All Forum Posts by: Alex Madrid

@Edward Taveras , not sure if you had a chance to read this over?

Hello everyone!

Just wanted to ask what are the general things to do and prepare before meeting or talking to someone about investing?

I know investors what to know ROI, Timelines, Risks, etc... but is there anything else I should prepare?

Thanks a bunch!

Hey everyone! 

My name is Alex Madrid and I am a Realtor starting my personal investment journey :D

I hope to, not only make great connections with you all but, also help provide value. I am huge on experiences and love to surround myself with like minded people... hens why I am here XD

A little bit about my personal self:

I am the oldest sibling out of 3 and, like many other older siblings, get looked up to by my brother and sister.

I was born in Guatemala and moved to the United States with my mother, father, and grandmother when I was about 3 years old back in 2002-2003. Like many immigrants, we moved to hopefully live a better and safer life compared to our home country.

Starting a new life in a new country was definitely not easy, and required a lot of sacrifices from my parents. Fast forward a couple of years, my mother and father were working long and difficult hours every day. My mother started off working at a packing/shipping facility, where she spent the entire day standing and earning minimum wage. My father was working as landscaper and had to be up before the sun rose. Although he made more money, the physical workload was a more as well. We had to constantly move due to rents being increased, property conditions not being good, and trying to save money. In addition to that, it felt like no matter how hard my parents worked, money was always an issue. 

Fast forward to today, My family and I have our own home, which we helped build ourselves from the ground up. My dad has a great handyman/construction business. My mother is a stay at home mom, who is absolutely AMAZING, SUPPORTIVE, and LOVING! From time to time she works with my dad and does 100x better job than some of the workers my dad has hired in the past. 

I am now 23 years old, I've been working as a Realtor for a couple of years now, and have continued to grow my experience and knowledge in the world of real estate.

Joining the BiggerPockets community is the next step for me to achieve financial freedom, and not only support myself, but also my family. I want to be able to help my parents retire NOW and not have to work more than what they have already worked. I credit all of my past, present, and future success to them. I know that no matter what I do, I'll never be able to repay them for being the amazing parents that they are, so I'll at least make sure that they never NEED to work another day in their life. If they decide they want to, by all means, but never again because they are short on cash.

Again, I look forward to meeting as many of you as I can and thank you for taking the time out our your day to read my post :)

Let's continue the grind!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $395,000

Split entry property with a total of 4 bedrooms and 2.5 bathrooms. New HVAC system for forced Heat and A/C. Kitchen was fully remodeled and updated. The basement level was finished. The Roof was replaced in 2022, with new shingles, ice and water shield, and flashing.

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

My parents and I were looking for something we could buy, fix, and rent out; while also investing in good material to update it in case I decide to make it my primary home in the future. My dad has his own handyman/construction business, so we wanted something that required work but not so much that it required a tear down and rebuild.

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

This was a property that was going to be put on the market in the future, but another agent and I spoke to see if the owner would consider an offer before going live. The seller agreed and we made our original offer at $375k which was not accepted. After some back and forth we agreed on $395k. We were willing to pay $400k based on the comps for ARV if we decided to sell in the future.

How did you finance this deal?

My parents and I put down 25% and got the remainder as a loan

How did you add value to the deal?

Being able to get something off market in any kind of market is a great way to help avoid competition and get a good deal. I was able to supply us with a great opportunity and the professional experience from a Realtor due to being one myself

What was the outcome?

The outcome was a beautiful single family rental that is paying for itself, while growing our equity!

Lessons learned? Challenges?

One thing I did have issues with was the lender we used at the time. Towards the end, this lender was not communicating and would ghost some of my calls or say they would call back. This put us in a position where we had to extend closing 2x. We nearly had the Seller walk out and decide to list it because of the lack of communication with the lender and not fulfilling the agreed upon dates\
Lesson learned... DON'T USE THAT LENDER EVER AGAIN!

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

ME! Who do you know who is looking to buy, sell, or invest in the state of Massachusetts?