All Forum Posts by: Stephen Hundley

Definitely a crew. I don’t do any of the work myself haha. I leave that to the professionals. 

The sale is every June and all online. They post the list about 2 weeks before the sale. I don’t have the direct link but I pulled it up the other day. 

Investment Info:

Single-family residence fix & flip investment in Lafayette.

Purchase price: $160,000
Cash invested: $170,000
Sale price: $396,600

Total hit plus addition to master

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

Great neighborhood in the middle of town

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

MLS, we included a letter about us in the offer

How did you finance this deal?

Line of credit

How did you add value to the deal?

Adding on a master bath and hitting the home so it felt like new construction

What was the outcome?

Sold for above list price

We ended up being around $160,000 for cost of rehab

We just sold our most recent flip right before Christmas and here is my breakdown of how it all went down. The property we purchased, located at 109 Charles Read Ave Lafayette, LA, was on the market for 40 days before we made our offer. The home was listed at $190,000 and we offered $160,000 cash and close in 2 weeks. The sellers just so happened to receive another offer at the same time that was higher but the offer was a financed offer. We wrote the sellers a letter about our background and our plans for the house and I think that helped tipped things in our favor. They ended up accepting our offer 15 minutes before the expiration. 

We ended doing a full gut and adding on a master bath. 

After 6 months of renovating, we finally listed it on the market Dec 6th for $385,000. The home turned out to be 2,300 sqft and 4 bedrooms with 2 baths. We had 7 showings in the first day and 3 offers above asking price. We accepted an offer for $396,600 and closed Dec 21st! 

Can't wait for the next one! 

Freaking incredible @David Zheng! Great for you!

@Harry Asnien Mailing for vacant land in Nola seems like it would be a gold mine right now. Keep on mailing and you will start getting deals!

@Hamilton Blackwell I didn't use a company for these; I did them myself. I hand wrote a yellow letter and left a space for an address. Anytime I see a run down home when driving for dollars I add it to my Google spreadsheet and send a letter.

@Mark Gallagher $100,000 would have been nice! Still happy w the numbers given how easy of a renovation! Not many unknowns since it's only 10 yrs old! 

For the longest time I believed direct mail didn't work! Until it did! This is the first flip I purchased from a "we buy houses" letter. They held on to my letter for 5 months before calling! 

The negotiations took about 2 weeks. They wanted $120,000, I offered $95,000. They countered w $100,000 and I countered w $97,500. They verbally accepted then renigged after talking to someone else and receiving a higher offer. Found out another investor offered $125,000 but it was a financed offer. Mine was cash and close when seller wants. Long story short we agree s to $107,500 and we closed last week. 

The home is a 3/2 1,265 Sqft, only 10 years old and we expect to put $12,000 into it. Needs counter tops, paint and floors in bedrooms. Should be done in 5 weeks and ARV is $159,000.