All Forum Posts by: Andrew Horan

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $6,000
Cash invested: $6,000
Sale price: $6,000

Fixer upper in the mountains of PA.

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

Cash flow

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

Seen a distressed property. Contacted the owner and made him an offer.

How did you finance this deal?

Cash

How did you add value to the deal?

Complete Rehab

What was the outcome?

$1,000 per month in rent total cash invested $18k

Lessons learned? Challenges?

Find out codes and make friends with the inspectors.

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

N/A

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $65,000

First loan used to buy this property. FHA loan. High interest while I work on credit.

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

Cash flow, credit repair.

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

Zillow.

How did you finance this deal?

FHA loan.

How did you add value to the deal?

Finished the basement.

What was the outcome?

Cash flow $750 monthly

Lessons learned? Challenges?

The mortgage process can be extremely complicated and transparency is a must.

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

Equity prime mortgage is recommended they helped me.

@Joe Splitrock Good afternoon.

The main reason was to eliminate the the $1,740 payment. Then possible refi when the deed is in my hand. But I get what your saying and it makes sense.

Thanks for the feedback.

@Forrest Faulconerno balloon payment he bought the hose for 55k,15k in rehab so my pmi is $1740 per month. After 60 payments the house is mine. After a quick closing.

@Forrest Faulconerno balloon payment he bought the hose for 55k,15k in rehab so my pmi is $1740 per month. After 60 payments the house is mine. After a quick closing.

@Forrest Faulconer the interest rate is 3% 60 months in on month 32. Total cost will be 83k and the house is currently worth 180-210k. I cannot refi this is through a old boss of mine. We have a land contract in place. Thankyou for your response!

I was wondering, Since the market is so hot in My area, should I use my savings and pay off my house completely. I have a land contract from a private lender and I’m not sure the best way to grow from here. Any help would be appreciated.

@Cassidy Burns Hello, I’m looking to pay off my primary residence. Also looking to add another rental to my portfolio. Small steps but steps.

Thinking hard about investing in Stuyvesant-Prospect. Anyone have and experience  good or bad?