All Forum Posts by: Cavan Mitchell

@Rebecca Bautista

Thanks for letting me know, it would be good to check out this meetup.

Can u provide some more details? Thanks.

Anyone interested for a Clarksville meetup, please let me know. We hosted a meetup in Nashville last week and will look to do another event in a month. 

If you want to network, let me know as I can put you in touch with a variety of people for you.

I'll be there +5. Sharing with others now. Thanks

Investment Info:

Single-family residence buy & hold investment in Clarksville.

Purchase price: $160,000
Cash invested: $1,000

Contributors:
Stephen Campbell

Buy and Hold with No Money Down. Turn Key Operation with no rehab necessary. Long term rents $1300/month

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

First property to test the waters in Tennessee, rentals are very hot in this market and we are cash flowing positive to allow us more confidence to continue to acquire additional properties at better negotiated purchase price.

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

MLS/Realtor.

How did you finance this deal?

VA Loan 30 years

How did you add value to the deal?

Fortunately this property was already Turn Key Operational. It was rented out within 1 week of listing in market.

What was the outcome?

Cash flowing positive.

Lessons learned? Challenges?

We learned that we needed to acquire more properties and fast. Challenges is to build credibility with lenders to acquire more.

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

Yes

if there are liens, hoa fees, mortgage, etc... are these Ll handled at time of cloding or does seller need to handle this on their own after closing?

@David Anaya would you be interested a wholesale property that requires work? I am also looking to purchase a multiplex in TN and may give up on doing a deal on some of the properties since I already have acquired 3 within last 2 months. Need to little breather to refi them out.

What budget range were you looking at?

@Cory Iannacone Did you pay for labor for any of the properties? I saw that you had an expense of $10k on labor in a previous post. I was under the impression that you did all of the handy work.

Also congrats on accumulating all those properties, they are sound deals.

Thanks @Derek Tellier, I'll try to go to some events locally first. At some point I would like to host events myself as I have done some EB5 investment events before. 

I have a strong bridge of chinese investors that love to park their money in real estate and I would like to do several deals before I bring any to them. Currently we acquired 3 properties here within the last 2 months.

 I'm also looking to build a network of cash investors interested in Nashville and Clarksville. I've been analyzing many deals and may consider to wholesale some of them as I am waiting to Refi my properties.

Anyways, feel free to connect with me anytime and hope I can make it to your event if timing permits.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $99,000
Cash invested: $25,000

Bank owned foreclosure property.
Market comps are forecasting this property to worth about $140,000.
First time to execute a BRRR strategy.

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

Listening to many Bigger Pocket podcasts and had to do it.

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

Real estate agent provided property details.

How did you finance this deal?

Conventional 30 year loan.

How did you add value to the deal?

Rehabbed the property and tenant proofed it.

What was the outcome?

Currently renting airbnb and is cash flowing positive.

Lessons learned? Challenges?

Rehabbing it with family members can save a lot of money however, very time consuming. Learned a lot about material costs and time to rehab properties.

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

Found property via realtor and got it financed via U.S bank.

Investment Info:

Other other investment.

Cash invested: $10,000

Rental Arbitrage #1 in Los Angeles.

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

Was close to work

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

Drove around neighborhood.

How did you finance this deal?

Self financed.

How did you add value to the deal?

Furnished location and made it tenant proof.

What was the outcome?

Tenant stayed in location for 3 years.

Lessons learned? Challenges?

Fortunate to have a very responsible tenant with bad credit.

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

No, handled it with tenant directly.