All Forum Posts by: Lauren Griffin

My long term goal is to keep this property and add value to it. Right now the current owners pay the tenants water and I would be billing that back to the tenant in their rent. The tenants also pay trash to the city that is included in their electric bill. I would be hiring a waste management company to service a dumpster and add that same amount that the tenant is paying in their electric bill to the rent. Right now Trash is $33/mo, a dumpster service would cost $500/mo. So by adding the $33/mo back into the rent that the tenants are already paying. $33/mo x 48/units= $1584. The water bill right now is around $1,600 per month but again, I will be recouping that expense by charging the water bill back to the tenant. I haven't included any actual rent increase yet. My net worth and liquidity cash position are both strong. After this purchase, this will push me to 88 rentals. Thank you to everyone for the advice so far! 

@Alina Trigub the property is located in my hometown.

VHDA, Fannie Mae, And Freddie Mac and a program for investors at a local bank. 1.85 mil is purchase price. Total loan amount depends on which loan I decide to go with as the down payment varies. 

I currently have a 48 unit complex under contract and will be closing the first of July. I have explored a few different loan options for this type of project. Wanted to see if anyone had any suggestions I haven’t checked out yet. Thanks!

I own a condo in Gatlinburg- 2/2 and the HOA is $290/mo but includes wifi, water, cable, trash, and sewer. I acquired this property using the 1031 exchange. I have it on Airbnb and VRBO, it does great! March will be a year since I have owned it. This is my first vacation rental and I'm looking for another. I own 40+ other rentals in VA, and this little condo does exceptionally well!

Investment Info:

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

Purchase price: $240,000
Cash invested: $55,000

4 units- no HOA, updated units, no mowing, low maintenance

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

All of the units were updated and did not need anything. I was comfortable paying a little more because of all of them being updated and we could get max rent.

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

It was listed

How did you finance this deal?

Commercial loan- took equity from another property to pay the down payment.

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

Myself and my wonderful lender at FB&T

Investment Info:

Other buy & hold investment in Gatlinburg.

Purchase price: $93,000

I purchased this one using a 1031 exchange. I bought 4 units on a Monday, and then Friday I sold one (bank did a deed release on the one townhouse so I don't owe anything on the condo in Gburg) and with the funds from that, I purchased the condo using a 1031 exchange. I bought the townhouse for $60k, sold for $82,500 in 4 days and added the difference to purchase the condo. The purchaser of the townhouse owned the condo in Gatlinburg.

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

Gatlinburg is a booming area and I have always been interested in investing here. It was the perfect opportunity.

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

The purchaser of the townhouse I was selling owned the condo in Gburg.

How did you finance this deal?

1031 Exchange

How did you add value to the deal?

We had to remodel the unit, it was in bad shape. We painted, replaced and leveled out flooring, remodeled and updated the kitchen and bathrooms.

What was the outcome?

I have it on Airbnb and VRBO and it is doing really well.

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

Just me :) and an awesome title company that was able to pull off the paperwork for a 1031 exchange in 4 days!

Investment Info:

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

Purchase price: $103,000
Cash invested: $65,000
Sale price: $214,000

I bought this with the intention to keep but another deal came available and I decided to sell.

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

This place was in ROUGH shape. But I knew the crew could knock it out of the park.

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

It was listed on the market. I negotiated this deal by paying cash from an unsecured LOC

How did you finance this deal?

LOC

How did you add value to the deal?

We remodeled every unit from top to bottom. We had to replace windows, flooring, kitchen, appliances, walls, ceilings, painted exterior and interior, and lots more.

What was the outcome?

Bought, remodeled, and SOLD

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $295,000
Cash invested: $16,000

This was actually my first seller financing deal. I loved these because they are a one level duplex. The owner was great to work with.

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

The seller wanted to owner finance only and was not interested in being paid up front for the entire purchase.

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

He knew I was interested in them for a while

How did you finance this deal?

Seller finance with only $16k down- 4.75% interest- fixed for 20 years

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

Just me :)

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $295,000
Cash invested: $40,000

I secured this deal thru seller finance with $40k down, I had a townhouse that was almost paid for so after closing I refinanced that to pay myself back the $40k out of pocket. Seller financing is a great way to secure property, low financing, low money down, and the seller loves the tax advantage.

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

The terms and the purchase price

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

After looking at the property and talking to the owner in the yard for a few minutes, I knew we would be able to work this out.

How did you finance this deal?

Seller financing

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

Just myself :)