All Forum Posts by: Jamal Wells

@Amy Wright - It was a good deal. I used a hard money lender - Rehab Financial Group. I recommend them. Depending on the deal, they can finance 100% of the purchase price and 65% of the ARV. They also consider whether or not you have experience in renovations or real estate ownership before they award the loan.

https://rehabfinancial.com/100...

I am looking at neighborhoods for my next project. The opportunities in the market are unprecedented. If you decide to work with Rehab Financial, please tell the owner, Susan, that I referred you.

I'm looking to do another couple of deals with her soon.

Good luck!

Thanks Bryan

Investment Info:

Condo buy & hold investment in Atlanta.

Purchase price: $144,000
Cash invested: $2,000

My first income property (a 2bd/2ba luxury loft) is located directly on the Atlanta Beltline (the city's largest and most comprehensive urban development project).
I purchased the property in mid-2012, lived there for 1 year, then rented the loft out for a positive cash-flow/income. The value of the property has increased 2.5x in 8 years.

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

Passive income. Great development to have property on (Atlanta Beltline)

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

Heard about it through a friend.

How did you finance this deal?

BofA Mortgage

Investment Info:

Condo buy & hold investment in Atlanta.

Purchase price: $144,000
Cash invested: $2,000

My first income property (a 2bd/2ba luxury loft) is located directly on the Atlanta Beltline (the city's largest and most comprehensive urban development project). This sustainable redevelopment project currently provides a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other.
I purchased the property in mid-2012, lived there for 1 year, then rented the loft out for a positive cash-flow/income. The value of the property has increased 2.5x in 8 years.

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

Passive income. Great development to have property on (Atlanta Beltline)

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

Heard about it through a friend.

How did you finance this deal?

BofA Mortgage

Investment Info:

Condo buy & hold investment in Atlanta.

Purchase price: $144,000
Cash invested: $2,000

Jamal's first income property (a 2bd/2ba luxury loft) is located directly on the Atlanta Beltline (the city's largest and most comprehensive urban development project).
Jamal purchased the property in mid-2012, lived there for 1 year, then, he rented the unit out for a positive cash-flow/income.

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

I knew it was going to be a strong rental due to location and the popular "loft" style.

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

Found it through a friend.

How did you finance this deal?

BofA Mortgage

Investment Info:

Condo buy & hold investment in Atlanta.

Purchase price: $144,000
Cash invested: $2,000

Jamal's first income property (a 2bd/2ba luxury loft) is located directly on the Atlanta Beltline (the city's largest and most comprehensive urban development project). This sustainable redevelopment project currently provides a network of public parks, multi-use trails and transit along a historic 22-mile railroad corridor circling downtown and connecting many neighborhoods directly to each other.
Jamal purchased the property in mid-2012, lived there for 1 year, then, he rented the unit out for a positive cash-flow/income. Jamal made a strategic decision to refinance the property in the summer of 2015. At the time, the property appraised for $100,000 more than the purchase price of $144,000.

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

I knew it was going to be a strong rental due to location and the popular "loft" style.

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

Found it through a friend.

How did you finance this deal?

BofA Mortgage

I optimized the scope of work by value engineering the kit, bath, and most broadly applied finishes. I had a few affordable feature items that added much more to the sale price than it costs to install/construct. There was also quite a bit of instant equity off the recent comps in the area. This was 4 blocks from Temple University, so the expansion of the perimeter improvements for the school were increasing the property values quickly. The house had good bones too.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $85,000
Cash invested: $28,000
Sale price: $195,000

Bought a vacant house and converted it into student co-living space with 5 rental room units near Temple U. Also used the space for Airbnb. Used my knowledge as a licensed architect to optimize value add for better profit. Used hard money for the deal.

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

Saw it done by others on HG TV. Father was real estate agent growing up and I have my architect's license to add value to deals.

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

Found it with research on area development trends and suggestions from an experienced real estate agent.

How did you finance this deal?

Hard money lender.

How did you add value to the deal?

My knowledge as a licensed architect helped add a lot of value to the renovation and finished product, causing the after repair value to increase due to appeal.

What was the outcome?

Sold property for $110,000 more than I bought it for, but only put $28K into the renovation. Nice profit.

Lessons learned? Challenges?

Management can be a challenge especially if you are not residing in the same city or area as the property.