All Forum Posts by: Chris Good

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $85,000
Cash invested: $70,000
Sale price: $180,000

4 bed 1.5 bath

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

I bought it on an online auction.

How did you finance this deal?

Private money

How did you add value to the deal?

Added powder room, new paint, new flooring, paved driveway, update the electric, mold remediation in basement, updated kitchen, new appliances.

What was the outcome?

I only made a few thousand dollars.

Lessons learned? Challenges?

I did a poor job of managing my contractor which significantly prolonged the project which increased my holding costs. My lender and agent made more on this deal than I did 🙂

Investment Info:

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

Purchase price: $45,250
Cash invested: $60,000

5 one bedroom units

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

Good price, value add.

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

I found it through a friend who had a wholesaler bring it to them.

How did you finance this deal?

Hard money

How did you add value to the deal?

Painted 4 of the apartments. Added electric baseboard to 4 of the apartments, added a water heater and meter for each apartment. Added a coin operated washer and dryer, turned half of the basement into a storage unit which leases for $100 a month.

What was the outcome?

I was able to refinance all my money out and put cash in my pocket.

Investment Info:

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

Purchase price: $90,000
Cash invested: $130,000

5 One-bedroom apartments.

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

Great price, value add.

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

I found it on facebook, I didn’t negotiate the price because it was already a great deal.

How did you finance this deal?

Hard money

How did you add value to the deal?

Painted all the apartments, replace rear roof, added a coin operated washer and dryer, painted exterior, updated a couple of the bathrooms, put new flooring in most of the apartments.

What was the outcome?

I was able to refinance all money out plus put some cash in my pocket.

Investment Info:

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

Purchase price: $111,000
Cash invested: $40,000

4 One Bedroom apartments

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

Next to another property I owned. Value add

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

I purchased this property from the same seller that I bought 269 Chestnut St from.

How did you finance this deal?

I got a 60K hard money loan and the seller left 55K in as a second position loan interest free in return for an 8 year rent free lease in one of the apartments.

How did you add value to the deal?

Added 3 mini split systems, updated the efficiency, added water meters for each apartment, painted the exterior.

What was the outcome?

I was able to refinance all my money out and the seller left his financing in place.

Investment Info:

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

Purchase price: $111,000
Cash invested: $40,000

3 One Bedroom apartments, one efficiency

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

Next to a building I already owned. Value add

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

I bought it from the same gentleman that I bought 269 Chestnut St from. I stayed in touch with him after the purchase of 269 Chestnut St and when he was ready to sell this one, he contacted me.

How did you finance this deal?

I borrowed 60K from a hard money lender, and negotiated seller financing interest free for the reminding 55K for an 8 year rent free lease to the seller.

How did you add value to the deal?

Added mini split systems to 3 of the apartments, update the efficiency, painted the Exterior.

What was the outcome?

I was able to refinance all my money out while leaving the seller financing in place.

Thanks, everyone! Bud Gaffney, yes on to the next one 🙂

Thanks Greg, I'd love to connect. 

Investment Info:

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

Purchase price: $90,000
Cash invested: $130,000

5 One-bedroom apartments.

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

I found it on Facebook, i didn't negotiate the sales price because it was already a great deal.

How did you finance this deal?

Hard money.

How did you add value to the deal?

Painted all the apartments, updated a bathroom, replaced a roof.

What was the outcome?

I was able to refinance it and put 50K in my pocket, I refinanced it again in 2021 and pulled out another 50K. My loan payment remained the same because I was able to get a lower interest rate.

Investment Info:

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

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

4 units

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

I was interested in this deal because of the market and the opportunity to add value and force the appreciation.

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

I found it using direct mail marketing, I asked the seller what he needed for it and fortunately we were able to come to an agreement on a price and terms that worked for both of us.

How did you finance this deal?

The seller held 20% of the purchase price as a 2nd position loan. I got a bank loan for 80%. I paid closing costs and repairs with a line of credit a have on another property.

How did you add value to the deal?

Fixed up the apartments, split the water, boosted rents.

What was the outcome?

I could probably sell it for about $250,000 today it cashflows nicely and has great tenants.

Lessons learned? Challenges?

This is the first property I managed myself, I got a couple bad tenants from the start so I learned a lot about the importance screening properly.

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

The bank I'm using for the 1st position loan is Diamond Credit Union.

Investment Info:

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

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

4 units

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

I was interested in this deal because of the market and the opportunity to add value and force the appreciation.

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

I found it using direct mail marketing, I asked the seller what he needed for it and fortunately we were able to come to an agreement on a price and terms that worked for both of us.

How did you finance this deal?

The seller held 20% of the purchase price as a 2nd position loan. I got a bank loan for 80%. I paid closing costs and repairs with a line of credit a have on another property.

How did you add value to the deal?

Fixed up the apartments, split the water, boosted rents.

What was the outcome?

I could probably sell it for about $250,000 today it cashflows nicely and has great tenants.

Lessons learned? Challenges?

This is the first property I managed myself, I got a couple bad tenants from the start so I learned a lot about the importance screening properly.

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

The bank I'm using for the 1st position loan is Diamond Credit Union.