All Forum Posts by: Chirag Parikh

I managed to find a couple through Task Rabbit! But was unaware of Turno and appreciate you letting me know about it.

Investment Info:

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

Purchase price: $465,000
Cash invested: $133,000

3/2 House with an ADU studio apt newly renovated
Currently run as a medium term rental
Pure cash flow of $300/month
Pending Value adds: ADU kitchenette renovation, and a 4th bedroom which will have it's own bathroom also to be renovated. Both will allow for increased cash flow. Will perform cashout refinance once projects are complete to improve cash on cash return.

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

Cashflows as a long term rental, had an ADU which combined with value add renovations with another room in the house will allow for significant appreciation, plus will be able to hold and cash-out refinance.

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

MLS, negotiated down the sale price, also was able to get seller concessions to help bring monthly interest payments down.

How did you finance this deal?

Conventional

How did you add value to the deal?

Pending, but will add a bathroom to a room not currently used for rent, and will add kitchenette to studio ADU

What was the outcome?

Currently cashflowing without renovations, will cashflow even better with renovations

Lessons learned? Challenges?

Bought the house renovated, contracting work was okay but many places where things could have been done better.

Hi Folks, 

I manage property in Tucson, AZ and also assist in management of a property in Orlando, FL and am looking for reliable and reasonably priced cleaners to perform turnovers for me for my rooms. 

Any recommendations would be GREATLY appreciated. 

Investment Info:

Condo buy & hold investment.

Purchase price: $45,000
Cash invested: $45,000

Property bought with savings in 2011 via Auction.com.
Lived and renovated myself for one year.
Rented the following year and has been renting since.
Excellent location, excellent net cash flow, excellent appreciation so far.

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

I was just starting out at the time looking for a place to live, but kept in mind the goal was to buy and hold for long term rentals.

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

Auction.com, property was a short sale at the time while the market was hurting. I won the first auction, they said no because my winning bid was too low. I won the second auction at a lower price, and they realized nobody else was going to buy it, so I got it for that lower price.

How did you finance this deal?

Pure cash savings (2-3 years of it). I lived at home prior to this to put this money away.

How did you add value to the deal?

Rehabbed the place myself (Installed tile floor in bathrooms and very large kitchen, upgraded appliances which were likely from the 1980s, patched/sanded/painted the walls, installed new light fixtures and cover plates). Last year I had new carpet installed, wood floor finished, fixed broken doors, and the entire place received a brand new coat of paint.

What was the outcome?

Excellent cash flowing long term rental property, appreciating significantly over time as area has improved (current ARV $110K), rents have also increased dramatically (currently $1525 monthly).

Lessons learned? Challenges?

Rehabbing yourself is a lot of work and a very large timesink. Great for starting out when you have the time available, not a great long term plan if you're trying to build a business out of this.
Quality tenants require thorough upfront work to research them. I have consistently done a lot of upfront research before putting tenants in my unit and have never had a problem with any.
Local team of contractors is important. I now live across the country, so to have a team in place to handle local problems is a must.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $385,000
Cash invested: $20,000

Personal Residence with room rented as Short term and Medium Term Rental

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

Hospitals in the area use a large number of traveling/short term people (Doctors, Nurses, students, etc) requiring short to medium term rentals.

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

New build, found

How did you finance this deal?

Conventional, 5% down

How did you add value to the deal?

Furnished

What was the outcome?

Successfully rented very regularly.

Lessons learned? Challenges?

Furnishing and decorating is VERY expensive.
Decorating is a skill, and takes time as well.
Start with lower rents and gently increase over time to get renters early on when you have no reviews.

Thank you both!

Hi Folks, 

I'm currently in the process of building a marketing campaign (website, direct mail, text message marketing) in Tucson, AZ with the goal of wholesaling  properties.

I am in need of a title company familiar with assignment of contracts and double closings. Any connections would be greatly appreciated. 

Sincerely, 

Chirag Parikh

Hi Folks!

Just moved out to Tucson, AZ for a new job. Brand new to the location but not new to real estate. I own rental property and also manage property for family. 

Excited to dive into a new market. Looking to build out my team and hit the ground running to expand the portfolio. 

Would love to hear from anyone in the area!

Sincerely, 

Chirag

Hi Folks, 

A little primer before I ask my question: I am a doctor currently training in Miami (Anesthesia). This coming year I will have more money available to invest. I already have two long term rentals in connecticut which are managed by another company. 

Being down here in Florida it seems like an excellent place to enter into the short term rentals market. I expect to have approx $50K saved over the next year. This time im looking for short term rentals/airbnb opportunities.

I'm looking for ideas! Location being one of them. Miami is pretty expensive but I can drive too and I have a feeling there are plenty of options in the south florida area. I think the ideal situation would be a more subdued but enjoyable vacation spot.

Any input at all would be greatly appreciated. Any questions please let me know. Thanks everyone!

Chirag

Hi Malgorzata, 

Please contact me privately so that we can discuss. Happy to hear you are familiar with this process. 

Sincerely, 

Chirag