All Forum Posts by: Jim McAuley
Jim McAuley has started 3 posts and replied 5 times.
Post: Looking for a software platform that combines rental and flipping business
- Maumee, OH
- Posts 5
- Votes 1
Is there a software program that combines flipping and rental income and expenses, that I can track separately and together? Something that has like a Quickbooks, Propstream, Gantt charts, rehab estimators, etc, all on one platform?
Post: Looking for a distressed property in Maumee, Ohio
- Maumee, OH
- Posts 5
- Votes 1
Quote from @Christopher Abele:
Quote from @Jim McAuley:
Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.
Aren't we all?
I have a SFH rental in Maumee that hit the market recently. I received just as many calls from people asking if I would be willing to sell as those asking about renting the home.
I can also tell you that we were bombarded with letters from realtors: "I can sell your home for up to xxxx." Anyone with a true distressed property has been told repeatedly for the past 6 months how much their home is "worth" via letters (and you're using the same channel to make an offer.)
Are you posting here, on a REI forum, hoping that someone has a property they'll sell you for pennies on the dollar or are you looking for advice on what you might not be doing to find that hidden gem? Your post is slightly unclear.
Post: Looking for a distressed property in Maumee, Ohio
- Maumee, OH
- Posts 5
- Votes 1
Looking for a distressed property in Maumee, Ohio to fix and flip or wholesale. Drove for dollars and listed 124 properties. I send letters every 6-8 weeks and used Skip Batch Tracing to call them. Got a few calls back from the letters. They all wanted full retail for their property. Skip batch tracing was about 50% good numbers, out of that I had to leave messages about 80% of the calls that went through. So far no call backs. I left notes on doors of vacant houses of the people I cannot contact. I am looking for a motivated seller looking to get rid of their house at 70% FMV. I know I am looking for a needle in a haystack, but out of over 5,000 homes, there HAS to be one homeowner out there wanting to get rid of their headache. I am tempted to move my search into surrounding Toledo area, but I am very familiar with Maumee. I flipped 3 houses, own a twinplex, looking to buy a 4 unit apartment. I have to build my cash up for a downpayment. Any thoughts, suggestions or advice would be welcome.
Post: BOUGHT TWIN -PLEX in Maumee, Ohio, my first multi unit investment
- Maumee, OH
- Posts 5
- Votes 1
Still saving for my 4 unit. looking to buy, rehab and sell 2 properties in Maumee or Perrysburg, expecting to make a minimum of 20k each, have about 40k cash, planning on putting down 80k for a 4 unit in Maumee or Perrysburg.
Post: BOUGHT TWIN -PLEX in Maumee, Ohio, my first multi unit investment
- Maumee, OH
- Posts 5
- Votes 1
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Maumee.
Purchase price: $197,500
Cash invested: $25,000
1200 SF each unit 2 bd 1.5 bath. Came with new siding and windows, no repairs or rehab needed! Also had good paying established tenants.
What made you interested in investing in this type of deal?
Flipped a few house and had a SFH as a rental, wanted to move up to multi-unit properties.
How did you find this deal and how did you negotiate it?
I wrote letters to every owner of a 2 unit property in Maumee. 117 letters, 8 responses and one sale. The owner was asking 200,000,
after 3 weeks he finally came down only 2500, bought it for 197500. It is a really nice building.
How did you finance this deal?
Conventional financing.
How did you add value to the deal?
Did not have to do anything, no improvements were needed.
What was the outcome?
The appraisal came in less than expected, so I had to use some money out of my HELOC to make a larger down payment.
My next multi unit I am getting is going to be a 4 unit in Maumee Ohio. So I am going to have to build up my capital by buying a couple of fix and flips in Maumee or Perrysburg, Ohio. I bought all of my houses in Maumee, Ohio. i am familiar with the market, that is why i am looking in just Maumee. If I find a good deal in Perrysburg, that is a bonus!
Lessons learned? Challenges?
The negotiation and dealing with a conventional bank were different than when I bought my houses.
