HOME RUN! 45% ROI COC =D

[Orion Patenaude]

Investment Info:

Other buy & hold investment.

Purchase price: $680,000
Cash invested: $80,000

Found this Gem on the MLS in the first 3 hrs of being listed! 3000 sq ft single fam with mother in law studio! had a 3000 sq ft shop (airplane hanger conversion) on the property as well as a 1000 sq ft 3 bay garage! while living in the single fam this property cash flows 500-800. if we move out then it cash flows 3000-3500 mnthly !!! i call that a HOME RUN! we threw a party on New Years and everyone that came AGREED... HOME RUN BABY!
my partner and i are pre approved and sitting on another $150k capital and hunting for more!

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

I am in a crazy high market so the only way to get a deal is to see value others are missing! thats exactly what this was! repurposed property for better value and ROI!

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

actually found on the MLS and figured if i captured it fast enough it may slide under other investors noses! thats exactly what happened. I let my Broker negotiate but i did make a phone call to the seller and let him no i was not going to be in any bidding wars and that my offer expired 9pm that night! i did make a very good offer 50k over asking but the rental comps with the shop on the property supported purchase price up to 720K

How did you finance this deal?

conventional with 11% down

How did you add value to the deal?

renting out the mother in law studio, two 12 x 25 storage units and 3000 sq ft shop

What was the outcome?

we are still leasing up but we have action at prices above my conservative estimates!

Lessons learned? Challenges?

There will always be surprises! be conservative with ROI estimates to give yourself room. HIRE EXCELLENT TEAM MATES NOT CHEAP LABOR! Your results will be a direct reflection of the actions performed by your entire team! From the owner down to the cleaners!

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

YES!
PRMG residential lending in Puyallup WA! they rock! look them up and ask for Jesse shoulders! you wont be disappointed!
www.homeloansbyjesse.com

Broker: Madison Del Vigo (Top 5%) Coldwell Banker Evergreen Olympic Realty, Inc Tumwater WA
You will NOT find better!