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All Forum Posts by: Evangelyn Major

Evangelyn Major has started 2 posts and replied 4 times.

Post: Starting our first fix and flip

Evangelyn Major
Agent
Posted
  • Realtor
  • Posts 4
  • Votes 3

@Bronson Massas Majority of the work is cosmetic with the bathrooms needing to be remodeled completely. They will be torn out and redone. We are waiting on Permits, to be able to expand the back of the home to give more sqft to the kitchen, living room and third bedroom. Adding a pool is being thrown around but it will come down to Comps in the area. We do plan on adding a RV Shed since a lot of people in our area look for homes that have storage. We plan on taking the next 2-3yrs to get it done, that will give us a chance to make correct decisions and look for the next deal. Also, I do enjoy living there. 

Post: Our First Rental Property

Evangelyn Major
Agent
Posted
  • Realtor
  • Posts 4
  • Votes 3

@BradleySriro So we still owe on it but make two payments (Full Payment on 1st and a half on the 15th. 30yr treating it like a 15yr, not sure if that makes sense?) I didn't catch my mistake with the cash invested. Thank you! I need to correct that. The $500 is what we have left over each month after mortgage is covered, that is building up for any unknowns that will pop up with this rental.

Post: Our First Rental Property

Evangelyn Major
Agent
Posted
  • Realtor
  • Posts 4
  • Votes 3

Investment Info:

Single-family residence buy & hold investment in Spanaway.

Purchase price: $375,000
Cash invested: $375,000

First Rental Property
5B/3B/2Car
2900sqft
Open concept floor plan
$2800 month
close to JBLM, Tacoma, Seattle, Mt. Rainier
Great neighborhood, good school district.

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

Listening to BiggerPockets and reading Rich Dad Poor Dad

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

We had already purchased this home back in 2015. when we came across Bigger Pockets in 2019, we started trying to figure out how to get moving in our investing journey. So naturally we decided to move into a Renovation home while renting our home.

How did you finance this deal?

This home was bought with our VA Loan

How did you add value to the deal?

We did a few upgrades to make this rental friendly. The neighborhood is military friendly, so naturally easily rented out.

What was the outcome?

Putting this home up for rental was a fairly easy process, using what I learned from BiggerPockets and what I learned as a Real Estate Broker. Rent is $2800, cash flow of $500. No shortage of renters when you live close to a military post.

Lessons learned? Challenges?

Lessons learned
1. Always use the screening process
2. Do not listen to the sob stories, essentially this is a business not a charity.
3. Being upfront puts everyone on the same page

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

I am a Real Estate Broker

Post: Starting our first fix and flip

Evangelyn Major
Agent
Posted
  • Realtor
  • Posts 4
  • Votes 3

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $585,000
Cash invested: $585,000

First Fix and Flip

3B/2B/3Car

2239sqft

5 Acres

Spanish/ Mediterranean Style

Close to JBLM, Tacoma, Seattle, Mt. Rainier

Country living on 5 private wooded acres. Expansion from the city in happening into this rural area pushing prices up towards the million dollar mark.
We are living in this house and renovating it to bring it up to code and make the inside a bit more user friendly. New Furnace, AC, and Tankless Propane Water Heater are in the works.

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

Listening to BiggerPockets Podcasts and reading Rich Dad Poor Dad

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

Found it on the MLS. We have been looking for acreage to fix and flip so we ran the numbers, researched our area and went for it.

How did you finance this deal?

We used our VA Loan, planning on re-financing out of it and using it again on our next deal.

How did you add value to the deal?

The owners wanted out. Taking care of five acres was a bit much. we could have offered them less but didn't see it benefiting them. And with what is projected in our area in 2-3 yrs, we will get double our investment after rehab.

What was the outcome?

Got the property while giving the previous owner what they needed.

Lessons learned? Challenges?

Challenges will be tackled when renovating, older house = lots of hidden problems

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

I am a Real Estate Broker