Relentless & Unstoppable - My REO Niche!

[Deni Hurd]

Investment Info:

Large multi-family (5+ units) other investment in Chuluota.

Purchase price: $40,000
Cash invested: $60,000
Sale price: $162,000

3 Bds, 1 1/2 baths, built in 1958 "A" School District, Near the Universal, Disney area, sold it in 4 days. This is what the guy (a close friend too), is getting from Airbnb.....
Airbnb Rental Income: $2,266
Airbnb Cash on Cash Return: 11.72%
Airbnb Cap Rate: 11.72%
Airbnb Occupancy Rate: 55.64%
Not bad for families or young adults that want to take a vaca to Disney and when Mickey sucks all the money out of your wallet....it's good to know you saved somewhere!!
98% of what I do is REO's. I was relentless...I wanted to find a niche, offer investors of SFR, MFR and Mixed REO's online but without the bull_hi_. I worked a deal with a nice chic although she has way too much power (like Wonder Woman) who runs the online auction. After I jumped through 5 hoops going in 10 different directions, tons of paperwork, signing by working her in my first few deals, cooking her Christmas dinner and babysitting her 4 kids every Saturday Night (I'm kidding but it felt sorta like that), I was able to get my investors 1. No $2500 charge to sign up for the auction - EVER. 2. If the property is vacant, I can get them into the property (Inside!) to see it....immediately) 3.They pre-bid on whatever properties of interest, after doing their due diligence and the bank will actually immediately counter-offer (you cannot do that on any of the online auction sites. the bank does not counter-offer), 3. Investors (me too!) put in another offer 4. and 96% of the time the offer is accepted and this is all before the real auction!! Close in 5 days! I am a licensed but I charge a small fee...very small...because it's good to not be greedy!! This keeps me pretty busy. I have a partner that does the NPN's.....I was relentless there too.....I find if you keep calling and don't stop they will give you what you want to just get rid of you!! But, they find you funny in a weird sort of way! It all seems to work out for everyone.

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

I live in Orlando and my me and my brothers go to tons of investment meetups, clubs, memberships...etc... and about 5 of us concluded that a lot of people have their kids (of all ages....mine is 24 and still does it to me) nagging, begging, screaming, going on eating strikes to see "Harry Potter"! Now, if you are not a fan....I don't want to hear it. But, it's so freakin expensive....Airbnb takes a lot of the pain away.

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

I explained

How did you finance this deal?

Cash - A stranger showed me compassion unlike any other. I hold myself to very high standards now and that will never change. I Keep My Heels, Head & Standards High! And, I paid it forward to one person so far and it was the 2nd best moment of my life!!

How did you add value to the deal?

New windows, doors, paint, driveway...I don't know what else my brothers did to the outside...I love interior design so the interior was all mine! I have a contact for all kinds of cabinets..all kitchen, floors, even some other stuff like washer/dryer and microwave....I'm very very resourceful!

What was the outcome?

We made 62K. I have 2 brothers and they are already successful entrepreneurs in areas that do not involve real estate. I was always the black sheep and it really bothered me.... A horrific divorce; left me with absolutely nothing..I mean - ZIP! No home, money, job, car, negative in my bank account, no credit....WAIT...he left the Alexa. I forgot. Sorry 🐀 An investor came along and did something for me no one has ever done. Saved my life, gave me a fresh start. I am grateful and pay it forward.

Lessons learned? Challenges?

1. I like the process of contacting my investors and sending them the pre auction sheets rather than doing them myself. I know that sounds weird but I throw myself into it for them and it makes me feel good. I hold myself accountable for my actions, I make their problems.. my problems, I listen very carefully to everything they say and I feel like I am a tiny part of each investors business because they know they can reach me anytime. I like providing a great service more than anything!

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

Only Wonder Woman and that was enough!