All Forum Posts by: Jasmin Elalfy

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $200,000
Cash invested: $100,000
Sale price: $386,000

We purchased this home from a person that inherited this house from his girlfriend after her untimely and upsetting passing, he could no longer keep with the bills nor keep up with the property. So we bought it from him! There was a wholesaler involved that made a $10k fee it was a win-win-win situation for us all. We love helping homeowners get to the next step that they need to be in life, he ended up renting elsewhere and was pleased to get out the house where she passed. We fully renovated this beauty from head to toe, we enclosed the front porch on this house To create more square footage and we also added a bath. The kitchen was risky as we did NO upper cabinets and black lowers (which was risky at the time it was not so "in")  and butcher block counters but it worked out as we got over asking price!!!!

Single-family residence fix & flip investment in Brick.

Purchase price: $250,000
Cash invested: $75,000
Sale price: $425,000

I bought this property from a wholesaler off market and we renovated it and sold it to another investor who ended up using it as a rental property. The property was full of stuff, it was a hoarder house, but we were able to power through and do a complete floor plan change, relocate the kitchen to make it one big open space with a huge island & it came out beautiful! Virtual staging makes a huge difference.

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

I like middle market ranches like this, they're great rentals or starter homes, they tend to sell quickly.

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

We Like finding deals ourselves but obviously that is not always the case because it is very hard to come across good off market deals. Do not mind paying wholesalers fees and a wholesaler that we know and trust and have bought properties from in the past was having trouble offloading this property but we saw the potential and opening up the kitchen & adding a bath and ended up working out greatly!

How did you finance this deal?

Hard Money

How did you add value to the deal?

Adding bath & opening up kitchen. Full reno.

I suggest to keep an eye on comps at all times so you know what’s happening in the market, I save a search for myself with the comps & I get emails whenever anything in the area sells that’s how I stay on top of it! 

 Thank you! 

 Yes yes yes it is so obvious but so looked over I feel like!!!

So with a HELOC acts like a second mortgage on your property, you can actually get better rates than a refinance most of the time. I highly suggest for you to go to a big bank or a local federal credit union (you might find a better rate at a credit union) For a home equity line of credit. When you cash out refinance you are more likely to get a higher rates and it is more tedious of a process since it is like you're getting another full mortgage on the property. The benefit with a cash out refinance if you already have more than one mortgage on the property you can just refi into one big one, and have one mortgage payment. I would say the biggest difference between the two is a cash out refinance is if you need all of the money out of your home now, with the HELOC you have the flexibility to use your equity as you need & it is like a credit card, you only pay interest on what you use. Hope this helps!!

Thank you! This was also an “up and coming” area so it was super risky but it was a home run thank god!

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $255,000
Cash invested: $70,000

This home was built in 1860 and was a big headache to fix up, but we fully renovated it and put really good tenants in both units!

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

We were very interested in having a duplex for such a cheap purchase price, although reno was heavy, it was worth it in the end!

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

This was an off market deal brought to us by a realtor partner.

How did you finance this deal?

Hard money fix & flip loan, then refinanced into a 30 year loan.

How did you add value to the deal?

Renovated entire duplex, removed oil tanks

What was the outcome?

We have two amazing tenants on both sides that pay on time. We ended up pricing it very fairly we could’ve went higher however we wanted long-term tenants and we ended up having a pool of 20 applications to choose from.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $375,000
Cash invested: $60,000
Sale price: $510,000

We purchased this deal from a Wholesaler, it was a probate seller. The kitchen was already renovated however everything else needed full renovation and we also added a full bedroom & bathroom allowing for us to realize more equity from the deal.

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

This was an interesting deal because we did not have to redo the kitchen so it cut our construction time in half.

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

We found the deal through a wholesaler it was his first wholesale deal so we definitely had to do a lot of handholding but we took over the transaction and made sure that it close.

How did you finance this deal?

Hard money

How did you add value to the deal?

Full reno (except kitchen), added bedroom & bathroom, removed above ground pool

What was the outcome?

The deal ended up being profitable, this was the first time we had three partners however everybody made a little over 100% ROI! We were able to have a 2 month holding period because as we were doing the construction, a guy walking by the house made us an offer & we went UC with him during the construction.

Lessons learned? Challenges?

Always know the CO and permitting laws in your area that you’re flipping in, we had a lot of trouble closing out permits and obtaining the CO when we purchased the property Because the previous seller who was deceased had three open permits and we were responsible to get them closed out.