All Forum Posts by: Jesse Martin

Hey Calvin, I use Cozy on my residential properties and it's been great.  You're right that it's limited I think when it comes to bigger deals.  Love the online payment system they have though!

At the beginning Dave Spooner we will be managing ourselves, and looking to be able to have all our properties in one software if possible.  Some we hire a local PM company, but we are eventually going to have our own company manage all our properties.  Some we are going to do quick turnarounds, and some we hold.

I've heard of that one before, but haven't checked it out, thanks Jacob!

Thanks Roni, I've heard of Appfolio, wasn't sure if they did apartments as well.  I'll look at the other ones as well!

Cool, thanks Andrew I will look into that one as well!

Heard of one called Yardi, and a few others

Hello Property Managers & Syndicators!

Wanted to see what software is best to use when doing Property Management on Syndications etc...

What are the likes, and dislikes???

Thanks John, love doing owner financing!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $203,000
Cash invested: $29,764
Sale price: $264,900

The true NO MONEY down Fix & Flip!
3/2 2600sf home...great area full of 4-bedroom homes

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

This was a deal where the owners couldn't sell the property and didn't want to invest any more money into the home or keep paying the mortgage.

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

We negotiated the deal by showing them if they sold today for their asking price, this is the number they would walk away with after all the fees and closing costs. It was the fairest deal for both sides even though the home wasn't selling at that price and we could have potentially got the home for cheaper. We saw the value in the deal and didn't want to take advantage of the sellers if they would agree to our terms. A lot of the times, terms are even more important than the purchase price

How did you finance this deal?

This was owner financed by the sellers with zero money out of our pockets if we would just take over the payments. We wrote up contracts for them to carry for 3 years but trying to resale in 12 months where they would make their money at that time on the sale. Did everything through the title company where the payment was directly made to the lender not the seller

How did you add value to the deal?

This was a HUGE 2600sf foot home that was only 3 bedrooms. By turning this home into a 4 bedroom it would increase the value, as well as making it easier to sell. We fully enclosed an area in the large living room adding a closet and French door. We also did a lot of remodeling on the property. Full repaint, brand new LVP flooring and carpet throughout the home. New granite in the bathrooms, toilets, sinks, and fixtures. New New New it really turned out awesome!

What was the outcome?

Here are the numbers:
Purchase price: $203,000
Remodel Costs: $26,658.60
Holding Cost: $3,105.59
Rented the property to the buyers for approximately 8 months with a profit of: $3,319.86 after expenses
Sold: $264,900 - under market value for a quick sell
Total Profit: $34,695.68

Lessons learned? Challenges?

Hire the right contractor! It all turned out fine, but on this deal, we had a lot of babysitting. Get a better disclosure from the sellers when they "Claim" to have repaired a shower leak...

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

No

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $203,000
Cash invested: $29,764
Sale price: $264,900

The true NO MONEY down Fix & Flip!
3/2 2600sf home...great area full of 4 bedroom homes

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

This was a deal where the owners couldn't sell the property, and didn't want to invest anymore money into the home or keep paying the mortgage.

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

We negotiated the deal by showing them if they sold today for their asking price, thi is the number they would walk away with after all the fees and closing costs. It was the most fair deal for both sides even though the home wasn't selling at that price and we could have potentially got the home for cheaper. We saw the value in the deal, and didn't want to take advantage of the sellers if they would agree to our terms. A lot of the times, terms are even more important than the purchase price

How did you finance this deal?

This was owner financed by the sellers with zero money out of our pockets if we would just take over the payments. We wrote up contracts for them to carry for 3 years, but trying to resale in 12 months where they would make their money at that time on the sale. Did everything through the title company where the payment was directly made to the lender not the seller

How did you add value to the deal?

This was a HUGE 2600sf foot home that was only 3 bedrooms. By turning this home into a 4 bedroom it would increase the value, as well as making it easier to sell. We fully enclosed an area in the large living room adding a closet and french doors. We also did a lot of remodeling on the property. Full repaint, brand new LVP flooring and carpet throughout the home. New granite in the bathrooms, toilets, sinks, and fixtures. New New New it really turned out awesome!

What was the outcome?

Here are the numbers:
Purchase price: $203,000
Remodel Costs: $26,658.60
Holding Cost: $3,105.59

Rented the property to the buyers for approximately 8 months with a profit of: $3,319.86 after expenses

Sold: $264,900 - under market value for a quick sell

Total Profit: $34,695.68

Lessons learned? Challenges?

Hire the right contractor! It all turned out fine, but on this deal we had a lot of babysitting. Get a better disclosure fromt he sellers when they "Claim" to have repaired a shower leak...

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

No

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $157,743
Cash invested: $7,594
Sale price: $197,500

3/2 1686sf in a nice neighborhood right next to a college. One of the best and quickest deals we've thrown together! This was a VA foreclosure that was sold but fell through. This is the reason you keep great relationships with brokers...Received a call from a broker I have done deals with, and she knows I pick up properties quick close, and we have done a few deals together.

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

We are always looking for Fix & Flips, we have a nice set up where brokers send deals to us as they know we will buy.

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

VA broker called us when the deal fell through to see if we were interested. Went and looked at the property, submitted my offer 15 min later and our offer was accepted. The next day she had 3 other offers, so we know we were justified in moving quick!

How did you finance this deal?

We were originally going to traditional finance the property, but after further investigation if we would buy the property with cash, we could pick it up 28 days earlier, and most important we would save approximately $4000 in closing and holding costs. Oh, almost forgot one of the coolest parts...since I'm a real estate broker in this town, I kept my commission in the deal and at closing received a check for $4,840.50! Not a bad day to buy a house and receive a check...

How did you add value to the deal?

We remodeled this property in exactly 2 weeks. Some of the Items we remodeled, New carpet throughout, new sink and faucet. New disposal, repaired some cracked tile, minor plumbing repairs, new light fixtures in entry, and dining. Entire re-paint and hole repairs, hot water heater Elements, new door handles throughout, and exterior. A typical paint and carpet rehab.  Relisted the property 2 weeks and 1 day after purchasing, and we were under contract 5 days later!

What was the outcome?

Now for the numbers:
Purchase Price: $161,350 - Commissions of $4,840.50 received and rolled right into the property so actual purchase price $157,742.94
Rehab Cost: $7,594.49
Holding Cost: $129.67

List price: $198,000
Sold Price: $ 197,500
Selling costs + concession: $11,104

Total Profit: $20,933.91 - Not bad for two months

Lessons learned? Challenges?

Buy fast and sell fast!

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

Worked with one other broker, and I am a broker as well