All Forum Posts by: Jasmin Elalfy

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $320,000
Cash invested: $90,000

We bought this property off market from a wholesaler what first started out as a partial renovation ended up being a full renovation. I think we've come to learn that you should always just budget for a full renovation no matter what. It's very hard to salvage things and it's hard to realize your actual highest ARV doing a half flip job. We are still in the middle of flipping this one, stay tuned for more!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $315,000
Cash invested: $80,000

This was my first Airbnb purchase. I used a DCSR loan and I spent around $30,000 to furnish the property & get a Airbnb ready. This needed up being best Airbnb out of all 3 of mine so far and I accredit it to making it the most different. It has a safari/zoo theme and no other Airbnb in the area really has this. I’ve been more than 85% booked even when the area commands 70% or less. I have a property manager that is professional that runs everything and takes a 20% profit.totally worth it

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

New construction going for so cheap in this area as opposed to how much new construction goes for New Jersey made me very interested in just purchasing something that is already completely done and hopefully good to go for the next few years. Especially since I’m not around, I wanted something new.

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

I found this deal on the MLS and I negotiated it based on the days on market being high.

How did you finance this deal?

I use a DSCR, The numbers made sense on it even as a year-round rental so it worked out out!

How did you add value to the deal?

I had a value by hiring a contractor to make the property different since it was very vanilla new construction. I got future walls done with wood panels as well as paint and wallpaper put up.

What was the outcome?

This is the highest cash flowing Airbnb that I have right now out of all three of mine.

Lessons learned? Challenges?

If I could do this all over again, I would probably go for a smaller house. This was a 1700 square-foot house and it was a lot of money to furnish as well as very stressful to try to fill every crevice of the home so it’s not plain!

It is on Masterson Street In Houston, right outside the loop. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $175,000
Cash invested: $90,000

This was one of the hardest renovations we have completed to date, the house was very neglected for over 30 years. We replaced everything. We found the deal off the MLS there was an investor/realtor who owned it (inherited) and didnt want to bother with reno so we took it off his hands for $175,000 put in $90k/$100k & ARV $350k-$365k max. We are still under construction but we ended up having to do everything including sub flooring, attic, roof, HVAC etc.

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

Cheap purchase & potential ARV

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

Off market through a realtor/investor

How did you finance this deal?

used Hard money

How did you add value to the deal?

adding a half bath, complete reno.

What was the outcome?

still ongoing! Hoping to put back on market for $350k and get over ask at $365k

Lessons learned? Challenges?

Dont bite off more than you can chew. We underestimated the amount of work.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $30,000

We purchased this property from a wholesaler. We were happy that we got a really nice single family home for a cheap price, and the wholesaler made a sizable fee. We put in around $30,000 to replace the roof, floors, paint and kitchen. The bathroom was pretty decent, so we were able to just get it professionally cleaned and the house was ready to rent. Cashed out refinanced and got our initial down payment back.

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

Cheap entry!

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

Found it through a wholesaler, we actually tried to sell it to other buyers and nobody would bite so I ended up buying it myself.

How did you finance this deal?

We used cash to buy but cashed out refinanced as soon as we were done with the work and rented it out to a tenant.

How did you add value to the deal?

We renovated kitchen, floors, paint and roof.

What was the outcome?

Good cash flowing rental $800.mo on top of paying off our debt & expenses.

Lessons learned? Challenges?

you have to wait 3-6 months to cash out refi after purchasing even if it is cash!!

Single-family residence buy & hold investment.

Purchase price: $204,000
Cash invested: $30,000

This deal was an almost brand new construction in an up and coming area on the outskirts of Houston, TX. We got a really good deal on it because it was sitting for a long time and we came in under asking direct to the agent for the seller. We put in around $15,000/$20k worth of construction & furnishings to bring it up to Airbnb standards. So hence the cowboy house was born out of this and this was one of our more fun projects!

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

Cheap buy in, new construction

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

We went directly to the listing agent, and we noticed that it was on the market for a very long time. So we were able to negotiate the price.

How did you finance this deal?

We use the traditional lender and get 15 percent down

How did you add value to the deal?

We added value by making a accent while in the living room, as well as refreshing all the furniture and decorations, painting the property, making a back door. back door out of the master bedroom because there was no way to get to the backyard without having to go through the side as well as some landscaping & new washer dryer.

What was the outcome?

We have a cash flowing investment that we're making passive income with!

Lessons learned? Challenges?

Don't underestimate how much money you could spend when you're trying to get an airbnb ready. making it unique is very important, and it's very easy to overspend!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $204,000
Cash invested: $30,000

This deal was an almost brand new construction in an up and coming area on the outskirts of Houston, TX. We got a really good deal on it because it was sitting for a long time and we came in under asking direct to the agent for the seller. We put in around $15,000/$20k worth of construction & furnishings to bring it up to Airbnb standards. The property already came furnished, but we had to replace most of the furniture because it was very cheaply done, Plus, it had no theme and we really wanted to make it a special themed airbnb. So hence the cowboy house was born out of this and this was one of our more fun projects!

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

Cheap buy in, new construction

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

We went directly to the listing agent, and we noticed that it was on the market for a very long time. So we were able to negotiate the price.

How did you finance this deal?

We use the traditional lender and get 15 percent down

How did you add value to the deal?

We added value by making a accent while in the living room, as well as refreshing all the furniture and decorations, painting the property, making a back door. back door out of the master bedroom because there was no way to get to the backyard without having to go through the side as well as some landscaping & new washer dryer.

What was the outcome?

We have a cash flowing investment that we're making passive income with!

Lessons learned? Challenges?

Don't underestimate how much money you could spend when you're trying to get an airbnb ready. making it unique is very important, and it's very easy to overspend!

 Thanks yes that was a successful one! 

Single-family residence fix & flip investment.

Purchase price: $325,000
Cash invested: $100,000
Sale price: $534,000

This was an off market deal from a wholesaler. There was also involved that was representing the seller but we were still able to get a good deal and turn a good profit. The house ended up selling $9000 over asking with multiple offers.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $272,500
Cash invested: $100,000
Sale price: $450,000

This home was neglected by a landlord with tenants living under horrible conditions. We ended up purchasing it through a wholesaler who made a $25,000 assignment fee off of us and we were fine with it because it was still a good deal that made us a lot of money! We did a full renovation, updated everything and virtually staged it it sold over $25,000