All Forum Posts by: John Carpino

Hey Tiko, I do buy SF also. In fact, this was my first Multi-Unit. But now I have got the bug, and I want MORE :). This was my own cash, but I was able to work a lot of the repair costs into the purchase price. However, I am currently in the process of becoming a syndicator, and I am on the lookout for my first syndication deal. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $21,000
Cash invested: $28,000

This was a gut rehab in Kalamazoo, MI. This made me an enormous cashflow since there was initially nor mortgage (about 900/month). Refinanced in 2020 for 74K Cash Out. Current cashflow is about $500.

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

This was a great cashflow opportunity

How did you finance this deal?

CASH

How did you add value to the deal?

Gut rehab

What was the outcome?

This property cashflowed about 900 per month out of the gate, then was refinanced for 74K Cash Out. My ROI was over 100%, and the property still cashflows about $500/month.

Lessons learned? Challenges?

Having a great handyman at a good price is key, but just because someone works for a good price, it might not be worth it if you are doing an extensive remodel. My handyman took many months to do the work. I might have paid double for a contractor, but I could have started receiving rent months quicker. Takeaway: Use your handymen for quick fixes and 1 week projects, but hire a contractor for extensive work, or better yet hire a great management team that will do it for you!

Investment Info:

Single-family residence buy & hold investment in Zion.

Purchase price: $40,000
Cash invested: $10,000

This property was purchased for cashflow, and it has been very profitable with only minor renovation and initial investment

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

The cashflow opportunity was strong

How did you add value to the deal?

I painted, tore out carpet, and refinished the charming wood floors underneath.

What was the outcome?

This property cashflows approximately 600 per month

Lessons learned? Challenges?

Don't hesitate when you see a deal!

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

Lyndsie Gourley, who now works in Houston TX

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $42,500
Cash invested: $10,000

This was my first home purchase. I rented it when I moved to Chicago in 2014, and recently refinanced to pull out 77K! This property has payed for itself many times over!

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

This was my first home purchase, and I lived in it for 3 years

How did you finance this deal?

Conventional Mortgage

How did you add value to the deal?

I added LVP to the entire home and updated the bathroom

What was the outcome?

This property refinanced in 2020 for a 77K cash out, and still makes over $400 per month in cashflow. Excellent investment

Investment Info:

Large multi-family (5+ units) commercial investment investment in Evansville.

Purchase price: $145,000
Cash invested: $50,000

Lower income 8 unit in Evansville IN.

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

There was significant cashflow opportunity

How did you finance this deal?

Commercial Loan

How did you add value to the deal?

Extensive repair and remodel

What was the outcome?

This property now cashflows 2K per month

Lessons learned? Challenges?

Hire a great management company. There were many extensive repairs, and the property bled money for the first 12 months. But once the repairs were paid for, the property became my most profitable investment at the time.

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

Homes by Huffman - Excellent Management company