All Forum Posts by: Andrew Chamberlain

Thank you! I appreciate the suggestions.  I was trying to avoid the cost of hard money if at all possible so they may go for this approach?  

Six cottages and one 3 bedroom home across the street from the ocean in beautiful Washington State for $1.4M. I am working directly with the owner who is flexible on the terms.  I am looking for suggestions on creative ways to structure the deal that would protect the owner and myself.    I was thinking partial cash down at contract and pay the balance after the rehabs are complete with cash out refinance or something similar? Suggestions appreciated

Investment Info:

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

Purchase price: $450,000
Cash invested: $290,000

This was a foreclosure with tenants living in each unit. We (my wife Kelly and I) went to the courthouse auction to bid and won! We were willing to to pay $550k so we were really happy with the outcome. We have been operating this duplex as a short term rental ever since we finished the remodel. A few people have approached to purchase it and recently the MV is about $1.8M. This is a keeper for sure

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

This property is right around the corner from our primary residence and I had been thinking how nice it could be.

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

A real estate agent friend told us it was going into foreclosure and we did some research to find the court auction

How did you finance this deal?

We had cash from selling a previous business but knowing what I know now I would have kept the cash, found private lender and purchased more property

How did you add value to the deal?

We did a complete remodel including all plumbing and electrical. From floor to roof completely gut and start over

What was the outcome?

A great cash flow generator

Lessons learned? Challenges?

Keep my cash for more leveraging