All Forum Posts by: Dennis Dean

Same problem here. We use OSI and Google Chrome..

@Dawn Brenengen Hi, I would love to add some more pictures and add/adjust some of what I wrote but the system will not let me do that for some reason. Its an interesting story especially when I tie in the purchase of the property next door.

I will send a message to Biggerpocket and see if there is something wrong with the site or maybe its something Im doing wrong on my end. Maybe I should post them on my website...

Investment Info:

Single-family residence buy & hold investment in Encinitas.

Purchase price: $975,000
Cash invested: $1,350,000

This two story home was on the verge of being condemned. There were piles of trash 10 feet tall everywhere. The first story was built in 1950 and the second story in the 70's with a very ugly mansard roof. no interior drywall, plumbing or even a staircase up to the second floor :) etc etc...

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

All the houses on this street have a one acre minimum requirement. This house had an acre and a half with a thoroughfare path down to the main hwy through the back end of the land. It also has a old garage and make shift ADU from the 50's that has since been completely rebuild. Also it is agricultural zoned so you can run a large business from the land and yet it is 3/4 of a mile from the main town of Cardiff by the Sea and Encinitas. It had a new septic tank and there was the possibility that..

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

I found this deal when visiting my sister to whom rented the house next store, which I should say came onto the market 60 days after we had bought this house. My JV partnership bought that house with its 1 1/2 acres and ADU as well. I will explain the details of that deal in another post :)

How did you finance this deal?

This was a JV with one partner having 100% of the upfront purchasing cash and the other ( myself) finding/negotiating the deal, rehabbing the deal and maintaining the property. Sometimes called a equity partnership.

How did you add value to the deal?

Rebuilt everything making into the palace it deserved to be-

What was the outcome?

Amazing! We have been able to use this as a showcase for many deals that have come up since.

Lessons learned? Challenges?

If you're not afraid then you aren't thinking big enough-

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

Yes:
Real Estate Broker- Jeff Pitzer of AU Property Group
Private Money: Jerry Ryan of Crescent R Financial INC
Mentorship: My dad William Wayne Dean- Thanks for everything dad, I will be joining you soon..

Thank You Mindy Jensen! Great advice.