FlipPilot is a real estate investing group for active investors to network and share business tips. It’s a fast growing social group where any real estate investor is welcome! We really love how active this group is. There are always investors posting news about their flips, deals that are ready to sell, and hot leads available all over the country.
We love these posts so much that we’re highlighting some of our most active members and what their businesses are up to! Interesting in joining the FlipPilot real estate investing group? Click the link above to be taken to the page. We’re excited to have you as part of our fast growing community! 🙂
Parker Stine is one of the newer members to our real estate investing group, but has been kicking butt! Here’s what he has to say on his business and first flip deal!
I became interested in real estate once I got into network marketing while I was in the Navy back in 2014. As part of my education for my network marketing business I had to read Rich Dad Poor Dad, Business of the 21st Century, and The Magic of Thinking Big. Well those books just changed the game. They totally opened up my thought process to a new way of thinking that I always was curious about. It was somewhere hardwired in my brain and, somehow, I just didn’t know how to get it out or bring it out of myself. I didn’t know that these books existed! Reading those books and having the leaders in our network marketing business speak on subjects that just drew me in about being financially free and having passive income and letting your money work for you so you can quick trading your time for money. I couldn’t get enough of it. So for a while, real estate was in the back of my head as something I wanted to pursue but didn’t know where to start. I guess I was kind of scared about taking the leap, as a lot of people are.
Fast forward a little bit. Now, I’m in business with my dad, Scott Stine, and my brother, Hunter Stine. We decided to have a family business about 8 – 10 months ago in fall of 2017. I had been searching for previous 6 months for a private money lender and kind of mentor that had investing experience to learn from. Coming from the low income area where we came from, I didn’t know any lenders. I didn’t even know what to look for. Instead of wasting time trying to find someone to learn from, I decided to learn for myself and got information from CD’s and podcasts.
I went to my parents and presented them with kind of a business plan for us. We all have kind of a financially free mindset and have been taught the “rich dad” mindset. We are always looking to make passive income, so we started looking for a home. It took us roughly 8 months to find a property. We went though 4 or 5 deals where we deal with a crooked real estate agents or contractors. We learned a lot in a quick time frame and finally ran upon the house we just closed on! This was our first deal and we are extremely excited. Obviously, we were all new to this, so we didn’t formally have an LLC or website yet, but it’s a work in progress.
Our first deal was a long journey to get to. We actually made an offer on it previously a couple months prior, but the seller was a little stubborn in working with us. So I gave her time and eventually went back after it. Still didn’t sell. On Wednesday, June 16th, we finally closed on our first deal! It’s a cape cod style home with 3,300 square feet, 5 bedrooms, and 3 baths. It’s in a well established neighborhood with colonial and victorian style homes. A little bit of old money, as some would say. It’s a big home for a first time flipper, but the numbers are there and we just couldn’t pass up that deal. We look to make about 30% – 40% return, and look to have it on the market by August. We are working everyday until midnight to get this house right, and are looking forward as we await the final project.
We look to broaden our horizon after this flip and get into multi-family as well. I want to eventually have several single and multi-family projects going, so the money will become passive. I want to be able to help people along the way and hope to open their mind the way this industry has opened mine. It has changed my life. I’m just getting started, but I know it will be rewarding for me and my family and I’m really looking forward to seeing it grow. I hope this helps at least one person. I enjoy meeting like minded people to run with, so feel free to friend me and message me on Facebook!
Doug Wright, owner of Old Glory Property Solutions LLC in Alexandria, VA, has been flipping houses for a while. His post in the Flip Pilot group about his most recent flip was such a good story that we reached out to him and asked to tell us more about his business and the deal! Here’s what he said:
In early 2017 I was on this street to see another property that was listed and needed a lot of work. I decided not to make an offer on that property due to a very large un-permitted addition that existed. It was too much of a risk to take for the price that I would have needed to pay to get the property. When I was leaving the neighborhood I drove past a different house and stopped my vehicle. The grass was overgrown and it looked like no one had been in or out of the property in quite some time. I jotted down the address and, later, found in the tax records that the owner lived out of state. I mailed her a handwritten card asking if she was interested in selling the property. I never heard back from her.
About a year later a Realtor that I know and have done business with called me to say that she had a property that she was asked to look at as a potential listing. The owner was out of state, the rood had a hole in it (which destroyed the dining room ceiling and floor, and the damage went all the way into the basement). The house and rear yard were full of stuff and the owner was not interested in coming into town and put in the effort to prepare the house for listing. So I was asked if I was interested in submitting an “as-is” cash offer. It turns out this was the same property I had written to the owner about previously!
My offer was accepted. It had no contingencies, except the all-cash offer, and I accepted the property and all of its contents in their existing condition. It took 6 people 3.5 days to empty the property of its contents and do the necessary demo.
When I rehab properties I take the approach of “what would I hope for if I was buying this property for my family?” That means that I attempt to fix all issues that I find an am reasonably able to. I don’t do only cosmetic updates. I go far and above that level. This allows me to sell for top dollar and sell quickly. It also has given me a reputation as a rehabber that agents want to buy from (and sometimes sell to). I take this responsibility very seriously. I am willing to make less money in order to put out a better product that I can be proud of and that a new owner can be very comfortable with buying.
In this property’s case, I replaced the sewer and water lines all the way to the street, replaced all the windows and doors (interior and exterior). I also fenced in the large back yard, upgraded the electrical system, finished the 1,200 square foot basement into livable space. Then we expanded the 1950’s main level bathroom, replaced the roof, completely gutted the kitchen, replaced all of the moulding, painted everything inside and out, and took the finished to a level far beyond what a buying in that neighborhood would expect. This isn’t even the full list of all the upgrades.
Construction took about 4.5 months and the rehab cost $190,000. It likely would have been a 3 month project, but I had two other rehabs going on an we got a lot of snow and rain that kept some of the subcontractors away. I still was able to put it on the market during what has been an extremely hot spring seller’s market. I received multiple offers within days of listing the property.
At Old Glory Property Solutions, we focus on residential property development. Primarily, we work on rehabbing and restoration of existing homes in the Alexandria, Virginia area. In the second half of 2018 we have plans to expand into residential construction for the retail market and for other investors.
Carson Olinger has been featured in a LeadPropeller Flight Debrief article before, but he is also an active member of the Flip Pilot real estate investing group! He recently posted a few success stories with his happy clients. Let’s see what he shared!
This is a deal in Lula, GA. The seller contract was at $34,000 with a buyer assignment contract at $41,000. This lead came to us from LeadPropeller utilizing SEO and Pay Per Click marketing. Once the lead came in, we were able to contact the seller immediately and set an appointment to meet with the seller and view his property. We were able to inspect the property to establish the scope of work needed, then take the information back to our office and work our formulas utilizing ARVs and wholesale probabilities.
Once we made the offer, he accepted almost immediately and we went forward. Given the remote location of the property, our investor pool was somewhat limited. However, through our established buyers network we were able to find a buyer from an investor who was purchasing our Lawrenceville, GA property around the same time.
As we progressed with the buyer and the seller to close, it came to light that the seller needed a place to live for a short period of time. As it turned out, we were able to get an investment property lined up from the same investor who was buying our Lawrenceville deal (at the closing table) and set up a time frame for the seller of the Lula deal to move into after his closing. So we not only sold his place, but found him another place to move into in a short period of time! This all came together, through credibility, networking, and perseverance.
We made $7,000 on this deal and shared some of our earnings with the investor who helped bridge the gaps. What comes around goes around. It would not have happened with that second investor who found us a buyer, then was able to provide one of their investment properties for the seller to move into. At Capital City Equity Group, we provide solutions to real estate problems! You can see the customer’s testimonial here.
We had another deal in Lawrenceville. The seller contract was at $130,000 Subject To the existing mortgage, and the buyer contract was at $140,000. This lead, once again, came to us via our website utilizing PPC and SEO management with LeadPropeller.
We were able to secure the contract via Subject To Acquisition and agree on a price quickly. Once the contract was in place we were able to find a buyer in 3 days to purchase the property. The sellers were able to capitalize on the sale of this rental property in order to put the proceeds down on a new home for their growing family. They could not have been more pleased with the time turn around and the profit they made from the deal without having to spend the time and money to fix up their home.
At Capital City Equity Group we were founded as a God centered business where we use our talents and expertise to help others alleviate their real estate problems. It is our mission to do everything in our power to help other seek better lives by helping them maximize their home’s potential and hidden financial power. Carson Olinger founded the company a short time ago and in a few short years has grown the business to include several associates and business partners, coupled with a vast local, regional, and national network of investor partners.
As the managing partner, Carson Olinger’s vision for Capital City Equity group is to expand into the Charlotte, Jacksonville, and Tampa markets in 2018 and 2019 as well as to continue to grow exponentially in North Atlanta Metro market. If you are looking to sell your home, land, or commercial property, please utilize our strengths to help you maximize your equity and as an investor. Please contact us to create short and long term gains on your working capital!
Flip Pilot Real Estate Investing Group
We love seeing how active our group members are. from sharing their first deals, to showing creative problem solving with new ones, the members in this real estate investing group are truly the best. Parker, Doug, and Carson keep up the good work!
If you want to network with other active real estate investors and join the Flip Pilot real estate investing group, click here and send a request! We’d love to have you. This is one of the fastest growing groups for active real estate investors. Members frequently share business advice, tips and trick of the industry, and they post available deals all across the country! Networking just got a whole lot easier with the Flip Pilot real estate investing group. See you there!