Meet Brian…
Brian’s a short-sale rehabber from Milwaukee. As a “fix and flip” guy, Brian gets giddy at the chance to turn a diamond in the rough junker into a bright, shiny showpiece. He does it over and over again, and it turns out he’s gotten pretty darn good at it over the years.And something interesting about Brian is this: While investors all over the map feel like their clock’s being cleaned by the current real estate recession, Brian’s happily doing deals, making bank every month, and having a blast doing it.
No, he’s not a guru – just a local, hometown boy. And it’s not that his business has been entirely untouched by the recession per se… He just knows how to flow with it. Brian’s a “Move With the Cheese” kind of guy.
Let’s all raise a glass to my good friend Brian Meidam.
Not Quite Business as Usual…
Brian and I both have the good fortune of being in a private mastermind with about 10 other dealmakers called the “Flip VIPs“. We conference call together monthly, rabble-rouse in person a few times a year (this month in NOLA), and share lots of awesome stuff together through a private email group in the meantime.
So recently Brian emailed us all about a deal in which he was trying something flavored a little differently from his normal cup of tea. And actually, was getting some really impressive results from it. He did a lesser rehab than typical, but ended up with multiple showings in only a couple of days, quickly followed by multiple offers. Yay, Brian!
We all bantered back and forth via email with him a couple of days before I finally just asked him if we could record a quick case study for everyone. And that’s just what we did.
So here you go — enjoy! Merry Christmas! And I hope some insight into Brian’s latest deal will sharpen your own deal-getting. And if you have any more questions of your own for Brian, just ask ’em in the comments below. I’m sure I can get him over here to answer you.
Listen, Learn and Enjoy…
[audio:http://reitips-audio.s3.amazonaws.com/interviews/12-10_brian_meidam.mp3]Wanna Ask The Flip VIPs?
You can find out more about how to “Ask the Flip VIPs” here if you’re interested…
The Quick and Dirty:
- JV deal
- Purchased for $75k
- $16k-ish “light rehab”
- Listed for $150k
- Feeding Frenzy: 12 showings, multiples offers within 2 days
- Cash offer…fell through
- Backup offer…$155k ($5k over list price)
Some Questions I Asked:
- How did this sweet deal come your way in the first place?
- When you JV a deal like this, how do you structure it?
- What terms did you strike with the seller?
- How were you able to get such a buyer feeding frenzy? What’s your secret?
- Why did your first (cash) offer fall through?
- You 2nd offer was higher than list price…expecting FHA appraisal issues?
- How do you handle staging? And how much?
- What’s next? Planning any more deals like this one?
Among the Takeaways:
- Believe it or not, “old school” tactics still work (Go figure!)
- Don’t be afraid to renegotiate until you’re really comfortable
- “Wholetaling” is an extremely viable option for certain neighborhoods
- Staging: Why it works so well (especially now)
- How much to budget for staging a rehab like this
- Ball park number to budget for post-inspection expenses
- Why this deal rocks…but he definitely wouldn’t do every deal this way
Yay, Pictures!
Wanna Ask The Flip VIPs?
You can find out more about how to “Ask the Flip VIPs” here if you’re interested…
Who do you use in the Milwaukee area for your staging?
Hi Seone – I use Bethel at Staged Home Designs out of Hubertus, WI. Send me an email and I can give you the contact info.
Wow. Somehow that pink works. Love it!
Brian looks right at home in NOLA!