All Forum Posts by: Ethan Myres

Investment Info:

Other buy & hold investment.

Purchase price: $200,000

This investment includes four fairly identical single family homes right next to each other (3 bed, 1 bath, ~1040sqft) that currently rent for $550/month. Each unit has the potential to rent for approximately $800 per month. I inherited the tenants with the purchase of the properties. As tenancy turns over, I will raise rents accordingly.

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

Who wouldn't jump at the ability to purchase four homes for $50,000 a piece?

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

Previous owners approached the real estate firm I work for to sell all of their rental portfolio.

How did you finance this deal?

I refinanced another rental for the downpayment, and financed the remainder under a commercial real estate loan.

Lessons learned? Challenges?

When you buy several homes, it is considered a commercial transaction. Commercial transactions do not require the seller to disclose faults in the property condition, so over the past few months, I have been taking care of a significant amount of deferred maintenance, including one property that needs the entire floor system replaced ( joists, sill plate, and main beam). I always suggest having a property inspection on any property you plan on purchasing!

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

Yes! Call me if you are looking to sell or invest in the Owensboro KY area! 270-499-4948

Investment Info:

Other buy & hold investment.

Purchase price: $2,000
Cash invested: $2,000

This property is Vacant land that I purchased with the expectation to eventually develop some type of multifamily dwelling. Property already has hookups for water, gas, and sewer.

Investment Info:

Single-family residence buy & hold investment in Richland.

Purchase price: $10,000
Cash invested: $10,000
Sale price: $110,000

This property was purchased from an estate for $10,000. house was a very mild "hoard". Heirs to the estate live out of state and did not want to remove the contents or have the hassle of selling it to a residential buyer. I bought the property cash and once I have all contents removed, expect to sell it for close to $75,000.

Edit to add: due to market fluctuations and the ability to hold for longer than expected, I ended up selling the property for $110,000

Investment Info:

Mobile home buy & hold investment.

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

Property is a 1 acre empty lot with potential for 3 single wide manufactured homes. After homes are placed, I expect a $1500 net monthly income.

Investment Info:

Single-family residence buy & hold investment in Owensboro.

Purchase price: $50,000
Cash invested: $62,000

I bought this house as a lease-option. for a couple that approached me who could not qualify for financing. tenants currently pay $510 a month for their rent and the option to purchase expired in January 2022.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10,000
Cash invested: $10,000

This property was purchased from an estate for $10,000. house was a very mild hoard. Heirs to the estate live out of state and did not want to remove the contents or have the hassle of selling it to a residential buyer. I bought the property cash and once I have all contents removed, expect to sell it for close to $75,000.

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

I went to high school with the heirs and they approached me with the deal after seeing some of my facebook advertising.

Investment Info:

Single-family residence buy & hold investment in Livermore.

Purchase price: $28,000
Cash invested: $52,500

The Pink house is 800 square feet. 2 bedroom, 1 bathroom. with pink siding. It is Located near food, schools, and shopping. Purchased this home cash and was a live-in remodel for a year. currently rents for 600/month and $150/ month expenses. Enormous potential for a cash-out refinance with a total investment of $52,500 and a market value of $89,000.

How did you add value to the deal?

complete remodel. Blood, Sweat, and Tears.

Investment Info:

Single-family residence buy & hold investment in Richland.

Purchase price: $57,000
Cash invested: $25,000
Sale price: $113,000

This was the first Home I bought for my family. from the beginning, we knew that It would be a live-in flip.