All Forum Posts by: Ana Garrido

Investment Info:

Townhouse fix & flip investment.

Purchase price: $70,000
Cash invested: $40,000
Sale price: $181,100

Got it from a wholesaler. Funds came from LP, HML, and own cash. Full interior rehab. Added master bath, 1/2 bath, and new kitchen. When listed only got low offers, so we decided to hold and cash out refinancing it. Rented for 3 years. Listed again and sold it!.

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

Get experience in the field.

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

Through a wholesaler, and not negotiation.

How did you finance this deal?

We used a hard money lender that is a sister company of the wholesaler, a limited partner that was also the (general contractor, and a relative), plus our cash.

@Lyndsey Whiteaker trade up plan? Can you please elaborate.

Hey! I am 37yo, and I have 4 units (1 single, 1 triplex) but also sold 2.

I have been jumping around for a while trying to learn the business. Started at 33yo with a condo in the Dominican Republic, but I sold it 2 years later because of negative cash flow, and because I wanted to start the journey in the US. So, I used the equity to make a flip in Philadelphia. It was a great experience, but I didn’t like to sell it after all the work. I find more joy in holding. Now I am refinancing my first brrrr and doing a mix of house hacking/brrrr. But my goal is to get into multi because my single house is giving me way more hustle than the triplex while producing less.

@Lucy Iburg thanks for sharing your path. I am curious on the dental office, could you please elaborate a bit more?

@Upen Patel you were right. That’s why I decide to go another route. Now I have the flexibility to move out anytime. Thanks for your insights!

@Matt OConnor ah another thing, I end up buying through a conventional loan, as I was having a very hard time with NACA.

@Matt OConnor sorry for the late reply. Yes, I got to buy my primary house as first-time homeowner! I didn't hide anything. Anyhow as self-employee, I had to show them the LLC tax report. So, now I am happily house hacking my duplex and forcing appreciation. Hopefully later on I will get a Heloc or refi it.

@Ryan Harsche I will do that. Thanks you!

@Jay Sechowicz you are right! Now I am thinking that is best to have it on my name as well. That way in the future I could show my landlording experience to banks and easy the next acquisition. Real estate is really exciting. There are so many things to learn that you never get bored.

@Ethan Giller thanks for your prompt reply and clarify some of my doubts. :)

Well, as our LLC has its CAL, I think that I will pull the rental license in its name. It is a partnership between my husband and me, and the operative agreement states that we can do real estate transactions and residential maintenance. Besides, I was reading over the city regulation and I really got overwhelmed. I want to do everything right, so, I better request an appointment with our accountant. At closing, we got the certificate of occupancy stating that it is a legal duplex, which reliefs me. And per the commercial use, we don't plan to receive clients as we manage everything remotely and, the shed will be for storing the tools. But for clearing, could you please tell me where can I get that information?

Again thousand thanks for your time and thoughts.