All Forum Posts by: Marjorie Carlson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $302,000
Cash invested: $210,000

Bought a fixer upper in an excellent location. Complete renovation.

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

I love everything about short term rentals -- interacting with guests, providing an entire experience, control over the property.

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

The landlord approached us when he was ready to sell. We paid full asking as there are few properties in our town available anywhere near this price point.

How did you finance this deal?

Savings and private money loans.

How did you add value to the deal?

I am an interior designer and Realtor so I was a dual agent and managed the entire renovation project.

What was the outcome?

So far, it has been rented with great success.

Lessons learned? Challenges?

Constructions costs came in significantly higher than first projected, I'd suggest weekly meetings with the GC to keep everything on track.

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

Myself :) and Joe Street at NBKC Bank

I am a realtor and interior designer in Pittsburgh, PA. I have a lead on a home that is filthy and in need of cosmetic work, as well as a new furnace. 4 BR, 2 Bath, Double Lot, Class C neighborhood. House is very charming, exterior in very good shape. It was purchased for over $100,000 10 years ago, but the owner's daughter has trashed the place. Message me if interested in investing. I will oversee purchase, design, rehab and resale.

Donavon,

Thank you for your insight. It seems like there is a lot of flipping going on in Riviera Beach, and some signs of improvement, but I think it depends on the street.

I appreciate your opinion on CBS. I'm an interior designer, so the style of older homes attracts me, but I definitely don't want to get in over my head.

Thanks!

Marjorie

Hello!

I have lived in the northeast my entire life and am relocating to the West Palm Beach area within a year. I plan to house hack a multi family and am trying to learn about the unique issues that arise in this climate.

Can anyone provide information on the following as it pertains to REI?

Riviera Beach area — up and coming or no?

Differences in insurance premiums and upkeep for CBS vs vintage stucco?

Does providing a pool to tenants increase rents enough to offset insurance premiums?

Seasonal renting for furnished units: do you prefer month to month, entire season, or week to week?

Thank you!

Buy some sage and go for it!

Do you think there is a need/place for simple design packages, provided by an interior designer, that landlords can buy to furnish/refresh their properties?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $186,000

A quirky but charming house in one of Pittsburgh's most desirable neighborhoods was suffering from deferred maintenance and hoarding. 

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

I knew that there was a lot of improvement happening on that street and that there was a shortage of homes in the $400,000 price range. An investment in Sewickley Village would be sound.

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

I am a Realtor so I had access to the MLS, and had heard from colleagues that this particular property was not showing well, so we could negotiate from a strong position.

How did you finance this deal?

Investor

How did you add value to the deal?

The investor is on the west coast and did the transaction from afar. I acted as the real estate agent (for the purchase and listing), project manager, and interior designer.

What was the outcome?

We had a few setbacks, such as some significant issues within the walls that had to be addressed, as well as a total roof replacement. Also, construction went several weeks beyond the target date, and as a result, the market was not nearly as hot as it had been a month or two earlier. Even with those setbacks, investor made a nice return.

Lessons learned? Challenges?

I will be much more involved in managing contractors, because time is money. In my situation, the compensation to investor and myself was based on profit. The compensation to the contractors was set -- going forward I hope to create incentives to get my contractors across the finish line on time and as close to budget as possible.

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

Janice Patz, Attorney at Law

Thanks, Elise! I will reach out to them. 

I'm an interior designer and Realtor. I'm in need of a contractor to work on rehab properties in the Pittsburgh area. Must be a problem-solver, pleasant to work with, dependable, and detail-oriented. I'm focused on luxury rehabs in affluent neighborhoods, so reputation is everything. If you're interested in talking, let me know!

Very nice!