Personal loan fast approval
We did that twice, led the nose for about eight years all together between the two.
And then small payday loans direct lenders we were able to take that equity, build our house that we were wanting on some land. It was just crazy because it was on a couple acres. We ended up selling it for about 129,000, so that started us off like amazing.
Jacqueline:We had at least 25,000 in it, but I would say my parents, they were there everyday working at that time and putting in. And being your first live-in flip where you are actually really tracking the costs either. And that was right when we got most of our stuff rehabbed. We got all new siding on the front, new windows put in and everything, and then… This is direct pay day loans when we were living there at that time. And then the tornado came through and then ripped out all the siding on the front, all the windows. So that part benefited us in some ways, but it was hectic for a little bit, but it was livable at the time we moved in. So how long were you in that first property before you guys moved on to the second one? Jacqueline:We lived in that one for about five years, we had our first two children there.
But then the second one we lived there five years and then we put an offer in on a Hubzu new property. I think we purchased it for 170,000, so we were able to take the equity from that first house and all the profits and put into that one. Are you able to see the property before and it just walks through the buying process on the website? And then we were also able to get a mortgage to get the house.
And it was actually about a mile down the road from the other house we had, so it was a quick move. Now, so you guys have these two live-in flips and then you said it was earlier this year that you actually started investing with intention. So walk us through that transition and how you guys went unto that point. Our main goal was independent payday lenders to buy some land and build our house on it before… Also along with investing, so we were able to do that. We moved in last October into our house, and then we pulled our equity out at the beginning of this year. And then we were able to start using our equity line personal loan fast approval to invest. And that was before I knew about all the personal loans direct lenders hard money lending and was afraid to jump in with all of that. Ashley:Once now that you have your primary residence, you did your two live-in flips. How did you get started into actually buying your first investment property? Most are virtual now, do you think that really helped you accelerate your investing?
But then I was starting to connect with other investors in our area that were more my age and several of them are like my best friends now. Or how do you start those conversations as a new investor? Ashley:I remember the first couple of meetups I went to in-person in Buffalo. But I also had to beg my one partner to go with me the one time.
For him going out into the city to meet up just to talk and hang out is like a waste of time for him. And just a recommendation, the Zoom calls are a lot easier I think. Ashley:Tell us a little bit more about the first property then, the first one you got under contract this year. We went in with a partner, so it was like a pocket listing off the MLS, our realtor. Had it and we were looking for one, it just worked out we were able to secure it and everything. So we purchased that, worked on it with our partner, he ended up paying for all of it, so all the purchase costs. So we agreed we would do all the physical personal loan fast approval work and everything. And then we finally got around to selling it, we closed yesterday actually.
The buyers were VA loan and stuff, so it got pushed out a few more times, but it finally ended up okay.
And then maybe- Ashley:How did you find your partner?
This is your first deal ever as an investment property. I worked for my realtor in town as her just assistant, friend of the family, but her son was wanting to invest and so it worked out. Ashley:So can you tell us a little bit about the conversation? How can you recommend to someone they approach someone about being there partner? But I deal more so with his mom being our realtor and we go together and stuff. My husband quit his job this year, about two months ago so we could do this full-time. Because we have like four flips going right now and it was just getting to where it was too time-consuming. Ashley:I just want to say real quick, your first year flipping and you guys have already quit your W2 jobs. Tony:I want to go back to your question, Ashley, because I think it was a good one about like, how did you build that relationship with that partner?
So for you, obviously you personal loan fast approval already have this preexisting relationship with that person, so it makes sense why they did it. Do you have anybody you think that would be interested in partnering with me?
Tony:How many deals did you guys do before you made the leap for your husband to walk away from his W2 job?
Were you guys nervous having your husband walk away because it sounds like you personal loan fast approval did it before that first deal even finished, right? It was a rough job and he would come home just completely exhausted every day because they work nonstop. Tony:Kudos to you two for having the confidence in yourselves and betting on yourself to be able to figure it out and find a way to make it work. It sounds like you know some folks that are wholesaling, you can always do just like the long-term BRRRR strategy. What made you say flipping is a path we want to go down? And then they take those big chunks of cash personal loan fast approval and they put it into BRRRRs, more stable long-term investments. And then once we get so many, then our money lender will be able to fund more deals. Ashley:What are your current goals with this business? Do you have like a one-year, a three-year goals set for this? In this one and a half year, I think we have left to get our tax history started, and then I really want to build up just a single family rentals for the next year.
And then we hopefully want to move into multi-family.
How you financed it, what the rehab looked like and now what it ended up being at after you sold it. And then it got back on the market and dropped like 15,000. They had multiple stalling, so we knew everything around here has been going over asking like… So we ended up putting an offer in 92,100. We went with SharePoint lending out personal loan fast approval of Louisville, Kentucky.
So our total is like 126,000 that we have available to draw from them as construction draws. But the house is worth around 200,000, so we should make around 40,000, I think by the end. So we would take the draw, we painted the whole exterior of the house and we paid ourselves for doing that, so we paid like 1,500. We paid another company at another house demo work, so we just use that for us.
We do some contract out, certain things like our electric, our water, or like plumbing. This company had done another roof for us, but then they came to quote this one and quoted it like 22,000 for all new roof, some siding, soffit, fascia, gutters. Especially if you go off of the inspection report, that would be what I would start doing is get the inspection report, figure out what needs to be done off of that.
If you have an investor friendly realtor, a lot of times they can give you some decent ballparks on what rehab costs might be. So said that you assume rehab costs are going to be 10,000, you do your inspection report, that comes back, you have a contractor go through all during your due diligence phase. Tony:I want to talk to you also now, Jacqueline about actually selling this property. I guess, what has your thoughts been on trying to sell these properties? It was in a more C class area of our little town, which is not a horrible road or anything, but we were iffy on that. Jacqueline:We actually got an offer about ssi payday loans a week later. So we went and looked at a property on the MLS and there was an open house. They had 27 people that had gone through the open house already and it was just an hour long open house. They had already had four offers in, and then I think they had a total of maybe seven offers the next day when the offers were due.
So it just depends, but most of them are going multiple offers. Tony:Now, you mentioned earlier, Jacqueline that you guys were planning personal loan fast approval to profit about 40K on this deal. Can you walk us backwards on how you calculated that profit?
We knew half the house was older and then half the house was brand new, the sub floor underneath of that looked awesome. There was the sub floor, which was hardwood, and then they had two layers of drywall, and then they had carpet padding and carpet. We just broke down every item, how much we were going to spend or what our budgets should be for it. And then the insurance is like 380 somewhere in there for three months. Took all of our tools and everything, so we had to file a claim. So we had up to 5,000 and we made it, it was almost about 5,000 total.
So they gave us a check for about 2,500 back since our deductible was 2,500.
The monthly cost would just be if your data plan runs out, which is normally like 25 bucks, I think to buy a card for it. Especially if you only have the property for like three months then. Someone who has really helped you grow and accelerate your real estate business.
Ashley:Would it be like a welcome video to them as to like these are the processes of how the tenant-landlord relationship goes? That would help me be investor-friendly and everything, so that would be your main thing to do.
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