All Forum Posts by: Dennis Wasilewski

Investment Info:

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

Purchase price: $85,000
Cash invested: $15,000

Partial BRRRR:

Purchased for $85,000 and spent $15,000 on repairs/renovations. Building needed a new roof and extensive pointing of the brickwork. Interior units were all occupied so just light repair work was performed. After 5 months the property was refinanced at an appraised value of $125,000. Cash flow is around $900 per month.

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

Opportunity to add value to an occupied building with the goal of limited capital invested post-refinance.

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

MLS. Negotiated via agreement of sale/counter offers.

How did you finance this deal?

Hard Money Lender

How did you add value to the deal?

Renovations

What was the outcome?

Very limited cash left in deal!

Lessons learned? Challenges?

Repairs in occupied units take time. Tenants can create quite the punch list to throw in front of contractors so be very clear about what is in scope!

Investment Info:

Other buy & hold investment.

Purchase price: $125,000
Cash invested: $7,500

2 occupied rentals and 1 distressed property purchased from another investor. Invested approximately $7,500 to make repairs and after 6 months these properties were refinanced at $160,000 total appraised value. Total cash flow is around $600 per month.

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

Opportunity for a buy and hold with some value add.

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

Off market through a property management company.

How did you finance this deal?

Cash

How did you add value to the deal?

Minor repairs to occupied properties and mild cosmetic renovation to vacant property.

What was the outcome?

Refinance yielded very limited cash left into the deal. Two properties required little/none of my attention.

Lessons learned? Challenges?

When waiving inspections always do a thorough walkthrough and/or bring along a contractor. I missed several items during my walkthrough and it ended up adding cost/time to the project.

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

Regal Abstract in Wyomissing did a great job with drive-thru settlement at the start of COVID, before we had it all figured out!

Investment Info:

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

Purchase price: $50,000
Cash invested: $5,000

Partial BRRRR:

Bought for $50,000 and had to work with non-paying tenants to get them to new housing. Then I spent around $5,000 in repairs across both units. After 5 months the property was refinanced at an appraised value of $68,000. Cash flow is around $400 per month.

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

Always searching for BRRRR opportunities - ability to create passive income with limited capital.

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

MLS. Negotiated via agreement of sale/counter offers.

How did you finance this deal?

Hard Money Loan

How did you add value to the deal?

Minor renovations and then better tenant placement.

What was the outcome?

Some cash remains in the deal but far less than buy & hold would have yielded.

Lessons learned? Challenges?

Don't be afraid of a deal with non-paying tenants. Always follow through on the paperwork but also attempt to find alternate solutions.

Investment Info:

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

Purchase price: $55,000
Cash invested: $30,000

BRRRR:

Bought for $55,000 and invested approximately $30,000 in renovations. After 3 months the property was fully rented and refinanced at $130,000. Cash flow is over $500 per month.

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

BRRRR process for building passive income with limited capital.

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

MLS purchase and negotiated via agreement of sale/counter offers.

How did you finance this deal?

Cash and line of credit

How did you add value to the deal?

Extensive repairs both inside & outside of the property - roofing, siding repairs, sewer line replacement, flooring, cabinetry, paint.

What was the outcome?

Near 100% return of capital after refinance.

Lessons learned? Challenges?

Find good contractors rather than the cheapest & most readily available.

Navy Federal is a great organization and will be able to provide rather attractive terms to military members. That shouldn't bind you to a specific realtor, however.

What type of property and ownership?  Brokers are always good... ideally their fees are baked into the better rate structures they can offer.  I work with credit unions wherever possible as I find the decision-making is in region and more aligned with the community.

Need to find some no doc loans.  Any traditional product or commercial loan is going to want to see income.

I own properties in that range and you can get financing.

Welcome to the site!  I grew up visiting Hutchinson Island/Stuart area every summer and loved it!  

This doesn't sound legit.  Pretty sure Washington state requires a property management company to operate with a brokers license... which reading between the lines these guys do not have.

Nick,

I am an investor and real estate agent in Philly market.  Happy to discuss nuances of the market, where my investments are, opportunities/properties in and around the city.  I've started posting up some of my deals if you want to get an idea of what we have in the region.  

On the counter side, I am interested in the Atlanta market so we could possibly have a little knowledge share.  

Have a great day!

Dennis