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1st Buy & Hold | Corona, CA
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $405,000
Cash invested: $115,000
House was listed in MLS. It was probate sale with no court confirmation needed.
What made you interested in investing in this type of deal?
House needs rehab, had potential, good neighborhood; so I thought I can practice BRRRR steps
How did you find this deal and how did you negotiate it?
House was listed in MLS for a while since seller refused to lower the price, we still get them about $20K less than asking
How did you finance this deal?
We use private money lender - high interest but able to close fast
How did you add value to the deal?
Rehab the interior with new paint, new flooring and added some recess light
What was the outcome?
Inside is good; however ,we did not touch the exterior -- only attract certain renters. This also lower our appraisal value during refinance.
Lessons learned? Challenges?
Don't back down if the numbers does not seems right. We made cash flow; however, we also had to cough up money for refinance. Challenges is transitioning from Rehab to Refinance -- we had hiccup in between so renters ready to move but refinance took longer since value was lower than expected. The appraisal report lower by a lot due to exterior was not up to par.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represent myself as buyer (I have Realtor license).
Private money: I've been working with Matt McCarthy | Pivot Capital Group since 2016 when I decided to flip for the first time. I highly recommend them.
Refinance: I work with Michael Zadeh | All Coast Lending ---- work with this guy for my conventional real estate transactions.
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@Anita Effendi congratulations on your 1st buy & hold property! I notice you are practicing the BRRRR strategy on this property, this is awesome!
Cheers!
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Congratulations on your first buy and hold, @Anita Effendi. Keep up the great work.
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Aww...thank you @Carlos Villalobos & @Marlen Weber . I actually posted this by accident - I thought I was posting under my own portfolio lol. I felt the numbers too high (I'm a little embarassed) ; but thank God we still have cash flow :)
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@Anita Effendi don't be embarrassed. A deal is a deal is a deal. Great job :)
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@Anita Effendi like Marlen said, don’t be embarrassed. What matters is you that took action. It is great that there is cash flow because that is a challenge in CA.
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@Anita Effendi Congrats Anita!
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Thank you for sharing the difficulties you ran across - I think that it is important for us to share the challenges.
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@Anita Effendi How has the deal gone since? I live in Corona and would love to have my first buy in the next 90 days. Whether I want to flip and hold or flip and sell I have not decided yet.
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Hi @Brendan M Hornung! I'm still keeping it -- the renter just renew the lease for another year :). I am also based in Corona- let me know if you have any questions with Corona's market.
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@Anita Effendi That's awesome! Great news, how does the market look currently in Corona? do you think now would be a good time to flip? I have been looking at homes north of Ontario and south of 6th street, I feel there may be some opportunity there.
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Hi @Brendan M Hornung I wouldn't say there is no deal at all. There is always a deal if we really look for it. My first flip in 2016 near 6th Street! Feel free to send me an email if you'd like to chat.