All Forum Posts by: Jennifer Schelkopf

Did some deals this year, not the best not the worst. Single Family purchase for 14.5k, rehab 60k, arv 150k will finally be renting for $1400 in March. 6 family purchase for 160k, rehab 100k, ARV 350-375k rents for 4950 when done, 4 family purchase 150k, rehab 130k, ARV 200k (mediocre deal), 2 single family and 1 condo flip, there's probably a wholesale I'm forgetting about along the way

I think I Bought about 20 single family homes this year so far ..hope to double or triple that amount next year

Three single fam houses came under our belt for rentals.  Two we were able to add a 4th bedroom for cheap and increase the rent a couple hundred dollars or so to help out the ol' cashflow. 

The most recent one just started it's rehab. Two of the 3 of these have been about 40-50k rehabs. The middle one was less expensive, and the tenant has paid well, and no complaints! I believe we have done the BLRRR on the first two and the 3rd one will be as well. (the L in BRRR stands for creating a lien on the property for purchase money which makes it easier to refi than if just used cash!)

Still looking for more deals if you're a wholesaler in the Fort Worth area.  We also want more smaller multi-family. (2 to say 50? units)

Best of Luck to all!!

Merry Christmas, Happy New Year!

My goal was to not buy any properties in 2020. And to build up my cash reserves. I found one off the MLS for 68k and got in a bidding war. Ended up paying 75k cash for it. Came with a tenant who bailed on me three months into the lease. Spent 50k on a rehab and now rents for $1200/mo. It's in a C class hood in the DFW area and now worth 160k.

An off market deal fell in my lap a month later. Paid 130k for it with 20% down on a 15 year conventional loan. Spent 30k on a rehab and now rents for $1625. It’s now worth 230k.

@Jennifer Schelkopf this is a great post and I love seeing what people are doing.

I started the year deployed with the goal of learning the out of state investor process while gone but I wasn't able to get anything under contract while gone.

I made it home in mid October and me and a buddy that I was deployed with have tried to hit the ground running.

We have duplex under contract that should close this week or next week. We got this but driving for dollars and then cold calling. 51K with 20K in rehab needed, currently both units are rented at $650 but once we rehab we will be able to get the rents to $1100 a month. Should work out to be a pretty close to a perfect BRRRR.

We found a SFH and a quad that we put under contract. 3 out of 5 units are rented, it's currently bringing in $1600 a month. We have to get one other unit in the quad that's good to go rented and rehab the other and it will be bringing in $2600 a month when fully tented. The HM lender we were planning to use didn't work so we are having to work through this one, honestly it's a bit stressful.

We found a duplex on Zillow that we got under control as a FSBO, the owner. 25K needs about 20K in rehab. The owner agreed to take 10% down, 6 months interest only payments, with a 6 month balloon where we pay the remaining 22500 when we refinance it. It should bring in $1300 a month.

Not saying this to brag but the opportunities are definitely out there when we put in the work and I can't wait to see you posting about your next purchase!!!

Andrew

@Jennifer Schelkopf, I bought a pocket listed duplex, and completed my first long distance BRRRR. My goal was to be extremely conservative due to the volatility of the market and only buy great deals. I stuck to that!

I kind of bought a deal. I actually bought and moved into a new house, and rented the one I moved out of, Mar 1. Its funny, my neighbor was selling his home FSBO. I called him and said I'd buy it. He needed a place to rent for a year while he built a new home, so, we just did a house swap. I bought his for under his asking price AND he paid my closing costs, and I gave him a screaming deal on the rent while he built his house. The rental is a 3/2/2 on a huge lot in Cave Springs. When I bought it for myself I put as little down as possible (5% plus closing costs). When I get my next renter in there, it'll CF like $300. Not a "home run" since my PITI is so high, but, its an addition to the portfolio at very little money down, and 3.5% fixed for 30yr.

These numbers seem accurate, I am a Realtor and currently looking into buying our first SFH investment property.
But it seems very hard to find properties where the numbers make sense in the current market.
Home prices have risen so fast in the last 6 months, and rents seem to be lagging behind which makes it very hard to get a good return on investment.