All Forum Posts by: Katie MacGregor

Yes already working with State, County and local 

We are super excited and in the process of purchasing a home to turn into residential assisted living space which our community desperately needs. We found the correct home, now trying to work the deal/paperwork for the real estate acquisition but could really use some mentorship and/or a real estate attorney (Colorado). Here are some specifics:

Purchase price: $955K

Seller Finance offer: 20% ($190K)

Reno cost: $90K 

Ideally we would like to do a Morby Method where we purchase the home via conventional mortgage or hard money lender and on the back end have the seller lend us the $190K with a second position lien on the property and a 5-year payback. Any help/advice/contacts is greatly appreciated. We could also go with a private money lender on the $190K - just need to find the person! The numbers and business plan more than adequately support the project numbers (can share privately). 

Investment Info:

Condo buy & hold investment.

Purchase price: $125,000
Cash invested: $26,000
Sale price: $212,000

2 bed 2 bath condo near las vegas strip - lived in it for a few months while primary home was being built then rented out

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

cheaper than renting, wanted to start investing in real estate and this is something I could afford with my cash at the time

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

found on MLS - put in asking offer same day listed - accepted

How did you finance this deal?

personal cash

How did you add value to the deal?

got my license

What was the outcome?

great! sold this and used the cash to purchase 2 more units in a nicer part of town, a 1 bedroom and a 2 bedroom 

Lessons learned? Challenges?

tenants are messy even if they are the nicest of people

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $380,000
Cash invested: $10,000
Sale price: $480,000

Built a primary residence, had roomates for nearly 3 years (house hack), sold home because I will be moving soon - it was a VA loan so we did a VA LOAN ASSUMPTION! First time I (or anyone I had talked too) had seen this done so we were so excited!! If you have questions, please reach out.

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

Bigger Pockets

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

Online/working through local realtor

How did you finance this deal?

Personal cash - 0 down VA loan

How did you add value to the deal?

got my license; did some fix ups around the property before selling

What was the outcome?

great!

Lessons learned? Challenges?

VA loan transfer is designed to be fast to help military members sell their homes quickly but unfortunately it is not...probably because the mortgage company gets very little out of it....no incentive for good customer service

Investment Info:

Condo buy & hold investment.

Purchase price: $140,000
Cash invested: $40,000

Bought condo to live in while building a home in Vegas. Then rented condo out to military family.

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

It made sense for the amount of cash on hand and the move we were making

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

It was a sellers market - looked at about 50 properties and none were what we wanted. This popped up the day we were flying out. Put in an offer for the asking price the day it came on the market.

How did you finance this deal?

Traditional 20% down loan

How did you add value to the deal?

Lived in the home for 4 months which saved us a lot of money as compared to renting a place

What was the outcome?

Tenants are signing second year lease. Hoping for the best! Wondering if I should pull the equity out though and use it for another property.

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

Ryan Whittman was helpful.