All Forum Posts by: Amber Krueger

@David Avery thanks! After having someone take a look at the roof, I think it actually has 5 or so years left on it! I already have it under contract at 210k. Now I'm looking at either buying to hold and break even for a little or put it back on the market and have a little more cash for the next deal!

I am working on a deal with a neighbor on a 2 bed 1 bath in a great neighborhood. The market is competitive, like it is most places. The home assessed for 228k, and he is willing to sell for 210k. Seems like a deal, right? It needs a roof and other than that, could be rented as is for about $1450. Margins are tight (I'd be using a Heloc for the down payment). 

Alternatively, a person could put some lipstick (flooring, backsplash, paint, lighting) and a roof on the home and get closer to $230k or so I believe. Seller is flexible on closing and is moving out of state, so they don't want to deal with it. Margins feel tight here as well. 

A third option that I'm less comfortable with due to lack of experience, but seems like less risk: I get it under contract and find a buyer (preferably without an agent) to purchase pretty much as is. Is there a name for this other than wholesaling? The information I read about wholesaling doesn't particularly apply.

My goal is to build a portfolio. I could hold this and give it time to appreciate. It is conveniently close and could be used as a short term rental to try and make a little extra money. Alternatively, getting it under contract and reassigning it to a buyer could provide me with some cash to be in a better to add a multifamily to my portfolio. 

I'd love to get some feedback from other investors and am looking for resources as to how to go about the third option! Thanks! 

@Evan Polaski Financing was my hesitation. I am working on financing for my next buy and hold. It seems that getting a loan based on my personal finances will be easer than that of an LLC with 1 condo. I feel a little like I am walking through tall grass over here, but I keep learning new things that are helpful! I just upgraded to pro membership and am loving the resources and community so much! It is pretty exciting stuff.

@Filipe Pereira No Targets and hoping to keep it that way! Thanks for the feedback! 

@Deisy P. Yes, that's me girl! Though I may be further earlier in the path. What is the most stressful part? Can you outsource that? Stick with the parts you like and are good at?

Investment Info:

Condo buy & hold investment.

Purchase price: $80,000
Cash invested: $10,000

Live in Reno and Rent!

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

My rent was going up and purchasing a condo with a second bedroom would be less expensive. As a teacher, this was appealing, and the idea that I could rent out a bedroom was even better! My roommate(s) covered the majority of the renovation.

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

I used a realtor who sent letters to the owners in the condo association. This allowed me to purchase off market.

How did you finance this deal?

It was an owner occupied financed mortgage through a local bank.

How did you add value to the deal?

I fixed and painted walls and kitchen cabinets, put in new flooring and trim, remodeled the majority of the bathroom, and spruced up the landscaping.

What was the outcome?

I rented to traveling nurses and now have a long term tenant.

Lessons learned? Challenges?

Learn your strengths and limits. I am not a plumber.

I'm pretty fresh in the real estate world, but am looking to expand over the next couple years. My first property was a condo that I lived in and rehabbed. There is a HELOC on this property that will be used for a future property. I'm now renting that out and rehabbing a single family which is my current residence. I'm looking to purchase a multi-family that needs some lipstick in the near future! I have an LLC already established for yoga business that, due to Covid and my attention being focused on RE, is pretty null and void. I'm wondering if I should put my condo under the LLC and get a credit card under that entity to begin building business credit for a future loan or continue with things as is. Thanks for the feedback!

@Eric Ruiz will this be a regular event? I'd love to be a part of!