All Forum Posts by: Dominique B.

@Shadonna N. Thank you!

@Devin Wathen thank you!

@Stephen Kehoe thanks Stephen, I agree. Since cash flow is more my priority vs appreciation this strategy works best for my end game.

@Leo Watts I'm investing in the Baltimore area (21225). No HOA or Ground Rent on this property which was another great plus.

@Cole Britting thank you, I’m in the DC metro area but investing in Baltimore.

@Axel Meierhoefer thanks Axel, looking forward to repeating a similar deal in a couple months.

@Nalin Ratnaike thank you!!

Investment Info

PP- 53k

Closing – 3k

Repairs/Rent-Ready updates: 5k

Additional Holding Cost (Rental and lead inspection, home inspection, etc.) – 1k

All in Costs – 62k Cash

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

My goal was to purchase a buy and hold for passive income. After running the numbers and approving of the block, the deal made sense.

How did you find the deal and negotiate?

This was an off-market deal that was sent out via a mass email blast. I opened the email at 2am, scheduled to see it at 4pm and made the offer at 4:15pm.

How did you add value?

The property was nearly turnkey. I made minor repairs based on feedback received from the home inspection and cosmetics updates (repair roof over porch, replace carpet, new paint, new blinds, and update appliances)

What was the outcome?

I have hired a management company to handle placing a tenant and the day-to-day operations. Rental comps in the area will garner $1300 – $1500. I will be putting a HELOC on the property and pulling out 75% of my funds to use as another cash buy for my second property in March.

@Deisy P.

I’m in your position and I have had contractors give me ridiculous quotes for a SOW that will take 1-2 days to complete.

Simple work such as replacing a ceiling fan, securing a toilet, repairing a gutter, replacing carpet in 3 bedrooms have garnered 8k, 17k and 22k from 3 GC’s.

I 100% know that the quotes were inflated and I had to go through the process of finding more contractors to provide more quotes. It's frustrating and insulting but I knew coming into the male dominated REI arena this would be the case. I allowed myself to be bothered for all of 30 mins, dismissed the previous GC's and went on to find straight shooter contractors to complete the work for 2k (including adding in a handful of other very minor tweaks that I wanted).

It can be frustrating but if this is something you want to use to achieve your goals, take it as a lesson, learn from it and adjust so you don’t fall into the same scenario again. Good luck and don’t let this incident get you down or force you out.