All Forum Posts by: Victor Vella

I’m looking to go from 12 deals a year to 35 in 2021. I do most of my business in Cleveland but live in LA/ souther California.

I largely don’t utilize debt but looking to find solutions to build this scale without going hard money. I mostly flip, and operate at a high velocity. I don’t hold many as rentals.

Any suggestions for a flexible but reputable commercial oriented lender?

@Lauren C.

If I was in your shoes I’d try one of each - not advice but my plan of attack if I had $1,000,000 with limited experience. I’d Find the best fit and get in that lane. From there build that lane to the best of my ability then have some offshoots.

Try 1 of each - Flip, cash rental, brrr ( if income situation allows debt) hard money lending and see what’s ultimately a good fit.

@Ellie Perlman

Wow, well communicated - I play in the Cleveland Ohio sandbox and see the bidding frenzy with limited inventory.

We’re seeing a lot of out of town buyers due to strong cash flow for the price compared to other cities.

@Suzanne Chan

Yes agree on a shortage of appliances specifically that are the best value. I flip houses in Cleveland and on our most recent project we paid double for our stainless dishwasher and had to go to a big box in Toledo to stay on our timeline. We're flipping in 2-4 weeks so we're more aggressive in managing our turn then our pennies. This ultimately increases our cost per project but the goal is to have a higher year end ROI.

As far as appliances impacting rent - imo it’s more about overall fit. When the kitchens half nice but the rest of the house is beat your still going to get a tenant that’s paying market for a beat up house.

@Tom Ott

Not to mention the serve as great punchlist items that buyers will most likely bring up anyway 😄

@Trevor Harris

model the business, buy right, scale, then keep tweaking

It’s taken me getting to about my 15th flip to really get a flow, a model and structure. My first project took 7 months, my most recent one was acquired June 23 and is already renovated and under contract to close in weeks.

Think of it not only as a business but every win and loss is a learning experience. Maybe you lose on a project but found a great contractor. Maybe you make 100k on a project and you found a great sourcing method etc

Good luck!

@Maximo Jacobo

@Maximo Jacobo

Fun game to play - banks pay you (generally speaking) 1% interest on savings but 4% cashback when you spend your money.( ie - Costco credit card gas rewards)... think about that.

@Giuliano Mineo

I’ve been eyeing south forest beach area for a while. What does hurricane insurance/flood run? PM me please

@Kelly Beasley

Hey Kelly I flip in CLE - I have done multiple JVs with friends and family.

Turnkey and I’m bringing the money I’ll do 50/50

If I’m guiding the project the most I’ll give up is 30%

I train friends family and Zillow Addicts to spot properties If they spot one that makes sense I give them a small market research fee and allow them to JV as much as they want

@Anastoshia McCrary

Hi Tosh - I just moved from Cleveland to SoCal. My team does many projects from cheap to middle-high end in CLE. Rentals, flips etc

Lakewood to Cleveland heights - pm if you want to chat.