All Forum Posts by: Joshua Wentz

Hello, 

I'm new to BP and I love learning about real estate and investing. I've saved about $75k over the past few years and now interested and ready in acquiring my second property. 

I was planning on buying a home in Big Bear, CA as a vacation rental. However, over the past two years, I've seen the supply increase so exponentially, that it's no longer a good or safe investment for STRs.

I decided to switch directions and look on long-term rentals in Las Vegas, NV instead. I've found some decent investment opportunities but the lending rates are so obnoxiously high right now, that it doesn't make sense to me. 

I'm continuing to save with hopes that the right deal will come along this year. 

Thanks for teaching me so much so far!

Josh

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $335,000
Cash invested: $30,000

2 br / 2 bt home with large 2 car garage on its own property in LA County. Part of HOA with only $160/month.

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

First purchase, primary residence

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

This was a pre-foreclosure and priced to sell as-is. It needed a lot of labor to have it ready for move in.

How did you finance this deal?

FSA first time home buyer at 2.7%

How did you add value to the deal?

New roof, new kitchen, new flooring, new HVAC overhaul, landscaping, fencing, painting exterior and interior.

What was the outcome?

Appraisal now over $500k

Lessons learned? Challenges?

I'm glad I bought low (my only option at the time) and gradually added value with upgrades

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

Sergio Flores, CA (Los Feliz)