All Forum Posts by: Benjamin Dodd

Jason Ray Richardson. $250 per lot. and yes it is cash flowing. Total rent is $2,000 a month. And all bills are right around $1,000. 

@Zackary Martin thanks 

Investment Info:

Single-family residence fix & flip investment in Gilmer.

Purchase price: $33,000
Cash invested: $3,000

Bank Owned foreclosure

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

The bank we have done a few deals with brought it to us.

How did you finance this deal?

Local bank that brought it to us financed it. Got the appraisal on the ARV. Financed the purchase and the remodel.

How did you add value to the deal?

We are remodeling the house to sell it.

What was the outcome?

Still working on the remodel

Investment Info:

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

Purchase price: $210,000
Cash invested: $20,000

8 unit apartment building. All 2 bed/ 2 baths.

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

Found it on the MLS. Asking price was $285k. This place was not taken care of at all and one person out of 4 units rented were paying. We offered $240k and they excepted. The appraisal didn't come back high enough so we had to renegotiate the price to $210k. The agent said they had another cash offer(pretty sure he was bluffing) so we keep our price at $210k and they excepted.

How did you finance this deal?

Local bank. We were able to get the appraisal on the ARV and they financed the purchase and renovation. We had to borrow $20,000 from a friend and put $20,000 down ourselves.

How did you add value to the deal?

We are still renovating all 8 units. And we will be raising rents to market value.

What was the outcome?

started renovating 5 units. And gave the tenants a letter telling them what we were doing and they can rent the renovated unit for a higher rent. All of the tenants moved out fairly quick. Still undergoing renovations.

Lessons learned? Challenges?

Getting contractors to hurry and finish.

Investment Info:

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

Purchase price: $50,000
Cash invested: $3,000

One Duplex and one single family home

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

Found it through talking to my pest control guy at my home. I told him I was buying rental property and he new a gentleman that was having health problems and was trying to sell his rental portfolio. So I got his number and called him

How did you finance this deal?

Local bank. We were able to get the appraisal on the ARV and they financed 100% of the remodel and we only had to put down $3,000. We have all in about $135,000 on both properties.

How did you add value to the deal?

The Properties were in pretty bad shape so we renovated them to bring about better value and rents.

What was the outcome?

All 3 units are rented. Bringing in $2,200 a month. We did a cash out refinanced on the duplex. It appraised for $140,000 and we financed $119,000. Had about $65k in it. The other we might try and sell, haven’t decided yet.

Lessons learned? Challenges?

BRRRR

Investment Info:

Mobile home buy & hold investment in Gilmer.

Purchase price: $135,000
Cash invested: $14,000

This is a 12 lot Mobile Home/RV Park.

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

Found the deal on the MLS.

How did you finance this deal?

Local bank.

How did you add value to the deal?

Fixed the roads, rented more spots, And raised lot rent to the market rate.

What was the outcome?

When we bought it there were only 5 spots rented. The deal came with 3 mobile homes and 2 RVs. Only 1 of the 3 homes were being rented. We sold two homes right off the bat. The other we owner financed (they just payed it of) we trashed one RV and sold the other. There are now 8 spots rented and we don’t own any of the homes.

Lessons learned? Challenges?

It’s hard to get people to move
Their own mobile home. But if you can buy a home and move it to your park it’s pretty easy to sell it.

Investment Info:

Single-family residence buy & hold investment in Longview.

Purchase price: $225,000
Cash invested: $3,000

These were 4 SF homes all on the same lot. All occupied when we bought them

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

Found the deal on the MLS. They were asking $285,000. And when we walked through the houses we new they needed updating and one needed a lot of work. We had some information on the seller. The seller was elderly and was no longer wanting to have to deal with renting and maintaining the property. So we just put in an offer!

How did you finance this deal?

A local bank. They were able to let us do an ARV for the appraisal. It apprised for enough to were we didn't have to put down any money. We actually got a check for $10,000 when we closed! Because one of the tenants was going to have to be evicted as soon as we bought it, and it was destroyed on the inside.

How did you add value to the deal?

We renovated all 4 units.

What was the outcome?

When we bought the 4 houses. They are all 3 bedrooms 2 bathrooms. They were renting for $750 a month. And now they are renting for $950 a month and stay fully occupied!

Lessons learned? Challenges?

Make an offer, you never know until you try!

Yes it’s an hour from shreveport. And we have been doing our own management. There are a few property management companies in the area. We can set you up with one. 

If you are interested please contact me an [email protected]

I have other rental property in this town and we constantly have people wanting to rent. Trying to sell this to buy another property. We just remodeled this. New roof, floors, paint, lighting, etc.