All Forum Posts by: Shilpa Shankar Bhatia

 best and most valuable advice

thanks for sharing @John Morgan

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $41,000
Cash invested: $120,000

3 bed/1.5 bath
Currently rented

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

Fix and Hold
Brrrr

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

MLS

How did you finance this deal?

Cash purchase and rehab then refinanced

How did you add value to the deal?

gut renovations
redid all new windows, insulation, hvac, bathrooms, kitchen, hardwood floors

What was the outcome?

Rented successfully

Lessons learned? Challenges?

Rehab budgets can go high
Don't waste time listing for sale in a higher interest buyer's market.
Should've rented sooner than trying to list for sale
Pick the right agent to sell

@Boffill Yosleys what did you land up doing, curios to know.

I rented mine that was listed from Dec 23 and now waiting to refi to longterm.

I'm thinking some kind of meet up for people investing in Louisville Westend.

With all the developments in the neighborhood and city pouring money in there, thoughts on future of investing there.

Which neighborhoods in Westend are you investing in, whats your exit strategy and are you self managing or PM.

Happy to hear people's point of view.

@Elvin William I agree with @Leroy K. Williams that it's not just the neighborhood, it's the quality of tenant. I'm learning as I go along; I feel if you keep your property good, chances are you will attract quality tenants who will want to take care of it too. I've met investors in D class who buy the property and don't bother to fix stuff, soon enough the property and the quality of tenants deteriorate. 

I met this one investor was trying to sell his MF and the tenant complained that the house had no insulation and the utility bills were at $600+ and tenant didn't want to pay rent to such a landlord. In this scenario i guess the tenant is right. 

Well overall i feel numbers make sense in D class neighborhoods along with the learning curve, I know someone who has a few properties and quite happy with the rent flow with no big issues. Even i only hear the negatives very often, i still see D class as opportunity zones, like where are you going to find properties under $40k and cash flow like you are right now. Plus the hoods do get gentrified eventually. I would think they should appreciate with time. Also in my city, I look at city development plans, new Mc Donalds, Taco Bell or Hospitals opening in the D neighborhoods. I see those are positive signs of neighborhood development. 

 Hi @Jake Guhy & @Jonathan,

I'm in Louisville too, flipped a few and have one actively listed for sale. I'm learning a few things investing in west end. Would love to meet over a coffee sometime and make our little BP Lou group.

Traveling until mid April, so anytime post that is great for me.

@Boffill Yosleys I'm facing a similiar situation in Louisville but my flip is in the west, it's done up real nice and has been on the market since early December.

First, i would like to say you are not alone and many flippers are facing similar scenarios.

Next, it don't hurt to try some magic dust. Apparently lot of seller put a statue of St Joseph and say a prayer, you can google this. I've seen some top investors do this too.

Another thing i've noticed in Louisville, Remax listings in St mathews, Highlands, Clifton areas sitting for awhile. I bet your agent is doing their best but maybe take the listing off and try FSBO or meet a few more agents and see if they can suggest a different approach.

I'm gonna probably do that, I will leave my listing active until end of the month or mid April and then either, remove and relist as FSBO or find another agent to give fresh approach.

next, i would consider MTR in the interim, it might be better to have it cashflow and cover some of your expenses like HML and holding costs. while keeping the listing active. I know this means investing in furniture and listing price, but i feel your location should get rented fairly quickly.
Just some of my suggestions, Good luck for the open house!!

Please put the St Joseph statue if you can 

 any closing cost, how do I protect myself. Who could help me structure the deal.

Waiting to see his offer and then would consult a RE attorney.

Can I sell his loan to someone, like how mortgage companies sell the loans (sorry if it sounds ignorant)

Thanks @Caleb Brown, I've asked my realtor to get further information from buyer. Such as his current credit score and credit history and intended use. 

Will try to gather as much information as possible and will update

Ps. I can definitely do a conference call