All Forum Posts by: Ashleigh Evans

Hi all! 
I've recently sold a property and would like to invest the proceeds into another. 

I've been trying to brain storm on where to buy and am considering MFR in the Washington U/ Hospital area of St. Louis. This is mainly because I myself am a nursing student and understand the healthcare/ student market.

To St L investors, are there any prohibitive laws or things to consider before investing in the area? 

Thank you! 

@Landon Smith did you ever decide to start a STR in Charleston and use stone management? I've been considering it for a property in Goose Creek.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,000
Cash invested: $35,000

Home was bought using a conventional homestyle renovation loan. This is a private residence/ house hack. House was a short sale. Put 3.5% down and closing costs. Mortgage was $1200 and roommates paid $750 each. However, taxes have gone up exponentially since moving in.

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

At the time, the cost of renting vs owning made house hacking a no-brainer. Homes also aren't very well kept in New Haven, so I knew I would be much more comfortable in a house that I renovated to my standard than I would be in one that I depended on someone else to fix for me.

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

I didn't - this is a school I still need to work on and improve.

How did you finance this deal?

conventional homestyle renovation loan with 3.5% down.

How did you add value to the deal?

Right now, the tenants cover $1500 of a $1550 mortgage. I could go up on rent and will when we all move out in December. Their financial assistance via paying my housing expense while I get my masters has proven to be invaluable.

What was the outcome?

Right now, I have about $120K in equity.

Lessons learned? Challenges?

Contracting. I will never go with an "investor-friendly independent contractor" ever again. I ended up firing a contractor in the middle of the job and almost ended up homeless. I didn't have a bathroom until 3 days before school started. We didn't have AC until October, didn't have heat for the first winter. It was pretty terrible. The value of this property was definitely the way it forced me to grow as a both a person and investor.

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

Ken at Baybrook Remodeling saved my tail in a major way. He essentially began fixing someone else's mistakes. Cannot recommend enough.

Tomorrow I close on a house using a conventional homestyle loan. It’s about 4 weeks later than my original close date. My lender said I should expect to hear from Land Gorilla about getting my renovation funds within 5 business days; however, I want to start by then.

If I pay cash out of pocket to get started with my GC now, can I reimburse myself once I receive my land gorilla funds? 

All,

I'll be starting school on Yale's West Haven campus this August. I've been watching the West Haven market from Florida via the MLS, as I would like to buy and house jack. However, West Haven isn't a college student friendly market.

Would anyone be able to tell me the trends they’re seeing? I’m seeing a lot of “back on markets,” which tells me that people are scaling back on leveraging since other tenants might not be able to pay rent. 
Do you think this is a quick blip, or do you think the market will cool off to a buyers market? 

It’s been a while since I was stationed in Everett, but while I was there the further north you went, the more rural it got. Lynn wood and Mukilteo were nice, but Everett was terrible. And marysville was rural. She’s lived in Seattle for 6 years, so her community is there. 

She’s a move-in ready kind of person, but I’m working on her. I think a fixer-upper with a 203K is probably the best option. Then she can find roommates. 

All, 

A friend of mine has been living in downtown Seattle with a roommate since 2014. Her roommate is moving out, so she is looking for a new place to live. In my experience, math usually works out so that either renting or buying makes more financial sense. In Seattle, neither is a particularly favorable. 1 bdrms are around 1600-2000, while buying a 1bdrm condo is 350-400K. I’m not sure how to advise. Maybe a 203K loan? She works in Everett, WA. 

Hi BP!

Currently in the middle of closing on my first  triplex in the New Haven area. Bought using a 203K loan. Soliciting any and all advice before signing the GC estimate. Any tricks or tips on decreasing the estimate? Any recommendations on alternative places to buy materials - vanities, toilets, paint, etc? What do you wish you knew before your first 203K? 

Thanks!

Hey guys,

Update for anyone who’s interested. About 2.5 weeks after the first highest and best, they called and said they wanted to do another one. About a week after that, I accepted an offer about 7K more than my bid. It’s more than I wanted, but I’ll be ok. The numbers still work pretty well. 

Thanks for all the insight. I had no clue REOs were so sketch.

My realtor’s an investor as well, and he said usually they DO tell you who won best and final. He said the listing agent has been pretty communicative, but the bank’s asset manager just went silent. 

thanks for the insight. I did have my hopes set on this property, but I’ll start looking for others.