All Forum Posts by: Jackie Jiang

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $230,000
Cash invested: $63,000

Student Rental which was bought from another investor with a lease and recently turned over. Planning to increase rents by 200/month next year. Has potential to add 2 bedrooms and bathroom in basement which will increase rent by 625/room

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

Want to build up student rental portfolio

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

Off market when I was touring a rental property the listing agent let me in and I told her what I was looking for.

How did you finance this deal?

DSCR Loan

What was the outcome?

rented and DIY lanlording

Lessons learned? Challenges?

I had to choose a different Hard money lender with higher rate buy they had less stipulations and got the deal done

so i found a seller willing to seller finance. His terms are 15 years @8 Interest rate. price of 255,000. The property is not in top condition and needs replacement on roof and some other things and i wanted to change one of the half baths into a full and convert one of the rooms downstairs. Base off of the terms it doesn't seem like a good deal. Its currently 4 BR and 1.5 baths and rents for 2000. If i can get it to 5 BR and 2 baths I could rent for 2,750-3,000. I expect rehab to be around 30-50k. What are some ways i can make it a good deal? 

Hello BiggerPockets forum. I'm going to partner with someone on my 1st deal. Should we form a LLC or should we do it in our names nad form the LLC later. Also what are things that need to be discuss into the operating agreement to protect both of us?

I currently hang my license with Prestigious Properties by carefree livin'

Got my license back in august. Looking to network around the south jersey area( Camden , Gloucester, Cumberland county)