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Ashley:Real quick, because I have to ask, because I see this question so many times in the Real Estate Rookie Facebook group, what property management software are you using, if any?
So we use Buildium, we did a little bit of research on the different companies and right now with Buildium.
And I like a lot because obviously tenants pay rent through the system, all the maintenance stuff is taken in through that system. We just interviewed another couple, their kind of format was the same. In my business, my fiance does all of the interacting with the guests in our short-term rental business, I do all the backend stuff. Do you have a deal in mind, Kyle, that we can kind of deep dive in and sink our teeth into? Kyle:Sure, so I think we talked a little bit about the first deal, which was just an FHA loan, so getting pre-qualified through that, that whole process. Let me think a little bit, the purchase price on it was 57,000, so very cheap duplex. I knew that it was kind of on a transition border area where if you went North four or five blocks, the values would go even lower. But then, I also knew that if you went South three or four blocks, it became a BB plus neighborhood and the values literally doubled. So over an eight block area, the values were all across the board.
But in having that job where I drove around all day, I knew that there was this kind of dividing line going through there. I reached out to about 20 banks, and I got about 18 nos, and it was just so disheartening. So that was not an option for me and I was trying to get it refinanced based on the appraisal. Some hard money lenders are 12 months loans, but in my case, a lot of them are six months. So anything before that, they were just going to look at the acquisition price.
And I found this lender that was going to look at it a little bit early and give me some leeway. I was able to get a loan, trying to do some quick math, it was around 77,000. So I quickly had to find another lender, but it started to snowball a little bit and I was able to connect with a couple other lenders and get some of these deals done on a more regular basis, not limit me to say two loans. On a recent show on the BiggerPockets show, I remember someone saying they were doing BRRRR investing and then COVID happened, and they were into all these different loans online payday loans las vegas and no one was lending. This is something that is personal to me this year, the exact same thing happened to me.
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I bit the bullet 1 hour loan a little bit, and I did that refinance.
If this had been a regular deal, you would have had to put 35,000 into it. Now, with this deal that you talked about, Kyle, you said that you put, what was it, 30K into the rehab. Kyle:Well, this particular one was as much smaller rehab.
So as much smaller rehab, it was all cosmetic, this was one of my first BRRRR, high interest personal loans for bad credit the market was not quite as hot as it is now.
The market is very different in Milwaukee, at least than it was three years ago. But to go back to your question, again, I think it 1 hour loan goes back to networking. Ashley:Well, thank you, Kyle, for sharing your deal with us and congratulations on it, and your cashflow and your refinancing.
So this is where we want to find out who is the most valuable player on your team. But when it comes to maybe a third-party professional, I would highly recommend that installment payday loan people get to know someone in Title. And if you have someone who can really have your back and help you out, that can really pull your business forward. How does someone find someone like that to be available person on their team?
I want to take us now though to the next segment of the show, which is our rookie requests line. And if you all want 1 hour loan to leave us a message, just call us at 1885rookie to leave a voicemail and we might use it on the next show. My wife and I are curious about how hard money lending works as far as flip goes.
So if you guys have any insights on that, that would be super helpful.
Kyle:I think my best advice when jumping into hard money, whether for a buy and hold property or for a flip is to just talk to the hard money lender and then talk to two or three more and kind of compare terms. When I first got started, I had a spreadsheet and it had hard money lender, national hard money lender B and maybe private lender C and just trying to figure out how each person works, getting to know them. So if you tell people what your vision is, what your goals are, maybe they can help you out, or maybe they ended up partnering with you or figuring out something that is a win-win for both sides. Tony:Now, I want to talk, Kyle, a little bit about what some of those terms are.
Kyle:So every time 1 hour loan I hear hard money, I see people cringe a little bit because it sounds kind of scary. But 1 hour loan hard money, they may look at the potential cashflow, they may look at the potential profit from a flip. So my record for a hard money loan from the first conversation to the close easy loans for bad credit online table was about 48 hours. And if your numbers still work, then it makes sense too. Kyle:I think this is an opportunity to be analytical. Tony and I are each express cash advance going to ask you just a random question. Ashley:Okay, Kyle, my question is, since you have retired from your job, how has your life changed? Most of it here in Wisconsin and just kind of breaking the mold of the same waking up, doing a little bit of work and just kind of breaking that mold. It was fun to get away and just look at something new. I think the most fun point was two weeks ago, we were on vacation, we were camping on the Mississippi river and I did a wholesale deal.
I never walked the property but I did know a buyer who would be interested in this type of deal and I trusted this buyer. Obviously, I met the seller when I came back 1 hour loan to town and got to meet and put faces to names, but the deal was done and it was definitely done from a couple 100 miles away, so that was a lot of fun. So my question to you is, is a bad first deal better than no first deal? Tony:Say in your example, where maybe you ended up losing a few thousand dollars on that deal, is it better to not have done the deal, so you save that money loss or is it better to have that experience and do a bad deal? I always compare the money that people invest in their real estate journey to a school.
Ashley:Well, Kyle, thank you so much for coming on the show today with us, and congratulations on all your success. Everybody, make sure you join the Rookie Facebook group. RentRedi is payday loans in tuscaloosa al all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi. Successful people, like business leaders, are well-known for reading a lot 1 hour loan of books.
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Blinkist is made for busy people like you, who want to get the main points of a book quickly, so you can start using that information right away. With Blinkist, you get unlimited access to read or listen to a massive library of condensed non-fiction books — all the books you want and all for one low price. Right now, for a limited time Blinkist has a special offer just for our audience: Go to blinkist. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home.
Her and her husband then had the idea to go at it full time. Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. This only made Jacqueline find better and more efficient ways to do her flipping. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.
Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back. Ashley:My name is Ashley Kehr and I am here with Tony Robinson. Tony:New with me, I just got an accepted offer, my last house for sale in Shreveport. And then we actually should be closing in maybe four weeks on our next short term rental in Tennessee.
Ashley:I got my liquor store going, I have two rehabs going on right now that I hope to have them both finish up this winter and yeah, but nothing else really. I feel like all I do all day is just check reports, check in on things. Ashley:Today, we have Jacqueline Smith on who is a house flipper. And the best thing about this is you guys, she is going to give you access to the Excel Spreadsheets she uses to document and track everything for doing a house flip. Mainly this year, we started actively investing the beginning of 2020, but before that, we did some live-in flips. They were able to help us get it fixed up and they purchased it on their equity. And this is when we were like 19, so it was a while back. Basically got it like the BRRRR strategy, but we did. Our loans were like only 55,000, and so we were able to have some good equity in it, just getting started off.
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