All Forum Posts by: Andrew R.

Investment Info:

Single-family residence fix & flip investment in Bonham.

Purchase price: $49,999
Cash invested: $49,999

This one went way over budget and we are still holding on to it but it's finally on the market. Tell me what you think.

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

This was purchased thur a wholeseller and planned on trying either use a STR or FnF.

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

Wholeseller

How did you finance this deal?

Cash

How did you add value to the deal?

Yes, this was gutted down to the studs

What was the outcome?

It's currently on the market to be sold.

Have a lead from a seller looking to sell his homestead/church (which he lives in).  The seller's asking for $750k with 250k down and may finance the rest. Could be repurposed into multi-family or used for commercial.  Please reach out to me if interested! 

I'm looking for a Texas attorney to help me re-structure an LLC I have with 2 other members, any recommendations? Please, only looking for recommendations of someone you've already used in your REI career, thanks!

Hello Kumar, yes you can. I'm doing that exact same thing right now. I have an LLC in Texas and currently live in NJ. Not sure the details on tech startups but if you hold any RE then you'll want an LLC in that state since you'll have to pay some sort of taxes there. You can have a holding company in another state but still need one in the state you hold assets.., happy investing!

Where I live you can find a sears outlet or any appliance outlet store that sells "damaged during shipping" and is marked down.  I had to purchase a dishwashing machine that was a fraction of the cost because it was damaged but you couldn't see it since it was a dent that was hidden when you installed it under the countertop.  You can also check regular appliance stores and ask if they have any marked-down items that may have been damaged during shipping.  happy investing

Since you said you guys are newbies, I'd imagine work would dictate where you move since your "empire" is not yet established. Wherever you go, get to know the area, go to meetups and start looking for your rockstars and people that can help you build your empire. If you can move anywhere then just do your research, do your due diligence on what area works for the type of investing you want to do, ie; short-term, BRRRR, buy/hold, flip whatever that may be. Happy investing!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $49,999
Cash invested: $49,999

Currently, have this one under contract from a wholesaler and closing in about a week. Planning on flipping this one for a nice profit. I'll keep you posted.

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

Lead came from a wholesaler and the price was too good to pass up.

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

No negotiating on this one.

How did you finance this deal?

All cash, may need to use some private lending to do the rehab.

How did you add value to the deal?

Once we close, we'll be working on rehabbing.

What was the outcome?

I will let you all know soon!

Lessons learned? Challenges?

tbd

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

Working with Justin Lopez from NetWorth Realty in Dallas, TX.

I was speaking to a friend who has a few properties in the DFW area about this same topic. Honestly, there is probably no crash coming anytime soon with residential.  One of my favorite quotes is "Don't wait to buy real estate, buy real estate and wait."

thank you both, it was a good learning experience, and hoping to do more of these types of deals once my portfolio grows

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $130,000
Cash invested: $70,000

SFH bungalow that was purchased with a 1031 exchange. I sold my condo that had cash flow, however, due to neighbors whose utilities were connected to mine, the cap-ex started to affect the bottom line. I decided to sell and purchase the SFH at a discounted price since I was paying all cash and I didn't have HOA dues.

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

No HOA dues and tied utilities that began to give me repair problems. Also, I wanted to exit out of the condo properties.

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

The current owner was renting out the properties and was ready to retire and didn't want to continue the upkeep of managing renters.

How did you finance this deal?

1031 exchange

How did you add value to the deal?

This coming year I'll be going up on the rent closer to market value (still a little under) and refinancing after the seasoning period is done.

What was the outcome?

About $300 cash flow and will refi soon. This property has about $150,000 in equity already.

Lessons learned? Challenges?

Have a property ready if you can before you sell out into the 1031 exchange. I already had one lined up but I can see how if you start getting close to the 45 day of identifying the property and 180 days of closing, it can become very stressful.

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

I used Lu Ann Blough from Exchange Resource Group (erg1031.com), they were a pleasure to work with.