Our first Deal in San Jose

[Nate Morris]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $699,000
Cash invested: $145,000

Full gut single family residence including hardscape, landscape and complete interior remodel.

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

It was a classic live in rehab in an up and coming neighborhood with great schools, walk to shops and easy freeway access.

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

We found the deal ourselves and negotiated directly with seller.

How did you finance this deal?

Meriwest Credit Union supported our first time home buy and the offered two free rate discounts post close.

How did you add value to the deal?

Comps

What was the outcome?

We used this asset as a cashout for other investments.

Lessons learned? Challenges?

Lots!

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

Annette Seaborn in Los Gatos was key in encouraging us to hold / rent rather than sell.

[Nate Morris]

This is in 95124. 2 years ago we did a cashout Refi and bought 46 units in KC. 
I have been trying to model scenarios to keep it by installing an ADU and/or JADU though the cashflow is just not worth the investment. We are now looking to sell to perform our first new construction development of 10 unit townhomes nearby. Let me know if you want to see the proposal as likely we will need to raise another $600k.