All Forum Posts by: Benjamin Robinson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $72,000
Cash invested: $8,000

2nd FHA at the moment, with a HELOC as the down payment. Bought down 1.5 points, already has 5k in equity. Renovate for a year, then I will be renting for around 200-400 cash flow.

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

Needed a new home in my home town. Quite the time crunch, but made it work.

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

MLS. 8 offers. I put a clause in the offer to allow my bid to go up 1000 dollars at a time until everyone backed out. Cut off at 10k over.

How did you finance this deal?

HELOC for the DP and FHA at 3.5%

How did you add value to the deal?

paid 100 at closing. Went 7k over asking price

What was the outcome?

A great home for the time being and an excellent rental potential

Lessons learned? Challenges?

Find a good realtor!

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

Not really, they all really didn't have their stuff together. Will be shopping around for new members of my team.

@Brian Boyd the house is tiled and hardwood floor… the floor is kind of scratched but not too bad… I have refinished floors before but don’t really want to do that at this moment. I am a custom cabinet builder by trade, so the hardware and what not shouldn’t be hard!

@Theresa Harris there really anything wrong. I plan to buy new dryer and washer to add there, but it’s just comped against houses that are nicer inside, but don’t have massive yards with a garage like mine does, so I think people are looking at the house and saying that is too much. Before dropping any price, as I think it is reasonable, maybe slightly high, that’s why I was looking for any tips on a refresher.  Thanks for your tips!!

What would y’all say would be the best ways to refresh a rental and get the price you want per month? What are some easy swaps to easily catch eyes of potential tenants? Appliances? Paint? Fixtures? Landscaping? What is the best bang for your buck? Trying to stay around 5k in Colorado Springs. Thanks!

What do you all recommend for a business email? My Gmail has my name in it, it isnt crazy or anything. I was just wanting something more professional and that represents my LLC? I was wanting something cheap as I am just starting out, but want to start a nice foundation and have everything already lined up when I start. That way I dont have to take the time later down the line to switch accounts, names, and notify everyone of the change. What does everyone use? Free options? Domain name somewhere and somebody else hosting it? All in one for website and email? (don't have a website yet, but just thinking ahead) What do you all think?... Taking unnecessary steps with only 3 properties? Thanks for any advice BP!

B

What about the Wichita/Hutchinson area? Any newbies hanging around?

No deal has been made yet. I’m securing financing for both down payment and for the loan itself. I do have a rent roll, but it is hand wrote on a ripped in half piece of paper…. The tenant situation seems worse and worse everyday. I will probably ask way below, as the available comps show it being very over priced, realtor says. So I plan on, upon getting deal for the price I want, I would move everyone out ( I think they are lying about income of property as it is family members “renting”) and Reno at least three and get them ready and move up the property from there… if all goes well

Can i ask for all this before any deal is made? I figured I could get the bill invoices. But I heard something about the tenant estoppel certificate? Would that be something I can get before I commit or only after a contract has been signed? This is an old house that is converted into units. I don't it is separate bills... I will most likely be paying all bills.

What would be some important documents to ask for a deal like this in the beginning phase of this? To help get a bigger picture of the expenses and rental history?

Put down the first chunk of change to get an apprasial and a HELOC secured to be able to offer a deal for the property! Thanks everyone for the support and for reaching out! Any information in regards to bigger properties is much appreciated!

Thanks again

B

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $35,000
Cash invested: $18,000
Sale price: $60,000

First home, put 6k down and then rented 3 rooms for a cash flow of 400-500 dollars a month.... Hail damage that insurance gave a ridiculous amount of money for and i was able to put 12k back into the mortgage the first year. Sold and moved to Colorado... House is worth over 200k now :(

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

that I could rent out rooms

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

Family

How did you finance this deal?

Traditional, 20% down

How did you add value to the deal?

got it off market

What was the outcome?

Good starter house that got my toes wet into rental properties... My second love!

Lessons learned? Challenges?

NO FRIENDS!!!

Older houses could be in a historical district and that dictates what you can or cannot do. Sometimes can cause a lot of headaches.

@Jason Lavender I have a couple that realtor friend helped me find. And yeah I grew up in that area and the prices move around but i think it will be nice to buy and hold and get the cash flow going.