All Forum Posts by: Jose Cortes

The mentorship provides you more value than you can imagine. Not only do you have an instant network to invest in any market, you have a huge network to raise capital and collaborate on deals. The only way you do not make money or learn anything is if you just don't try and you just watch without taking action. I have teamed up with several community members and I just formed a new partnership with a member who compliments my weaknesses. Here is a great example, I had a STR that I needed some handyman work done. A Sub-to couple went over and took care of the stuff I needed and they would not let me pay them. Talk about taking care of family. You won't find people like that anywhere. Best money spent.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $212,500
Cash invested: $160,000

Currently rehabbing

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

I originally planned on fix and flipping the property but I see an opportunity to make more money over time by holding it as an Airbnb.

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

I found this deal through the MLS from my realtor. It was an inherited property and the owner did not want to fix it up. I had an inspection performed and then negotiated the price down due to all the items found in the inspection. I negotiated from $350K to $212500.

How did you finance this deal?

I borrowed some money form my 401k, a family member, and the rest was either hard money or personal loans.

How did you add value to the deal?

I am rehabbing to high finish to get top dollar if I ever decide to sell it. We also plan to use it as a vacation home.

Lessons learned? Challenges?

Make sure you find a good general contractor you can work with since this property is out of state for me. Also make sure to form a good relationship with your realtor so they are willing to go above and beyond, like checking on the progress of your rehab to make sure the project stays on time.

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

I would recommend Matt Adelmann (you tube channel) and Pam Galbraith from the Desrochers Realty group.

The price has dropped to $540900.

Dan,

That exact principle is what I am working on. Every network opportunity I get I am letting me know what I do and what I am looking for. I have a meeting with a potential PML Friday but want to explore all financing options for future deals. Thanks for your post

Jose

Don,

Thanks for your insight.

Jose

Josh,

I usually put 10% down.

Hi BP Nation!

I am in search of a lending source who is willing to lend money for acquisition and fix up costs but does not require a monthly payment.  I recently heard of investors funding deals where the lender believes in the deal so they are willing to wait for full payment when you sell on the back end.  The source was not a private money lender.  I have done several internet searches with no luck.  Has anyone heard of such a source for funding?  If so would you please share?

This was a flip.  The price has been vetted through several real estate agents and the feedback is that the property is priced right.

You HAVE to see this STUNNING kitchen! Beautifully remodeled, one of a kind home nestled in lovely Happy Canyon. The home features a gourmet kitchen with stainless steel appliances, granite counter-tops, oak cabinetry, large walk in pantry. The main level is open and bright. The study/den/TV room has a sliding door and large deck. There is a very large covered west-facing deck off the dining room/kitchen. Upstairs you'll find a master suite with Juliet balcony and two other bedrooms. The garden level is finished with a 4th bedroom, 3/4 bath and large family room with wood burning fireplace. Home has been completely updated with new paint inside and out, new energy efficient windows, doors and sliders, solid oak flooring on the main and bedroom levels, and new plumbing fixtures throughout. The detached out building is the size of a very large two car garage with two overhead doors and ready to be transformed to your use.

Joe,

Thanks for the suggestion.  I reached out to them from a google search.  They require a larger down payment than the lender I am working with now.