All Forum Posts by: Holly Smith

Keep your eyes peeled on Crexi and Loopnet! My best friend's Dad is a commercial investor who just acquired a really nice mulitfamily property, with its own onsite management and all in the Fortine area which is NW... sounded like he paid more than he wanted for it, but a great long term hold. Seems beautiful up there, have never been! Multifamily is a definite goal for myself as well! Good luck to you! I will ask him and see if they know of any multifamily up in that area. 

Omni, so awesome that you were able to act on 8 different units, I am stuck right now as so many are at the next unit ( I bought 2 now my DTI ratio is too high) What is the trick there to not being limited to that? Is it partnerships who have the Income/$ or LLC to show it being business or commercial? I am ready to move past this roadblock and figure out the way around to keep going in the areas I know have these potentials!

 Vincent, were you able to find anyone to help you with the long term rentals? 

Holly

@Omni Casey I love your story and taking the time to share! The BRRRR method is hopefully my next and sometimes it can be confusing how to be able to maximize it but I really enjoy the challenge and look forward to it. I also hope to do out of state in Mobile Alabama where I have another small SFH investment but seems like cash offers to start are the best and hard to find on MLS if far away. Still not impossible! These examples help tremendously. I love passion you have and are surely a nature teacher! Thank you!

Hi Owen, I am bummed that I missed your last meet up. Can you let me know when you have another one that you are planning? I am currently investing out of state but always looking and interested in what we have going on locally! I am a Paso Robles resident but happy to drive within the SLO County.

Investment Info:

Condo buy & hold investment in Destin.

Purchase price: $283,500
Cash invested: $73,000

STR managed by a third party, a few minute walk to the beautiful beaches of the emerald coast. A clean updated 2/2 that I purchased turn key with all new appliances and well decorated... hoping to enjoy as well as provide some rental income and tax write offs for my W-2

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

I enjoyed visting here, likely one of the most affordable options to be able to own a "beach house," tax write offs and making cash flow on a place I can also enjoy and continue investing!

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

Off market deal, contacted realtor from another who had good experience with their team.

How did you finance this deal?

Conventional 2.99% 30 year as a second home 25% down

How did you add value to the deal?

The appraisal came in lower so was able to split the difference to lower the purchase price by 7k

What was the outcome?

Have not seen yet how everything will go and the bell curve of occupancy and income for the year, but looking forward to seeing what I can do to improve it.

@Neel Brown  30 year fixed can be for investment, second or primary! Utilize it now while the rates are still low overall  

@Johnson T. 

@Jose Holguin  Gwendolyn Pritchard, Mobile Alabama 1st Federal

@Jon Abadia I just closed on an investment sfh long term rental a few weeks ago and that was at 3.625% 30 yr conventional, 20% down. Quoted the same today for another pre approval for investment property but had additional 1% loan origination fee on top of it.

Investment Info:

Single-family residence buy & hold investment in Mobile.

Purchase price: $115,000
Cash invested: $30,000

3/2 home in west mobile. In great school district, close to airport, coast guard, and University! My first investment and so far its doing great!

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

It was much more affordable than where I live and the entry price was a much less scary number and lower risk. It made the 1% rule

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

I found on MLS with my agent, and was encouraged by the property manager I found (Kari Piecuch with 1 South Property Mngt) that this would be a hot buy, good area and good rent value.

How did you finance this deal?

conventional with 20% down @ 3.65% as investment property

How did you add value to the deal?

Put in about 2k in contractor repairs, materials, blinds, landscaping, and a tub re-glazing

What was the outcome?

Next business day after closing, the property manager had contractor in there, and it was rented by the following weekend! Even better we get a little more for rent monthly because of a pet fee which is fine because it has a big back yard and all tile.

Lessons learned? Challenges?

Should have pushed back a bit more to know the water heater and HVAC installation dates. They must be old because there were no records, the previous owner "did not know" or just didn't disclose which means they are easily over 10 years old and will likely be a big cost coming my way. But it was a hot market and I took that risk to have a compelling offer.

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

Kari Piecuch with property management - what a star!