All Forum Posts by: Aneury Evangelista

Hello All, 

Come meet and mingle!

Join us each and every month to network with others in the Real Estate industry.

Come hangout with like minded individuals and grow your business, and your knowledge. 

All are welcome.

We are excited and look forward to meeting with you!

Schedule:

5:30PM to 6:30PM - Food and Guest Speaker (this months topic - obtaining your first mortgage)
6:30PM to 8:00PM - Drinks and Networking

Hi Kimarley - I’m an investor from Teaneck, and have experience with both fha and va loans. Happy to lend a hand with any questions you may have!

Investment Info:

Large multi-family (5+ units) buy & hold investment in Torrington.

Purchase price: $505,000
Cash invested: $75,000

Bought a 9 unit portfolio using bank financing (20% down).

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

The numbers made sense, and it was an opportunity to enter the market.

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

We found it on the MLS, and negotiated with the seller's agent offering a price that worked for us.

How did you finance this deal?

20% down bank financing.

How did you add value to the deal?

We will be making improvements to the property, and are using our in-house property management arm.

What was the outcome?

We just finished acquiring these and are now executing.

Lessons learned? Challenges?

Don't be afraid to jump first and figure things out as you go. We had no funds when we made the offer on this property, but quickly figured things out to make it work.

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

We are licensed brokers and handled the deal ourselves.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Waterbury.

Purchase price: $800,000
Cash invested: $151,359

Bought a 16 unit portfolio using a combination of bank financing and seller financing

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

The numbers made sense, there is room for force appreciation, and it got our foot in the door in the market.

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

We found it on the MLS, and met with the seller when touring one of the properties ( and 8 unit building). We talked to him and asked if he had anything else he wanted to sell. Turns out that he did! We went under contract for 25 units total, but after inspection, dropped 9 that had severe structural issues we were not willing to take on. We then asked for concessions and seller financing given appraisal fell short from what was expected due to the condition of one of the properties (the 8 unit)

How did you finance this deal?

Bank and seller financing.

How did you add value to the deal?

We are fixing up one of the properties which should allow for a nice return once we are done.

What was the outcome?

We just acquired it and are now working on our execution.

Lessons learned? Challenges?

Always ask for the moon and welcome rejection. Each no gets your closer to the yes that you need. We asked for aggressive owner financing terms and got them.

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

We are licensed brokers in CT and handled the deal ourselves.

Investment Info:

Single-family residence buy & hold investment in Bogota.

Purchase price: $394,000
Cash invested: $31,412

Bought a home for my parents using the cash coming in from my other properties. Today's cash flow is $0, but the long term equity and appreciation will more than make up for it. The monthly expenses will be covered by the cash flow generated from one of my other properties. But the main thing is that I get to give my mom a nice place to live for free which is priceless!

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

I invest for the benefit of my family. It was a no brainer to make this happen once I came across the opportunity.

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

This was a short sale listed through a Realtor.

How did you finance this deal?

Cash from existing properties and real estate broker business

How did you add value to the deal?

I am currently fixing up the kitchen and bath which will get the price of the home up to $485k vs the $394k I paid.

What was the outcome?

Happy mom!

Lessons learned? Challenges?

Short sales are not short at all...

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

I am a licensed realtor and handled the deal myself.

Hi Ben and welcome! How about the Bronx? We've had some good luck there recently. 

Hi @Dylan Tanaka. I am also in the middle of making a new purchase in Detroit. Would you mind sharing a few names with me as well?

Hi Shane,

$147k seems quite high for 2 units in Oneonta. Is this what you are offering, or is that just asking price?

if you are using an FHA loan than one of the units needs to be delivered vacant at closing for your use. This is not an issue if the seller agrees to it, and if they can get the tenant to move prior to the closing. This would need to be spelled out in your offer.

As for your stay and location of the property, living there for 12-18 months and moving is not a bad thing. Just make sure your numbers work, and that you account for Oneonta’s local agent and maintenance/code requirements.

@Zachary Feldman I have a few properties in Oneonta and use one of the local banks. They have been great. Happy to share contact details

Hi @Michael Phillips - I would recommend renewing the lease for another 12 months, sending them a copy of the new lease with the 4% increase you mentioned, and including a cover letter that notes the increase. I usually like to do this 45-60 days out. Far out enough where the tenants may voice concerns, if any. It will also give you enough time to get the place listed for new tenants if the current tenants want to move.