All Forum Posts by: Anthony Katsonis

Investment Info:

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

Purchase price: $749,000
Cash invested: $150,000

House Hack
Main home has over 2300 sq. ft. 3/3 on upper level - we'll live on this floor w/garage.

Downstairs is 1700 sq ft. 3/2 w/ garage. Will rent for $2200/mo utilities included.

Second home is 1050 sq ft. 2/1 w/garage. Rent is currently $1300/mo. Could easily get $1500-$1600, but we are taking it easy on the tenants, as they are the sellers - we did a rent back with them. When they move out, we'll put it at full market rent.

Gonna convert the kitchenette downstairs to a full kitchen... and update our kitchen upstairs w/ granite, etc.

PITI is $3,989/mo. Home has owned solar. When we move out in a couple years, well rent out the upstairs unit for ~$2500 and it'll cashflow pretty decent. In the meantime we get to live in it for cheap.

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

We wanted a little bigger house and another investment property. This one hits two birds with one stone. It's getting harder and harder to find cashflowing deals in this market, and after running the numbers on this one, it was a no-brainer for us.

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

Expired MLS Listing

How did you finance this deal?

20% down Conventional with a portfolio lender.

How did you add value to the deal?

haven't done anything yet. But we are going to convert the kitchenette downstairs to a full kitchen, update the kitchen and master bath upstairs, and raise the rents.

What was the outcome?

So far so good!

Lessons learned? Challenges?

Analyze deals, be persistent, think outside the box, make offers.

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

I represented myself :)

Investment Info:

Single-family residence fix & flip investment in Placerville.

Purchase price: $130,000

Cash invested: $37,500

Sale price: $330,000

Bought it right, fixed it up, rented it for a while, then sold it. Worked out wonderfully, wish we had ten more just like it!

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

It was the bottom of the market, and it had lots of potential.

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

MLS

How did you finance this deal?

FHA

What was the outcome?

Cashed a real nice check!

Lessons learned? Challenges?

Buy real estate, get paid.

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

I listed it, had it in contract in 3 days for 5k over asking.

@Jonathan K.

Sending you a DM, I think I can be of help.

@Glenn Lienhop

Welcome to BP! This place is a goldmine! It is the absolute best resource for real estate knowledge, IMO. Stick around, read, learn, and contribute... and you will do great!

@Tuvia Goldstein

I use spokeo.com, it's not always accurate but it's pretty cheap. Hope that helps, good luck!

@Andrew Fosticz

Congrats on your first deal! Way to get in there and get your feet wet, so many people are afraid and therefore never realize their true potential. Good work!

@Jonathan K.

Dallas/Ft. Worth, great market! Did you find an agent yet?

@Danielle Hammond

Yeah, I've heard the 203k can be a real pain. Your testimony definitely confirms what I've heard. I'm glad to hear that you got it all worked out though, and you are right, I'm sure you learned a ton, and there is nothing more valuable than that in this business IMO. If you can get through a deal like that, imagine how much easier/smoother the next one is going to go, hopefully :) Good work!

@Jaret Walker

Great work! Man, you're killing it! 

I like your thinking, it's definitely a good question. I think it depends on what you are planning on investing the funds from the sale in. If you stand to earn a substantially higher return from the next investment, then yeah, it could make sense to sell. You could also hang on to them, refi, and invest the refi funds into the next deal...

@Keith Sagun

Every state is different but I would go ahead and google it. That should answer your question. Good luck on your test, you'll do just fine!