All Forum Posts by: John L DeVitto Jr

Thanks @Account Closed, I didn't know I posted this to the forum, I was just trying to add it to my profile. HAHAHA I'm newbie at all of this. 

Investment Info:

Single-family residence buy & hold investment in Atkinson.

Purchase price: $299,000
Cash invested: $88,000

This was a personal investment! We live on a lake and have a small lot. This lot was on the other side of the street with an acre of land. Gives us the ability to subdivide and put a garage on that land. We renovated the home and rented it out for $2k per month, giving us a return of $400. We haven't decided once it is subdivided if we will keep it or sell the house to get our cash back since it is only giving us a 6% COC Return.

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

We needed the land to build a garage and add an office above it to make it big enough for my family to live here forever.

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

MLS, new the market in the area and waited for the right price to buy it.

How did you add value to the deal?

Remolded the entire home.

What was the outcome?

Got $400 more in rent per month. Again this was a personal investment to gain land for our garage. Very pleased with the rental amount in the area. There is not a lot of rentals in this town.

Investment Info:

Single-family residence other investment.

Purchase price: $450,000
Cash invested: $210,000
Sale price: $3,269,000

5 Single Family Home Development. Bought the land for $480k with a partner. We excavated the land, then got a construction loan to build the 5 homes.
Sale Price on all 5 $ 3,269,000
Land Cost -$ 450,000
Excavation cost -$ 500,000
House Cost all 5 -$ 1,625,000
Permits -$ 61,000
Holding Cost -$ 92,000
Closing Cost -$ 131,000

TOTAL PROFIT $ 410,000

Thanks Tucker ill give them a call. 

Hello BP Community,

I am purchasing a 9 unit in Manchester NH and am wondering if any one here has or can refer me to a reliable snow plowing / removal company that services in this area?

Thanks for your help,

Johnny

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $178,000
Cash invested: $79,909
Sale price: $299,999

First Fix and Flip. Ripped up the carpet and refinished all the wood floors upstairs, re-did the 2 baths and kitchen. Took out the electric heating and put in a forced hot air/cooling system. After all holding costs, closing costs and paying for sellers closing costs, we walked away with $18k.
300k selling
-178k purchase
-79k rehab
-19k buying, selling and buyers buying closing cost
-3k financing
-3k holding

Profit of 18k

Hi Ron,

That's great you will be debt free in a few months. However, it may not be for long (home equity line), but a good thing. You should really open up a home equity line on the equity in your house. This will allow you to buy properties with that cash (quicker closing and sellers love cash as they know your already approved to buy) or at least put a good chunk of money down where banks wont give you to much of a hassle. that's just my 2 cents, I have 250k in equity in my house which enabled me to buy my first flip. I didn't have to go through a bank, had no contingencies and the seller took my offer for 15k less than another offer. My wife has a construction background so that was a plus as we didn't/don't need an inspection. Let me know if you have any questions or other concerns, I'm here to help.

Right now I have no rentals I am also on the market to buy 2+ units would love 4+ as when you get into that range you are only competing against investors, rather duplex's and triplexes you are competing against investors AND residence looking to live there an rent it out. once you get to the 4+ kind of gets out of owner occupancy price range + cant buy without putting 25% down (considered investment property), which a lot of owner occupancies wont have. I am hoping once my development finishes up in Hampton I will have enough cash and equity to buy a 4+ unit around Southern NH. 

Thanks,

Johnny

at full time job, wrote this kind of quick, sorry if any graamar issues.

From Atkinson NH, I like to stay with in a 45 minute drive! I have done a flip in Bow and now a development in Hampton beach. Would like to purchase a buy and hold property, I have been looking but haven't found the right deal yet.

Welcome Maggie!!!!! This community and website is so educational! I have learned a ton from the webinars, forums, podcasts, and the books bigger pockets offers. I too, am aiming for the BRRRR strategy, with my wife's family owning a construction company, we can use her resources at great costs. We also look at doing occasional flips or building houses from ground up. We just completed are first flip in Bow and just bought a 5 lot single family association in Hampton; We are excited and nervous at the same time, we weren't really looking for developments, but numbers worked out so we will see! Please don't hesitate to reach out if you have any questions or want to talk and share knowledge.

Thanks,

Johnny

@Matthew Couto

Welcome Matt!! I am new to this BP community as well. Been a member for 4 months now and really trying to get familiar with the education and resources throughout the website. I just recently flipped a home in Bow NH and made an ok profit for my first one. I really would like to getting into single or multi family rehab buy and hold properties. As my wife's family owns a construction company (she's a project manager at the moment there), which allows us a ton of resources for sub contractors at real good rates. I am very interested in the Concord area for buy and hold multis (low cost, just not sure about rent), are you familiar if the rent, is it decent there? I'm from Atkinson, which is Southern NH near Salem NH, so not sure of how neighborhoods in that city are. If you or anyone else ever want to chat and/or bounce ideas around, I'm always down to learn more about this business and share my knowledge and experiences. Message me anytime!