All Forum Posts by: Pamela Williams

Thank you James. When you are considering properties in the area, how do you assess in advance if there is going to be a major issue with the remediation if you are moving quickly to jump on a deal? 

Hi there. Can someone please explain briefly how the Lead Safe Certification in Cleveland is impacting landlords? I am finding plenty of information online about the program but nothing explaining how it is directly impacting buyers looking to buy and hold property in the city. I have seen a few scary things like "you need to dig up the entire front yard" in other groups but I'd like to hear from people that are actively investing in the city, and meeting the new standards, as to what their experience has been. TIA.

21st Mortgage told me they do refi's like this but I think they may only loan in parks. Worth looking into though.

 They will loan on them as investment properties? I've been looking but so far have only found 21st Mortgage.

Marin, it took about 2 months in total. I feel we could have had it done in 1/2 that time but the painting really slowed us down. Lesson learned there. The other big unexpected issue was the appliances. No one had anything in stock. I ended up taking a couple floor models that were in perfect condition.

Investment Info:

Single-family residence fix & flip investment in Auburndale.

Purchase price: $195,000
Cash invested: $30,337
Sale price: $335,000

This was my first flip. The opportunity came to me when a customer of mine approached me with the idea of flipping this property. We ran the numbers and it looked feasible. After putting the offer on the property, we did a home inspection and it did not turn up any major issues. All cosmetic updates for the most part. I've heard disaster stories from first time flips so this went quite well by comparison. A few bumps and I learned a few things. Looking forward to the next project.

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

I had been wanting to jump into a flip for some time now but just hadn't got around to actually doing one myself. When the opportunity came to me and I saw the numbers made sense, I jumped in.

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

This was property on the MLS.

How did you finance this deal?

My partner paid cash for the property. We split the repairs 50/50 and will split profits 50/50.

How did you add value to the deal?

As a licensed Realtor, I have worked with many investors over the past few years and understood the flip process, numbers, etc. I also know what finishes buyers are looking for in my area. I was able to bring that knowledge to the deal to set/manage the budget and choose finishes that would sell the property. I also stage all of my vacant listings. Once the property was ready, I staged the property and had my photographer take the photos for the MLS listing.

What was the outcome?

We are currently listed. The property looks awesome. Tons of interest. I expect a full price offer on the property.

Lessons learned? Challenges?

The biggest lesson I learned is not to hire any family members. We hired my partner's son to paint and it took way longer than it should have and he used way more product than we should have.

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

I am a licensed Realtor.

Investment Info:

Single-family residence fix & flip investment in Auburndale.

Purchase price: $195,000
Cash invested: $30,337
Sale price: $335,000

This was my first flip. The opportunity came to me when a customer of mine approached me with the idea of flipping this property. We ran the numbers and it looked feasible. After putting the offer on the property, we did a home inspection and it did not turn up any major issues. All cosmetic updates for the most part. Fresh interior and exterior paint, new light fixtures, new ceiling fans, new carpeting, vinyl plank flooring throughout all living spaces and baths, new appliances and landscaping. I staged the property and marketed it on the MLS. I've heard disaster stories from first time flips so this went quite well by comparison. A few bumps and I learned a few things. Looking forward to the next project.

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

I had been wanting to jump into a flip for some time now but just hadn't got around to actually doing one myself. When the opportunity came to me and I saw the numbers made sense, I jumped in.

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

This was property on the MLS.

How did you finance this deal?

My partner paid cash for the property. We split the repairs 50/50 and will split profits 50/50.

How did you add value to the deal?

As a licensed Realtor, I have worked with many investors over the past few years and understood the flip process, numbers, etc. I also know what finishes buyers are looking for in my area. I was able to bring that knowledge to the deal to set/ manage the budget and choose finishes that would sell the property. I also stage all of my vacant listings. Once the property was ready, I staged the property and had my photographer take the photos for the MLS listing.

What was the outcome?

We are currently listed. Tons of interest. I expect a full price offer on the property.

Lessons learned? Challenges?

The biggest lesson I learned is not to hire any family members. We hired my partner's son to paint and it took way longer than it should have and he used way mire product than we should have.

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

I am a licensed Realtor.