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All Forum Posts by: Kevin Quat

Kevin Quat has started 5 posts and replied 31 times.

Post: Heart of Downtown Savannah - A passed over spot now a gem

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

Pulled up flooring until wood was no longer eaten. Then had wood milled to match and sorted it all.  Pain.  Best advice is use a carpenter. 

Garden 98k. Carriage 14k. Parlor 6500 (not upfit/renovated yet. 

Post: Heart of Downtown Savannah - A passed over spot now a gem

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16
Quote from @Olivia Collins:

Congrats Kevin on the great gem!

If I may,

How much was the total rehab? How did you get rid of the termites?


Post: Heart of Downtown Savannah - A passed over spot now a gem

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16
Quote from @Jordan Ray:

Congrats on the find @Kevin Quat
thanks much!!

Post: Heart of Downtown Savannah - A passed over spot now a gem

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

Investment Info:

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

Purchase price: $660,000
Cash invested: $165,000

Constructed: 1855 Built For: George H. Ash in the Greek Revival style by George H. Ash. The exterior consists of stuccoed brick masonry with a wide band of trim below the cornice line and a course of brick dentil detail. The slab porch with wooden columns and stone linteled windows are consistent with other George Ash designs (“Georgia Historical Society”). It received two separate Historic Landmark designations in 1973 and 2002 (“Chatham County Board of Assessors”).

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

I knew that with some attention, it would be an amazing cash machine. And I got in the Friday before the short term ordinance changed.

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

It was under contract twice and fell out. I toured, and loved that it had 3 units. Asked the agent what the number was, and made the offer.

How did you finance this deal?

Lender and cash down

How did you add value to the deal?

Renovated carriage house immediately, began short term renting it. Moved into the garden while waiting for Parlor lease to end. When it did, I moved upstairs, renoved fully the garden apartment and re-worked the floor plan. Replaced sewer, fixed garage, painted front and back, new roof. BOOM

What was the outcome?

$115k gross income for all three (2 vacation rental, 1 long term rental).

Lessons learned? Challenges?

Termites suck

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

I brokered this one too.

Post: TRULY A DIAMOND - HARDEST PART WAS NOT OVERSPENDING

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

Investment Info:

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

Purchase price: $415,000

Purchase this single family cottage with a tree through the roof and a tarp on it. Luckily, no structural damage and it came with two just as tired accessory dwelling units. After a year, refinanced, pulled all cash out. It has positively cashflowed always and whats more is the location, 1/2 acre of downtown Bluffton. There's more to the story about how I found it, what I did to it, and how I have gotten it to perform. Happy to share.

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

Three units, live in one, generate income on two. Then when I out grew it, all three are revenue producers.

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

Started low, they did not know the value. They got me up. But I was able to roll in 80% of my repairs once I had a loan commitment.

How did you finance this deal?

Due to a divorce, I had to go commercial with a 2nd mortgage offered to an investor. I paid him off early, quit claimed the deed, refinanced, pulled out all of my cash, left it with a 30 year fix, cash flow time.

How did you add value to the deal?

By not over building and by having a vision for the space and knowing the location was going to be amazing.

What was the outcome?

The site is worth, based on recent comps, $1.4m but I would not sell for less than $2m. It is truly the best location and with the town building a park behind it, the Bridge coming across Green St, it is about ready to be developed.

Lessons learned? Challenges?

I wanted a metal roof, doormers, solid stone cabinets, new porch, but none of that was needed. I made it habitable for myself and now it is a 5 star AIRBNB property with constant bookings. The carriage house (furnished with older furnishings and never renovated) is getting north of $2k a month on 569 sq ft. The downstairs unit has a great deal and while I could get more, I am only a good manager for others, I am a sucker for a retired vet.

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

I was my own agent, now broker.

Post: Southern New Hampshire First Time Investor

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

@Anthony DalPra have you considered financing with the $50k? I know of a number of long term rentals that cash flow.

Post: Introduction to BP: Rodney Till

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

@Rodney T. Nice to meet you. Have some carpentry work and will share all I know about real estate. Are you in Hilton Head or Svannah ever?

Post: Quick Market update for Hilton Head Island, SC

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

@Ron Williams I’m a long term rental guy so I run these scenarios a lot. Great post though. Thank you.

Post: Quick Market update for Hilton Head Island, SC

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

@Ron Williams I’m not sure I agree fully. Rates are low and any debt used greatly increases the Roi.

Post: Buying 3B/2Bath Condo in Bluffton SC, from Dad as First Income Pr

Kevin Quat
Property Manager
Posted
  • Real Estate Broker
  • Hilton Head Island, SC
  • Posts 39
  • Votes 16

Hey Rashaad.  I think that is light on rent.  The market is strong and with the right marketing and screening, you should see $1500-$1600 for your property.