All Forum Posts by: Jim Javier

Hi all, I took the leap into this business a few years ago purchasing my first rental which was out of state.  Out of sight and out of reach.  Sending that first wire to escrow was terrifying!  I remember walking out of the bank with my heart fluttering thinking where is this money going?  Is this a good idea?  Is this a mistake?  What if the funds don't make the destination?  What if nobody wants to live in it?  There were so many warnings about wire fraud that I wanted to walk that check in.  
Now, it's time to take it to the next level.  I'm currently in the middle of my first flip looking for the next opportunity.  To keep the momentum going I've joined BP to get more education on acquisitions, financing and connect.  I walked away from my 9-5 recently and look forward to a prosperous 2024. The year of Jimmy! (Summer of George reference.  If you know you know)

Investment Info:

Mobile home buy & hold investment.

Purchase price: $59,000
Cash invested: $30,000

Purchased wholesale from an investor met in rei course.

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

Cash flow with possible flip upside.

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

This deal was brought to me by someone in my network.

How did you finance this deal?

Cash

Lessons learned? Challenges?

Research more comps prior to purchase.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $15,000

Purchased through roofstock.com with tenants in place

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

Found the deal on roofstock.com and negotiated a new roof.

How did you finance this deal?

Traditional rental mortgage.

Lessons learned? Challenges?

We paid too much for it. At the time we had tunnel vision on cash flow. We should have done more market research.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $80,000
Cash invested: $15,000

Turn key business with renters in place.

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

Grow the rental portfolio.

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

I found this deal on roofstock.com and purchased it simultaneously with another property.

How did you finance this deal?

Traditional rental mortgage.

Lessons learned? Challenges?

This renter stays and pays. My best tenant. We paid too much for the property.

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

Roofstock.com walked me through the deal providing the agent, lender, management and insurance references.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $60,000

New build rental.

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

Putting cash to work instead of sitting in a savings account.

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

This deal was brought to me by a friend who was already a full time investor. They offered it as a partnership.

How did you finance this deal?

Cash

What was the outcome?

Currently a cash flowing rental with some appreciation.

Lessons learned? Challenges?

Self managing a property is challenging but educational.

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

My partner is a real estate agent and investor.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000

This is my first fixer currently under construction with a estimated completion at mid April 2024. This is beyond my skill level as a rookie but I have been blessed with a GC who has also become my mentor. There is still some work to go but the heavy lifting is done with the bones and mechanical. Now it's onto making it beautiful with new everything inside, laundry room, and curb appeal.

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

Transition from employee to employer. Having the time to give to my growing family is a top priority. With 3 kids at 3 different stages, locations, and times makes it extremely difficult for both my wife and I to have a 9 to 5.

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

I found out about this deal by word of mouth and negotiated it by matching wholesale offers.

How did you finance this deal?

I paid cash out of pocket.

How did you add value to the deal?

I added value by describing to the seller the positive impact they will have by selling to me vs. a wholesaler.

What was the outcome?

The outcome is TBD but we are confident in making a profit based on the purchase price.

Lessons learned? Challenges?

One lesson learned is that the closing and purchase process could have been more efficient. We could have paid the seller and took over the mortgage reducing cash out of pocket at purchase. Another lesson learned is knowing when to make a contractor change which we did.

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

I worked with an investor who is also an agent prior to purchase. We walked it, discussed numbers and they provided construction references.