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All Forum Posts by: Fernie Acevedo

Fernie Acevedo has started 4 posts and replied 9 times.

Big difference in Architects and Designer. I'm one of the Designers. Cost is one. Schedule and time frame can be another. If you need structural or engineering Design firms can get that covered as well. The city will review both version and both will be informed of all new laws and process. As long as the referrals, reviews or design experience, is in the realms of what your looking for, then you can decide which option to go with. I'd say reach out to both and see the difference. If you have any additional questions, I'm always open to chat or answer them. DM me anytime. 

Thanks, 

Fernie

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $260,000
Cash invested: $60,000

Purchased our first investment. A single 3/2 house with a detached studio and garage. The studio is ready with a full bath and walk-in closet. I'm adding a small kitchenette to make that studio more livable and to get more rent out of it. The numbers made sense for us and we'll keep this investment for a long hold and start working on the next one.

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

The numbers made sense and the area looks good as well. This isn't a multi-family but is giving us that option to go that route to rent the studio and house separate or together.

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

My wife is an agent and she found the deal. We worked directly with the agent in the area.

How did you finance this deal?

Conventional.

How did you add value to the deal?

Cleaned up the inside. Changed the flooring and updated a master bedroom. Added a min split system in the studio and in the process of adding a small kitchenette to it as well.

What was the outcome?

People are interested in renting it.

Lessons learned? Challenges?

Distance, it's 2.5 hours from us so we can only go on the weekends. Getting reliable local handymen in the area has also been a drag.

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

With my wife, Marysol Esqueda EXP Reatly.

Hi @Mallory Klindt, thanks for the response and the pointers. I know the first step to take longer since there are so many factors that stop you (or me) but not doing anything has gotten to me. I feel like the calculators, all (3) different ones that I use give me a certain amount of cash flow. Each always have a different amount. From reading online, the forums and listening to all the BiggerPockets podcasts, their returns have been from gaining anything over $200 is still good to gaining over 8% is a great deal. I guess I feel stuck in jumping in due all the numbers I'm running but as you mentioned, not doing anything is worse. Hopefully one day we can reach the amount of doors you have and still grow. I know it will happen. Just need to make the jump. 

I see you're located in Iowa, are you investing in your area or how far are you going out? 
I'll keep in mind all your input.
Thanks again, 

Fernie A.

@Sanjeev Advani (Sunny), 

Appreciate the feedback and your input. I'll be looking at the numbers again and local rent to make sure it covers the higher rates. The location so far is in a good place and both units area approved. We're not looking to get rich off-the-back but want to make sure we can get this or any investment to become a good portfolio and at least get some funds back to start saving for the next investment. Down the line, it will become a good property and since I keep seeing pricing in the Los Angeles/Orange County area getting higher and higher and people moving further out, I feel Bakersfield can slowly go up. 
Either way, I'll take your notes and see how this one and a few other properties are coming out. Keeping in mind for an out of state area as well. 

Thanks again, 


Fernie

Hello fellow BiggerPocket pros, I'm new to the pro section and want to get your input on a deal.

A bit about us, first home we did a live-in flip. Are in our next home but want to keep this one and invest in our actual first investment. We (my wife and myself) have been running numbers on investments and for one reason or another, we stop short on pushing through which then the investment property is gone.  We use the investment calculator on here and a few others to make sure the investment makes sense but would like another set of eyes. Since this will be our actual first investment and using our savings, we're a bit skittish. We're trying to do our first one close to us but are looking everywhere if the numbers make sense.

Deal info: Duplex, 2/1 and 1/1 units.

City: Bakersfield, Ca. 

Purchase price: $280,000
Down payment 20% ($70,000)

Once inputted into the calculator this is what it spits out:

Monthly income:   $2,375.00
Monthly expense: $1,989.10
Cash Flow:             $385.90
Pro Forma & Purchase Cap Rate:               $5.95%
NOI: $16,661.70
Cash On Cash ROI: 6.34%

Seeing if by the looks of this, this is a good one or are we missing something? 

Appreciate your inputs.

-Fernie A.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $395,000
Cash invested: $25,000
Sale price: $535,000

Purchased our first home and remodeled the kitchen, stained the floors, painted the interior and replaced the roof.

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

This was our first deal but was always going to be an investment or flip. Walking into the property I could see what minor changes I could do to make it look better.

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

My wife had seen it and I passed on it the first time she told me about it. Once she convinced me to see it, I fell in love with it.

How did you finance this deal?

FHA Loan.

How did you add value to the deal?

Remodeled the kitchen, stained the original floors, painted the interior, added landscaping and concrete to the yard and replaced the entire roof.

What was the outcome?

Project came out beautiful and wanted something a bit bigger. Decided to sell which I regret doing.

Lessons learned? Challenges?

Lessons learned, I wish I would've never sold it! Challenges we had was the location and parking surround the neighbors.

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

My wife was my agent, Marysol Esqueda from EXP Realty.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $650,000
Cash invested: $80,000

2nd home purchase. For now it's a live in residence but see what comes of it. Will keep this as a hold and save.

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

Looking for our next house and this came up in the market and at the time it was on the market for over 90 days.

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

My wife saw it on MLS.

How did you finance this deal?

Bank deal with 20% down.

How did you add value to the deal?

Within the first year I've remodeled one bathroom, entire floors, remodeled the kitchen, painted the interior and exterior.

What was the outcome?

Looks great and since purchase, the price has gone up about $150k.

Lessons learned? Challenges?

Electrical has been slowly updated but that's still in process.
Plumbing has been an issue and we've worked around it a few times. I need to cut down a tree. This house is on slab and next would prefer raised flooring for ease of access.

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

Worked with my wife, Marysol Esqueda from EXP Realty.

@Joe Homs I just came across this thread that's about 4yrs old. Are you still in the business and doing any recent networking? Very interested in learning more. 

Great info Ron. I' just joined your meetup group and hope to make it to the next event.