What you have to LOOK FORWARD TO !!

[JOSEPH GSELL]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $140,000
Cash invested: $8,000

SHORT SALE DUPLEX,
Bought in 2012 for $140,000
$900 TOTAL monthly out (excluding maintenance)
$1950 income in Rents

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

MULTI-UNIT !! Was my #1 reason.
One side has always paid the whole mortgage.

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

MY REALTOR.
Called me at 11:58pm Friday night and said this property is going to list "tomorrow " (in two minutes), "do you want it?"
Google Maps "drive by", Called her back at 1:00am and said Yes.

SHORT SALE.
Loans in place...
7 MONTHS go by. I get a call, REALTOR, at 8am, "THE DUPLEX IS YOURS !!", "you need to get your loan re-approved, it's been over six months..."
Mad scramble ensues...
MORTGAGE BROKER, wells fargo, pulls EVERYTHING together in 4 hours, signing at 2pm

How did you finance this deal?

FHA, 3% down, plus closing, less than $8000 out of pocket at signing,
Including the $1000 good faith deposit (they held that money for the full 7 months before applying it) gotta be patient, if you can, is all I'm saying here.

How did you add value to the deal?

I've been CONTRACTING for 30 years. I've seen EVERYTHING.
Its an advantage cause it's one less person on my team I have to pay.
New; floors, doors, base and case, texture and paint for under $6000 for a two bed 900sq ft.
It's close to home. I self manage and pick up the rents in Person so I can keep an eye on things monthly, class "D+to C-" area. (Saves $160 a month in Property Management Fees)

What was the outcome?

EXHILARATING!!
I was able to use my natural "strong points" on this one.
Patience, and Construction Ability for updates and the maintenance.

Lessons learned? Challenges?

Chalenges, YES
Lessons, YES
Feelings of Accomplishment, YES

I LOVE THIS S#!T !!

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

BILL GIRVIN, Girvin group, https://www.remax.com/real-estate-agents/bill-girvin-fair-oaks-ca/100042039