All Forum Posts by: Garreton Smith

Hey guys, l

Looking to build a team in Albany, NY I have some projects coming up and looking for good subs. Some work permits will need to be pulled some work no permits. Let’s connect Info@ gssdevelopment.com 

I hope all is well!

Would you be interested in funding a BRRR for a property in Albany, NY my team at GSS Development Group currently has under contract?

We’re looking for investors to lendmoney at a 15% annual interest rate, paid at the end of the project (roughly 6 months).

This loan will be backed by a promissory note and a mortgage security document.

• Total Project Costs (Rehab + Purchase): $150,000
• ARV: $250,000
• Return: 15% Annual Return
• Project Timeline: 12 Month Max Term, with the option to repay sooner
• Refinancing 75-80% of ARV
• Lender take first position lien
• Minimum Investment: $30,000

(Really looking for one group or investor)

As an example of our track record with our flips, we recently completed the sale of this flip. We purchased it for $406,000 and successfully sold it at $625,000, easily paying back our private money lenders on this deal.
Private lenders or group no hard money!

 We can do it. I'll send you a PM let's connect

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $410,000
Cash invested: $100,000
Sale price: $625,000

Single family

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

We look for single family 1200-1500 sq ft that needs renovation

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

MLS

How did you finance this deal?

Hard Money

How did you add value to the deal?

Yes we gutted the entire building. Link attached

What was the outcome?

Flipped

Lessons learned? Challenges?

When listing a property make sure all details are accurate

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

Agent and lender

Just an update on some of our projects. Bronx Flip complete 

Byron Ave Project numbers below 

Purchase $410,000

Rehab $100,000 

Sold $625,000

Flip Before and After

Hey Adonis, how did you make out with these recommendations and answers? Looking for a similar product. Can we connect ? 

Deal Breakdown

Area is super solid and is a great rental market (property always at 99% occupancy)

Offer Price $2,300,000 (nego)

Construction reserves + acquisition fee $300,000

$2,600,000 All in

Numbers

Based off pro- forma

Market rent roll annual - 

$383,700
-5% Vacancy
$364,515
-$95,606 (expenses annual)
-$136,284 (debt service) Quotes Freddie 30 year ARM 5 Fixed loan @6.84%
(based on loan amount for $1,735,000 no cap ex)

=$132, 625 Cash flow

KP or LPs needed flexible terms! Need to get this deal closed

BP Fam,

I have a fix and flip deal in Yonkers, NY I’m raising capital. Looking to expand my network and connect with more investors. Would love for you guys to pass this around your networks. See the flyer attached. We have our own construction team, so everything is done in-house. Executive summary available numbers below let’s connect.

PP- 403K
Rehab - 130K
ARV- 700K