All Forum Posts by: Cayce Baierski

Investment Info:

Single-family residence fix & flip investment in Spring.

Purchase price: $100,000
Cash invested: $25,000
Sale price: $165,000

This was a HUD foreclosure.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Joliet.

Purchase price: $155,000
Cash invested: $15,000
Sale price: $160,000

House hack - lived in one unit and rented out the other. Moved out and rented out both units after fixing up the unit we were in.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $205,000
Cash invested: $40,000

Bought as a long-term home that we fixed up. Company moved me out of Illinois during the pandemic and the property is now a cash generating rental.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Joliet.

Purchase price: $155,000
Cash invested: $15,000
Sale price: $160,000

House hack - lived in one unit and rented out the other. Moved out and rented out both units after fixing up the unit we were in.

Investment Info:

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

Purchase price: $155,000
Cash invested: $15,000
Sale price: $160,000

House hack - lived in one unit and rented out the other. Moved out and rented out both units after fixing up the unit we were in.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $100,000
Cash invested: $25,000
Sale price: $165,000

This was a HUD foreclosure.

Hi BP! I have an aunt and uncle who are in a financial bind, needs cash and are looking to sell their lake house that has been in the family for years and has been a place that holds a lot of sentimental meaning to me and to the family. I don't know the extent of their financial situation, but refinancing is not an option for them. 

They approached me today to see if there was an off-chance that I'd be interested in buying it. I'm not interested in moving there - it would need to remain a vacation home. Buying it and renting it doesn't look profitable either (numbers below). 

 I know they owe $240k on the mortgage and are looking to sell for $330k which is about right for the value of the home. For a few years they have rented the place out and it makes $1300/month.

Just curious if anyone has any creative ideas on ways we could potentially make a deal that would make any financial sense. I've only done a few real estate transactions so far in my investing life and they've been pretty straight forward buy and sells. 

Lots of great advice! If you are new to Bigger Pockets I would also recommend playing with the numbers on this property by using the Tools tab at the top of the page. 

@Elliot Galpern thanks for the heads-up! I talked with the extermination company and they will come in to seal up holes, bait traps inside and out, and then return two weeks later to assess and bag up any mice that are caught. I've been told no poison will be used. Appreciate your suggestions for the traps, I was thinking of purchasing a couple of those electronic ones that emit a sound to repel pests to keep them away after the exterminator leaves, but I have seen mixed reviews on their ability to work.

@George Skidis @Alexandra Hansil @Ravi P.

Thanks for all your help. After reading through a lot of posts on the subject, I decided to pay professionals to come out and exterminate - my reasoning is that I'm pretty sure the owner prior to me did not do any real maintenance to the property and it was built in 1910 so I'd rather have a professional come out and properly seal off the old building instead of forcing unwilling tenants to try to solve the problem. I envisioned that escalating badly and over a $200 exterminator fee it just wasn't worth it to me. I'm also planning on adding in a routine annual pest control going forward since the area we live in does have a lot of wildlife - for future properties, I think this will be one of my checklist items that I simply do as soon as I've bought the house and prior to moving in tenants. 

BUT if infestations occur despite these efforts I will stand my ground and hold the tenants responsible.