All Forum Posts by: Zachary Palmer

Quote from @Ethan Haigler:

Super excited for you! I have multiple duplexes. Depending on the market, they most time give you the biggest bang for your buck. My first one had holes in the floors and ceilings, + was rat and roach infested..we cleaned it up, put $50k in rehabs into it and it went 3x on appraisal. We pulled all money out plus another $100k. love 1-4 units..5+ units are great also but require jumping thru some additional hurdles on the first one.

I am probably going to be putting in about $70K for Rehab on both sides and should be able to raise my equity about $140k. Looking to Refi next year, not sure if I will take any money out depending on how the MTR rents and what the numbers look like for the other side eventually being a LTR. As it stands now without rents changing once I move out and have both sides rented I should be able to cash flow around $1,800 a month.

We finally closed on our first multifamily!! We are going to rehab and house hack it for the next year or two. This thing needs a lot of work and a lot of love but we are excited for the project and plan to hold on to it forever.

Thank you Rod,

I have will have to keep trying and hope that they answer or reach out to us. I will put a flyer with my card on there door as well.

Hey BP Family,

A neighbor of mine passed away about 2 months ago and I have been trying to contact the family (trust) to see if they were going to be selling the property. I don't want to overstep because the gentleman passed away but I also would love to get into this home. We have tried contacting a couple of the trustees and sent a mailer but have not had any call backs.

Does anyone have any other helpful hints on how to get in touch with the family? I have a rental down the street that was my primary for a few years, so I am not just someone looking for a quick deal.

Hello BP community,

I am trying to have my businesses structured and need to find a good real estate attorney to consult with. Does anyone have someone they trust and would recommend? 

Quote from @Erik Estrada:

That's a pretty solid deal. What were the total costs of this project? $20k total for rehab and closing cost

Hi Erik,

I posted this before I had the final numbers at closing. The rehab came in just under $20k but I originally budgeted $15k. A few things came up during the rehab that had to be done and I subbed out to make sure it was done properly. 

We did borrow $20k on this deal to not spread ourselves too thin since we are just starting out and do not have a lot of liquid capital right now. So after the fees, interest, and other costs I turned just about $40k profit from the deal. When we analyzed it I thought on the high end we could make $50k but it sold off market and quickly so no complaints getting a little less out of it.

Investment Info:

Mobile home fix & flip investment in North Fort Myers.

Purchase price: $35,000
Cash invested: $20,000
Sale price: $95,000

Fix and Flip, Purchased from a neighbor that bought it from an older couple that could not take care of the home or themselves anymore. A real wiring nightmare with things everywhere and dead rats under the couch. Turned it into a nice bright home for someone to live in.

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

I have been working with a friend on his deals who has been flipping for about 10 years. Finally, getting started on my own business.

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

The neighbor bought it with the intention of fixing it up but due to health deterioration was not able to do so. He contacted my friend's company and they moved it along to me.

How did you finance this deal?

Cash with a small hard money loan. Credit card for materials.

How did you add value to the deal?

Ripped out all of the carpeting, living room built-ins, and the kitchen. New kitchen, flooring throughout, and new paint throughout. Removed all of the junk in the car port and painted the exterior.

What was the outcome?

Ran into some unexpected issues with having to run new power for the stove as well as having to run new water lines for the bathroom and kitchen. Also, termites were living in the kitchen so the home had to be tented.

Lessons learned? Challenges?

Take a closer look during due-diligence for appliance hookups and what type of animal/insect droppings are around.

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

Amanda Palmer- Fantastic real estate agent in Ft. Myers area. She helped me to sell this home before it hit market.

Thank you all for commenting and reaching out. Unfortunately, this next deal is going to go on without me. I am still going to be looking for the next one and trying to find a partner to put the deposit down. I appreciate the help.

Hello Community!!

I am finishing up my first fix and flip while starting to find the next deal. I have a found good deal and even talked down the price $15k. I need to find some hard money lending to get into it since all of my capital is in my current flip. I have $55k tied up in the first flip and am looking to sell it for $105k. The project is going to be done in the next two weeks and we currently have two interested buyers off market. 

Are there any hard money lenders out there who would be willing to give me a chance?

Hello All,

I am trying to work on my first sub-to deal and the client is a little over 30 days out for foreclosure. I was just wondering if there are any issues that wouldn't allow me to make this deal because it is close to foreclosure.