All Forum Posts by: Jesse Steven Jordan

Head board would be personal preference. I tend to not spend money on things that I don't feel as value or add more money.  I do buy quality furniture for my STRs because I want it to last. 1 tip I buy down comforters with duvet covers.  The comforters were wearing out fast and looked bad with all the washes.  Now I just have my cleaning people wash the duvet covers.  Cheaper to replace the cover as well. 

I've had these problems in the past, the tenant kept stringing me along. start the eviction it will take at least 30 days. The BK may slow it down even more, but your at the tenants mercy if you don't have the eviction started. Let them know If they  move out before the sheriff shows up it stops the eviction. but without a completed eviction they can move straight back in and then you need to restart the whole process. Call an attorney right away.

Thank you @Jo-Ann Lapin I appreciate it.

Investment Info:

Condo buy & hold investment.

Purchase price: $119,000
Cash invested: $30,000

I purchased this Condo for an STR, I bought it sight unseen ( had an inspection ) we traveled to it about a month after closing, to remodel and furnish. It took about $30K of remodel and furniture. but it is constantly rented and makes between $1200 and $1700 a month pure cash flow ( depending on the length of stays.) We stayed in it while we did the remodel so we found all the little issues.

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

I Airbnb'ed a similar condo in the complex and loved it, then also found STR's were hard to come by in the area

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

With an agent,

How did you finance this deal?

20% down 30 year

How did you add value to the deal?

Paint, Luxury vinyl flooring, drywall repair, automated thermostat, wifi enabled lock for the front door. New furniture and a deep clean.

What was the outcome?

It is doing very well, it is always booked

Lessons learned? Challenges?

build a good team in your area.

Thanks @Grant Schroeder

Investment Info:

Condo fix & flip investment.

Purchase price: $365,000
Cash invested: $60,000
Sale price: $525,000

Bought this at auction, it was abandoned a year before with all of the persons belonging still inside, including a full refrigerator. It took a major overhaul. 2 40 yard dumpsters of trash and countless trips to salvation army.
We did paint, kitchen, bathrooms, we made a shower in the master and put a tub in the secondary bathroom. new cabinets new vinyl downstairs and carpet upstairs. framed the windows in casing and crown molding.

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

Honestly I needed a project and this was the best one on my list that actually went to auction that day.

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

found it on the county auction site, then ran title on it. not much negotiating.

How did you finance this deal?

Cash

How did you add value to the deal?

Total remodel from top to bottom, paint floor, new showers tubs, toilets, kitchen appliances base molding and crown,

What was the outcome?

The place turned out nice, I was still green and didn't realize some complexes don't qualify for FHA, so it sat longer than I had hoped.

Lessons learned? Challenges?

check the FHA/ VA website to see if your complex qualifies. could have spent less on the remodel as well, Staging was key.

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

Penny Jordan Keller Williams Simi Valley

Investment Info:

Townhouse fix & flip investment.

Purchase price: $345,000
Cash invested: $12,000
Sale price: $625,000

This was a 3 bed 3 bath townhouse I bought at auction, It only needed paint and cleaning. It had travertine floors and plantation shutters. The biggest issue was the former owner refused to leave.

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

The possible upside, It was in a nice neighborhood,

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

I bought it at a courthouse auction, not much negotiation.

How did you finance this deal?

Auctions are all cash

How did you add value to the deal?

had the floors cleaned, painted the walls and cabinets, replaced appliances with new stainless steel.

What was the outcome?

It was slow to sell, we were looking for top dollar but, we ended up getting our price.

Lessons learned? Challenges?

I tried to negotiate with the former owners for the keys, I offered them $5000 to move out in 30 days, they refused to leave after the 30 days so I started the eviction process, I should have started the eviction before negotiations that would have saved me a month and possibly made them see it was urgent.

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

Penny Jordan at Keller Williams Simi Valley

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $520,000
Cash invested: $82,900
Sale price: $745,000

Bought Single family home with a pool, new floor, new kitchen, new bathrooms, can lights

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

I am a contractor and I love making ugly things nice.

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

I bought it from a wholesalers

How did you finance this deal?

Hard Money and cash for remodel

What was the outcome?

Great house and a great profit

Lessons learned? Challenges?

I tend to go overboard on my flips, I like quality and tend to over spend.

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

Penny Jordan at Keller Williams Simi Valley Ca