All Forum Posts by: Christopher Madden

@Bridget Y. it took about 10 weeks but I did most of it myself.  In the future I would like to find reputable local subs to do at lest some of the work but doing it myself let me keep the renovations  costs way down 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $27,000

BRRRR property, ARV between $160,000 to $180,000. Owner financed it and will cash out prior to renting it. Added new flooring (LPV) in entire home, redid both bathrooms, need to complete redo plumbing for the entire home, moved the location of front door to add curb appeal added a blacktop driveway and new appliances in the kitchen. Should rent for $1400 a month once complete.

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

Wanted to start investing with a SFR in my hometown (great school district) cultivated a relationship with an older investor and he gave me a great deal.

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

Befirended and older investor who I knew within a few years wanted to start to liquidate his rental portfolio.

How did you finance this deal?

Owner finance for 105k and 8k down.

How did you add value to the deal?

New flooring, renno kitchen and bathrooms, relocated the front door to enhance curb appeal.

What was the outcome?

TBD

Lessons learned? Challenges?

Would like to find reliable workers to speed up timetable and alleviate me from having to do it on nights and weekends.

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

I am an agent myself.

@Kevin Sobilo I did owner finance, I gave home $8,000 down on a $105,000 purchase price but we ran the financing at $97,000 with 0 down amortized over 15 years on the books. I will hold this property for a long time so I will most likely BRRRR this because the ARV is around $180,000.

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*This link comes directly from our calculators, based on information input by the member who posted.

@Matthew Krishart I would love to set up a time to talk. I have a pretty extensive library of books for you in addition to being an investor and real estate agent myself we have similar goals. Please feel free for you or your wife to reach out to me so we can chat.

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*This link comes directly from our calculators, based on information input by the member who posted.

Great job, way to keep costs down by doing most of the work yourself.  So whats your next project going to be?

@ Kevin Sobilo Great suggestion thanks for the great idea and welcome to the local forum!

@ Amy Engelhard Congratulations tell me about it units? cash flow?  What factors did you use in determining your decision to buy? Always love to hear other peoples stories!

If you would be so kind as to help me spread the word with you contacts around NEPA so people are aware and will start using it we could grow the forum into a great resource for people of the area.