All Forum Posts by: Joseph Walker

Investment Info:

Single-family residence buy & hold investment in Compton.

Purchase price: $70,000
Cash invested: $8,500

I purchased this property to turn into a short term rental. When I acquired the property, only have of it was finished. I remodeled and furnished it in time for peak season for short term rentals in the area.

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

I found this off market property through a friend. The previous tenants left the property in rough shape, leaving a lot of trash and personal property on site. I was able to buy the property as is but had to haul off the 10 trailer loads of trash.

How did you finance this deal?

I pulled equity out of my first BRRRR and closed with no money down! I paid for the remodel and furnishing out of pocket.

What was the outcome?

It is currently a successful short term rental in a tourist destination.

Thanks Will! I hope to continue to grow my portfolio in both long term and short term rentals.  I would love get into smaller apartment complexes as well! 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $72,500
Cash invested: $38,500

This was my first BRRRR and I was able to get into it with zero money out of my pocket. This property was a duplex that had a 3/2 and a 1/1. Both units were 1,200 sq ft, one of them was only a 700sq ft finished 1/1, with the other 500 sq ft used as storage. I turned the 1/1 700 sq ft apartment into a 3/2 1,200 sq ft apartment.

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

I found this deal on the MLS. I am a real estate agent so I represented myself.

How did you finance this deal?

I was able to get a construction loan and pay interest only while I rehabbed the downstairs unit. I quickly found a tenant and was able to refinance.

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

I had to go to 6 different banks to find one that was willing to work with me and give me the kind of loan that i was looking for. Ask yourself, "How can i do this?" Do not give up!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $72,500
Cash invested: $38,500

This was my first BRRRR and I was able to get into it with zero money out of my pocket. This property was a duplex and both units were 1,200 sq ft, one of them was only a 700 sq ft finished 1/1, with the other 500 sq ft used as storage. I was able to get a construction loan and pay interest only while I rehabbed the downstairs unit. I turned the 1/1 700 sq ft apartment into a 3/2 1,200 sq ft apartment. I quickly found a tenant and was able to refinance. I was able to create enough equity during the remodel that I did not have to bring any money to the closing table!

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

I found this deal on the MLS. I am a real estate agent so I represented myself.

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

I went to 6 different banks to find one that was willing to work with me and give me the kind of loan that i was looking for.Ask yourself, "How can i do this?" Do not give up!!