All Forum Posts by: Lee Fuhr

Investment Info:

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

Purchase price: $72,000
Cash invested: $11,000

Contributors:
Peter Fennig

Sweet deal - found this duplex on the MLS, it had been sitting for 30+ days. Good bones, needed basic updating - floors, paint, kitchen counters, etc. Nothing huge, no HVAC or mechanical concerns, good foundation, great dry basement. Fixing it up to rent. 2 Bedroom main level, 1 bedroom studio upstairs. Quiet street, close to downtown Fort Wayne.

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

Didn't need extensive rehab, just the basics - no HVAC or other mechanicals needed to be touched. Quick to turn into a cash flowing rental.

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

Found on the MLS, sitting 30+ days, negotiated down $8k from ask using our real estate agent.

How did you finance this deal?

Hard Money lender at 75% LTV, brought the remainder in cash to closing.

How did you add value to the deal?

New floors, new kitchen counters, fresh paint, fresh lighting, reglazed the tubs, fresh tub surround, cleaned up the cobwebs in the basement.

What was the outcome?

Beautiful rental on a quiet street, outstanding buy and hold property.

Lessons learned? Challenges?

Great exercise in rehab budgeting - got to use a new spreadsheet I designed that includes prices for everything and helps calculate actual rehab costs.

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

Jay Price at Mike Thomas Realtors is a gem for investors, highly recommend him for all Fort Wayne real estate, whether you're looking for a home to live in or invest in.

Investment Info:

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

Purchase price: $35,000

Contributors:
Peter Fennig

Duplex near downtown with good bones and lots of upside. Full rehab inside, new kitchen, plank flooring, fresh paint, and updated appliances. Excellent rental property!

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

Great rental property, near downtown, close to everything.

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

Wholesaler brought it to my business partner, got it for a steal!

How did you finance this deal?

Hard Money loan with Marshall Reddick lending, cash out refi in the works.

How did you add value to the deal?

Full renovation inside, plus new roof.

What was the outcome?

Beautiful rental property, very happy with the outcome.

Lessons learned? Challenges?

This was a pretty easy renovation, no huge surprises. Took a little longer because we were split between 3 projects that ended up at the same stage at the same time, but really happy with the final product.

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

Used Jay Price at Mike Thomas Realtors to help with valuation and number crunching. Highly recommend him to investors! He knows his stuff on ARV and he's incredibly thorough!

Investment Info:

Single-family residence fix & flip investment in Fort Wayne.

Purchase price: $100,000

Contributors:
Peter Fennig

Beautiful fix and flip in coveted West Central neighborhood of Fort Wayne, IN. Nearly ready to put up on the market!

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

Huge up-side on this property, large profit to be made, and the opportunity to renovate a gorgeous home and make it shine again!

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

Private wholesaler approached my business partner.

How did you finance this deal?

100% Private financing from a Bigger Pockets contact - Go Bigger Pockets!

How did you add value to the deal?

Full renovation inside, moved the master to the main level, relocated the kitchen and knocked out a wall to create a modern open concept.

What was the outcome?

Almost ready to get it up on the market, it will go for top dollar in this hot market, very excited about that!

Lessons learned? Challenges?

Routing HVAC and plumbing to the second floor was a challenge. We were able to create a beautiful central column that helped anchor the kitchen wrap around and add bookcases to the front to make it look classy and upscale.

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

Jay Price, at Mike Thomas Realtors, has been absolutely invaluable as a resource for valuation of properties. He's a crucial member of our team and essential to the continued success of our business.