All Forum Posts by: Mary McGinty

 The inspection helped me.  The original asking price was $690,000.00.  With the comps, it appraised at $620,000.00.  That was a win for me.  

 HI Bonnie-I am interested in retrieving more information.  I understand cost segregation to be, you can claim your depreciate sooner.  Does that mean i cannot use it for 27.5 years?  I would love to chat.

thank you for reaching out!!!  Mary 

 thank you  I have been updating profile.  I started with my properties.  

 $1745.00.  

Hi Keith,


thanks for your response. I don’t have a project I am working on currently but I am evaluating deals daily looking for the right one. 

Mary

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $139,000
Cash invested: $40,000

Cabin in the trees with a peek a boo lake view, built in 1980 . Fruit tree and pines greet you as you pull up the long drive way to the brand new front deck with large picture windows. The home is impressive with its exposed vaulted beam ceilings and knotty pine walls. Brick fire place and wood burning stove. Ceiling fans and newer lighting through out. New flooring and updated kitchen. Covered patio with some landscaping. Large one car garage and yard for more boat or RV storage.

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

I was looking for a lake house in 2009, this was the time when there were a lot of foreclosures due to the 2008 real estate bust. I stumbled upon this bank owned property. I came up on someone else's unfortunate lose.

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

MSL

How did you finance this deal?

My money down with bank loan.

How did you add value to the deal?

The bank had upgraded the house, it was ready for my family to enjoy as a lake house.

What was the outcome?

Originally my family and I used this as a vacation home. As time went on and life changed we rented it out. So this was a win win for us. I self manage this property myself.

Lessons learned? Challenges?

It is considered to be in a gated community, with many, many trees and in high fire danger. With that being said, there were fees for being in a fire zone that were unexcepted. The gated community drives arounds making any home owner keep up with over grown shrubbery, which is not a bad thing. This was just new to me.

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $620,000
Cash invested: $145,000

New construction duplex build in 2022. Each unit is a 2 bed, 1 bath with an inside washer/dryer and a beautiful balcony. Separate electric and water meters. Conveniently located in downtown Phoenix, walking distance to Chase Field, great restaurant and local nigh night life. A rapidly growing HOT area! Easy access to all major freeways.

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

New construction allows for rent ready properties, turnkey, my favorite. Purchasing four or less doors keeps you out of a commercial loan. Commercial loans tend to have higher interest rates and requests more down.

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

My realtor, she knows what I am looking for.

My win: the original asking price was $690000. When the inspection was performed and with the aid of comps, the unit appraised at $620000. So, we addended the offer to reflect the appraised price. Which was accepted.

How did you finance this deal?

The down payment was my own money and the loan was from my bank.

How did you add value to the deal?

No value add since it is a new construction.

What was the outcome?

Before purchase it was already rented out by the builder, they need to pay their construction loan. Since then the tenants have moved out. Both units are vacant and for rent.

Lessons learned? Challenges?

Challenge: I purchased this as the market was beginning to slow down due to rising interest rates. I expected the tenants to stay. One month after close is when they moved out.

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

My agent Kenzie Weitzeil. 602-563-4591
MYND my management company

Investment Info:

Small multi-family (2-4 units) private money loan investment.

Purchase price: $593,000
Cash invested: $145,000

New Construction Duplex build in 2021, 3 bed, 2.5 bath, small yard with a one car garage. Also, Inside laundry, great room, wood cabinets, concrete floor on main living area, carpet and tile on second floors. Separated yards for privacy. This is located in a generifying area with a light rail coming soon, new builds all around, located downtown and close to Phoenix airport.

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

My comfort is in multifamily as it has many doors that are capable of paying for the property if there is a vacancy

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

Found the deal on realtor.com, it was posted but not taking offers. I saved it and when it became available I put my bid in! I GOT IT!!

How did you finance this deal?

The down payment was my own money using my bank for the loan

How did you add value to the deal?

I had to build a fence for privacy, separating the yards. I pay for monthly ground keeping.

What was the outcome?

I took a huge risk as the area is still in its growing stages. There are vacant lots for sale and more properties being built. It has a great cash flow. Putting a smile on my face. Great add to my portfolio.

Lessons learned? Challenges?

Lesson learned: the address when posted was 911, when I went to go see the house, I noticed the address was 909. I freaked out, LOL. I almost pulled out of the deal. I learned that the land has an address and the utilities has another. I bought it out of state, with video from my realtor.

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

MYND-my property management

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $382,000
Cash invested: $99,000

New construction duplex build in 2017, 3 bed, 2.5 bath, with large separate fenced in yard and with oversized garage. Tenants pay their own water and sewer costs with individual meters. This is located in a growing area right out side of Salem about one hours way from Portland.

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

Multifamily investing has multiply doors as income. If one unit is vacant then the other pays for everything. At least this is my thought process. I also, like the fact that they have safe parking with the garage. For marketing, it is great to have separate fenced in yards.

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

I stumbled upon it by accident on Loopnet. Everyone says, Loopnet has dying properties, well I found a gem! LOL I negotiated the price by only three thousand dollars but my win was, i negotiated they find the renters before close. I won!!!

How did you finance this deal?

I used my own money as a down payment with a loan from my bank.

How did you add value to the deal?

I didn't need to do anything since it was new construction. I just have lawn/yard services monthly.

What was the outcome?

I still own it. It has an excellent cashflow

Lessons learned? Challenges?

I do not live where it is located so my small challenge is getting there more often. My realtor on this deal said, do not go more than one year without seeing your property.

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

My property management team, Homestead Property Management.

Hi Alex,

Thank you for your response!  one more question:  What about lending the money on the card for items at home depot/Lowes etc..  for someone that is doing a flip?   Have you done this as well?  If so what terms did you use?

respectfully 

Mary