All Forum Posts by: Jeff Vasishta

Investment Info:

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

https://photos.app.goo.gl/drAGE6qoQpo2zTmk6 (https://photos.app.goo.gl/drAGE6qoQpo2zTmk6)

https://photos.app.goo.gl/jPLzX8QHq7PRsGo86 (https://photos.app.goo.gl/jPLzX8QHq7PRsGo86)

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

The chance to buy a value-add investment in a rapidly appreciating neighborhood.

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

Through another investor.

How did you finance this deal?

1031 Exchange

How did you add value to the deal?

Complete gut renovation

What was the outcome?

So far, so good.

Lessons learned? Challenges?

That the City of Pittsburgh is not developer-friendly.

Investment Info:

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

https://photos.app.goo.gl/drAGE6qoQpo2zTmk6 (https://photos.app.goo.gl/drAGE6qoQpo2zTmk6)

https://photos.app.goo.gl/jPLzX8QHq7PRsGo86 (https://photos.app.goo.gl/jPLzX8QHq7PRsGo86)

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

It is a great, rapidly appreciating neighborhood, with the opportunity to buy at a discount and value add.

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

Used a 1031 Exchange, bought it from another investor who could not afford to renovate

How did you finance this deal?

Construction to Permanent

How did you add value to the deal?

Subdivide and gut renovation

What was the outcome?

Yet to be determined! Still in renovation

Lessons learned? Challenges?

The city is not investment-friendly.

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

Terence Young: https://efundercapital.com/about-us/

FYI: The phone number I was given by Xplicit Home Loans was 816-343-9218.

If you google it, it will take you to their LinkedIn page. They approached me on FB. Unfortunately, this is why real estate investing gets such a bad rap for being shady. There are a lot of shady people out there, and it's easy to worm their way onto social media and start DMing people. I immediately saw a red flag because I knew the lending protocol. However, for those who don't — always research first. Look for an office, BBB rating, testimonials, a website, etc. Let's try and support people who have been scammed with good info and trustworthy referrals because it's a horrible feeling, and ripping people off is truly despicable. I hope the Xplicit Home Loans get what coming to them. I advise anyone who has been a victim to call the authorities.

They just tried to scam me. Beware of anyone on social media offering 100% financing at low rates. Someone called Christoff Murphy tried to contact me. He couldn’t provide any testimonials, a or a business office. But he gave me a phone # which I traced back to Xplicit Home Loans and someone called Hughes Reid.

I got suspicious when he said they did not need to do an appraisal and could close in a deal worth $2M in 4 days! If it’s too good to be true it probably is!