along with one property at the front gate of Churchill Downs. The Churchill Downs house I am working to make an AIRBNB. I think it will do well there based on the location. It's literally across from the front gate. I quickly sold one out of the Beechmont package for quick cash to fund the rehab on another Beechmont house that I am flipping. Hope to have that flip complete in the next 2-3 weeks. I will be sure to post that one as well with pics and numbers so folks can see how I did on that one. I have another house in the Beechmont area that I am still trying to decide on. I may rehab to flip or keep it as a rent or sell as is. Great property with solid options. 

@Rob Bergeron Great. I’ll try to attend. 👍

@Rob Bergeron Thanks sir. This one turned out pretty nice and the margins were pretty good. I have a few more I will be wrapping up in a couple weeks. Hope those do just as well. I need to get to one of the meetups and officially meet. Have a good one. 

@Kevin Hart Thanks sir. I am sure you will do just fine. Let me know if I can help in any way. 

@Alyssa Weber 

Did you find that your rehab came in under/in budget? 

This one came in pretty close to budget. The big ticket items were obvious so no real surprises. 99% of the time when you go over budget it's usually because you change plans mid flip or something is uncovered during demo (rot, plumbing issues, structural and so on) . If you are not doing inspections before you buy then you must either have tons of experience and know what to look for or have contractors that you trust to look at the property before you place your offer. 

Do you have any recommended tools/strategies for budgeting rehabs?

I am a tech guy and programmer at heart so tools, apps and so on are all cool but at the end of the day I find keeping real estate simple is the best tool. Meaning work with properties you understand, leverage your team and their knowledge. Try to work with the same types of properties over and over so you can really dial in your numbers. I can look at a 3 bed 1 bath ranch home and in 5-10 minutes have a rehab number that's pretty close. Why? Because I have rehabbed tons of them. As for actual number crunching I use Excel. I have tons of templates I use to crunch numbers depending on the project. Sorry no magic here just many years of experience. 

I'd be happy to share info with you just shoot me a message. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $58,000
Cash invested: $35,000
Sale price: $149,900

This was a house I bought in a package deal. I kept a couple and decided to flip this one. We did a fairly quick rehab on this property making it super nice for the new owner. This place turned out great! Many many new items!

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

The fact that I bought this in a package deal. The profit from this flip almost pays for one of the other properties in this package deal. In short selling this one paid for another!

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

This deal came to me from a relationship with an agent. He contacted me with this package deal because I purchased deals from him before closing the deal quickly and easily. I offered to pay cash and close quick so that his seller can move on quickly. Since I was paying cash AS IS I asked that I get a small discount on the ask price. It worked. We created a win, win, win.

How did you finance this deal?

Cash purchase then did the BRRRR. So in short my cash was not tied up very long at all. Not bad!

How did you add value to the deal?

Full rehab!

What was the outcome?

Listed and sold

Lessons learned? Challenges?

Keep building relationships! The right people can make this business so much easier!
Challenges? None really. This went fairly smooth. Again having the right people around you is key!

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

I did. If you would like their info just send me a message.

@Mindy Jensen I too can not list because the images will not upload. I have tried a few different images to insure it was not a corrupt file. Regardless of the image it would not work. I get a message that a file has been uploaded but you can not see the image or complete the listing. Thanks 

@Melissa Dry No problem. Shot me a private message and I can get you some contacts. Don't want to put them on here as they may or may not want their info shared with the public. If there is anything else I can help with feel free to reach out. Thanks 

@Melissa Dry Why not do a line of credit (HELOC)? Should be lower fees, quicker access to cash and you could use this line of credit over and over. Use the BRRRR method! Keep that money rolling therefore deals as well.

Also make sure you have good knowledge of the market you want to invest in. You make almost all of your money in real estate when you buy so buy right!