All Forum Posts by: Erik Duke

I lived in it for about 4 to 5 years but refied it out of the VA before moving out.

I had refied to pay for the upgrades and I am trying to pay that property off as soon as I can.  That is my primary goal for my local real state holdings.  

Investment Info:

Single-family residence buy & hold investment in La Mesa.

Purchase price: $350,000
Cash invested: $10,000

Single family 4/2 with large parking area RV accessible

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

Needed bigger house so it was to live in

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

Looked at several house did not want to sell anything so I had to do the no money loan that was stated income. I bought it from a house flipper she just didn't want to deal with any big issues house was purchased as is.

How did you finance this deal?

No money down bad loan but it allowed me to keep my other property's

How did you add value to the deal?

I was willing to buy the house as is and talked with the owner a lot

What was the outcome?

The loan was terrible but overall the property has appreciated and makes a little cash flow.

Lessons learned? Challenges?

When I sold one of my rental units and did not re-invest the money I dumped it into this house was not the best idea and also ran out of money and get a home equity line to finish the work.

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

Yes

Investment Info:

Single-family residence buy & hold investment in San Diego.

Purchase price: $135,000
Cash invested: $30,000

Condo in San Diego first rental without living in it and buying 2 units 1 site unseen at least the inside.

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

I called the realtor listed several times but finally gave up. About 4 months later the realator called me back and gave me the specifics.

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

The crazy part of this deal was I was looking at one unit and placed an offer the counter was to buy the unit above site unseen. I took the leap of faith and bought both.

How did you finance this deal?

Money from my first rental property

How did you add value to the deal?

Had to buy both units

What was the outcome?

I still have the one I bought site unseen and sold the other about 18 months later

Lessons learned? Challenges?

When I sold one of the units did. It understand capital gains and what happens in the state of California.

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

Yes

Investment Info:

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

Purchase price: $200,000
Cash invested: $80,000

Duplex 2/1 & 1/1

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

It was my first rental and my father had rentals

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

Lived in one of the units and owner asked if I would like to buy it

How did you finance this deal?

VA backed loan

How did you add value to the deal?

I just lived there and became friends with owner and would do minor repairs to help them out

Lessons learned? Challenges?

Just did a big exterior upgrade and learned a lot about dealing with contractors and contracts

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

No agent