All Forum Posts by: Jessica Cress

I have been lucky all of my tenants, both commercial and residential have paid their rent in full. Hopefully that holds up in the next coming months. But I have been very proactive with my tenants and called them before rent was due to ask what I could do for them.

I agree with Jay Hinrichs, being on both sides helps me understand it, but most people are clueless on how to buy a house or even invest for that matter.  I have clients all the time ask what I think of a property even though I have given them all the tools on how to run the numbers and have sat down with them and set their goals. They still want someone else to make the decision on whether to buy the property or not. The virtual world is a great starting point, but just looking at pictures on the internet doesn't mean that the bedroom you just saw can really qualify as a bedroom. I also find that most people don't understand the simplest things like square footage.  Also all the ibuyers are just that virtual, they never see the property so would you or should you really trust a computer to understand the dynamics of a property? That's why there are memes about zestiments, they only know what is entered into public records. I don't think that traditional agents are going anywhere anytime soon. Also the ibuyer system only works well in a sellers market. 

Investment Info:

Single-family residence buy & hold investment in Denver.

Purchase price: $300,000
Cash invested: $1

This is a single family home. 3 beds 1 bath. about 1100sq.

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

The price was right and the owner carried the note. Also this is in an area of Denver that is being redeveloped with scraps and new builds, so it is a desirable location. 

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

This deal was a family friend and so the negotiation was pretty easy. The friend wanted to move out of the city and owned the house clear and free and they were willing to carrier our note and make the deal clean and fast.

How did you finance this deal?

The owner carried the note for us and then we refinanced and paid them back in full.

How did you add value to the deal?

We made the deal as clean and clear as possible, so that it was easy to close.

What was the outcome?

We bought the house and have it rented out right now.

Lessons learned? Challenges?

I was able to understand contracts really well, before I got my license and how to negotiated the deal.

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

No we did not work with any real estate professional. We did the deal ourselves.