All Forum Posts by: Kevin Turano

Investment Info:

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

Purchase price: $88,500
Cash invested: $30,000
Sale price: $160,000

BRRR. Purchased duplex for $88,500. $35,000 Rehab. Rented for $1,600 monthly. Refinanced at re appraised value of $160,000

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

Price. Location. Financing.

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

Looked at OLD mls listings instead of NEW.

How did you finance this deal?

Short term rehab loan and then refinanced.

How did you add value to the deal?

30,000 rehab.

What was the outcome?

$160,000 appraisal. 5 year rental agreement at $1,600.

Lessons learned? Challenges?

Too many to list right now!

...Guess i'm a little late to the meet up... (2021)

( just want to say than you to all of you - i'm going to talk to attorney with these ideas )

I own a property with two mobile homes and land free and clear, I bought it for 45k about 10 years ago .  Texas.  One of the tenants wants to purchase "his half" for 60k cash.  I cannot "divide the property" due to septic tank restriction.  Could I transfer 50 percent ownership to him in exchange for the cash?  What problems could this cause?  Please advise.

Three (3) current tenants.  Zero (0) lease agreements.  How should I handle this?  Please note that I need 1 of the 3 tenants gone so that I can do major renovations.  The other two I am not going to touch and so I would like to keep them for their cash flow. 
-Should I tell the seller that I want the one (1) tenant removed before closing???? 
-Or, what if I gave the the one tenant notice that the bathroom and back door/ laundry room will be removed by a certain date (this is factual) (major overhaul) and that they would want to be out / need to be out by X date???

UPDATE: they threatened to "keep" my earnest money.  I spoke direct to the title company and they said they couldn't "keep" it but they could make it so nobody got it by not releasing it....  So, I held tight on my conviction that the tenant needed to be out and also, that i would inspect the property BEFORE i signed anything.  It worked.  They left, I think they broke a window on purpose but that is it.  ( It's now been 10 days since closing and I've got the new roof and exterior work complete)
- THANKS BP FOLKS!!

The sellers still want to close claiming they "filed an eviction" today. I told them I will not close until the tenants are vacated. ----- However, I was wondering..... what if I told them, since the tenants are not out that I wanted a concession of $20,000,,, a "sellers concession of $20,000 or maybe $30,000??? Would this make the deal good for me? ( the purchase price is $90,000, rehab is $25,000 and the ARV is $140,000 )

UPDATE:  they agreed to a $1,500 seller concession yesterday. (thanks for you help w/ this matter)

Ok, sounds like the best option would be to file claim on previous owners insurance after closing.  The property is in Sherman, TX, about one hour North of Dallas.

This house is owned by a trust made up of 5 people.  The contract states "as is" and it is looking to close next week.  The realtors have been very easy to work with,,, do I ask them to make some concession for the roof?  One roofer told me the "current owner could make a claim" based on the hail damage we have had. Can they make a claim immediately and / or is it a pain in the butt?  Has anybody had this happen?  Any advice greatly appreciated.