All Forum Posts by: Colin McCarthy

Rent is $950/mo. Could be a little higher but I have a good tenant. ARV is mostly due to appreciation over 7 years. Guessing about $160k now. Are you thinking of investing in the area?

Oxford.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $270,000
Cash invested: $15,000

5 bd/3.5 bath golf course SF home

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

Trying something besides condos.

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

Worked with a realtor who had sold me a condo and negotiated through him.

How did you finance this deal?

20% Down conventional

How did you add value to the deal?

Minor refresh.

What was the outcome?

Rented year to year. Lousy cash flow but good appreciation...will likely sell in 2021.

Lessons learned? Challenges?

Don't buy if it doesn't cash flow...

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

Hugh Williams.

Investment Info:

Condo buy & hold investment.

Purchase price: $80,000
Cash invested: $15,000

2 Bed/1 Bath Condo in small historic town on the Tred Avon River.

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

Yes, Ray Stevens.

Investment Info:

Condo buy & hold investment.

Purchase price: $120,000
Cash invested: $15,000
Sale price: $218,000

2 Bed/2Bath Condo a short stroll from the beach

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

A previous deal worked out well and we wanted to duplicate the success.

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

MLS, negotiated with local realtor.

How did you finance this deal?

20% down conventional

How did you add value to the deal?

Simple remodel and furnishing.

What was the outcome?

Unit was profitable from Day 1 on short term rentals and sold for a nice profit.

Lessons learned? Challenges?

1031 exchange is the preferred way to go when selling...wish i would have done it.

Investment Info:

Condo buy & hold investment.

Purchase price: $64,000
Cash invested: $13,000
Sale price: $238,000

2 Bd/2Bath Condo a block from the beach

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

Rock bottom prices and ability to do short term rentals

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

Met with a local realtor and asked him to broker.

How did you finance this deal?

20% Down conventional

How did you add value to the deal?

Small remodel and furnished the unit

What was the outcome?

It paid for itself from Day 1...made a nice profit when sold and we always had a place to stay at the beach.

Lessons learned? Challenges?

Be bold...don't be afraid to learn.

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

Not that I would recommend.

Jennifer - could you PM me that information as well please?  Thanks.

Got some good feedback and PMs which have basically terminated my interest in the deal. Thank you all for taking the time to save me from myself. 

Thanks for the responses so far. The guy's name is John Majalca out of San Antonio    - see http://www.texascashflow.com/

Hi all, 

I'm looking for a little advice.  I've been browsing for an investor deal for the past few days having read several success stories here on BP.  I came across a wholesaler/rehabber in Texas who has made the following pitch; 

Description: Under market value fixer upper 4 beds 2 bath, 1078 sqft, lot size: .13 acres, yearly taxes: $1,200.00, estimated insurance: $750.00, estimated repairs: 30K; central hvac, flooring, update kitchen/bath, roof, interior/exterior finish.

Price: $49,000 Cash
ARV: 109-115K
Exit Strategy:

• Owner Finance with 30K repairs: 5k down, $1,095.00 monthly P/I, 30 year amortization, 10% interest, Price: 109k
• Rent with 30K in repairs: $1,095.00 with section 8, no need to chase the monthly payment, Housing Authority pays direct deposit to your account.

He is recommending a cash purchase but also has a lender who does rehab loans.  I have very good credit and have the cash but I don't want to sink it all in on one out-of-state deal.  I'd apprecaite any insight from experienced BP members on this type of deal.

Many thanks,

Colin Mc.