All Forum Posts by: Jonathan Plant

Thanks Mindy!

I've receive properties from agents/wholesalers/investors with not much wiggle room for profit to make me want to move to writing an offer. What has worked for you all the best so far? 

@Wayne Brooks it was a non-conforming Conventional loan my friend. Not your traditional cup of government regulation 😉 It is stricter than your conforming conventional because it is not backed by Uncle Sam’s Club. Held in house. While all conforming loans are conventional, not all conventional loans qualify as conforming. 

Thanks Kenneth. I stumbled upon it and am thankful and blessed for it. The design is very functional for tenants. Found a good team out of this as well. The property manager has taken care of my other property down the road for a while anyway so it worked out great. 

Investment Info:

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

Purchase price: $155,000
Cash invested: $3,000

Beautiful 3bed 2bath 1188 sq' 1 car per side duplex. Built in 2014 on a 1 acre lot. Bought as a foreclosure in Arkansas.

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

Right Price and known rents.

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

Online real estate platform.

How did you finance this deal?

Conventional 15% down no mortgage insurance through a community bank.

How did you add value to the deal?

Spent $3K in repairs and now listed for rent.

What was the outcome?

Got it for 84% of market value which includes closing and repair costs. It is now listed for rent.

Lessons learned? Challenges?

Septic system was inoperable. We didn't check that but didn't hold that too costly compared to the overall value.

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

Husband and wife team: real estate agent and property management with a nationwide known firm. Using them now for my next single family home foreclosure deal.

I agree Stephanie. I have had difficulty finding a good deal with the right #s here in the Columbus area. I was able to just buy a duplex in a less competitive market though so I know they are out there. Have to keep searching. 

@Tim Bishman Do you know of any plumbers in the area that are reputable?

Another, I’m sure this multi-unit is sold right😉

Thanks

Jon

@Priya Thomas do you know of any general contractors in the area?

I used Auction.com while living in Virginia. Never saw the property. Never visited it. I reached out via craigslist to sell it. Had a wholesaler contact me who had a buyer lined up to rehab the place. It looks like the rehabber did a great job and was able to sell it quickly.