All Forum Posts by: Matthew Coghlan

Investment Info:

Mobile home other investment.

Purchase price: $46,900
Cash invested: $7,000
Sale price: $240,000

This was Raw land we developed. We purchased 4 lots(9.76 acres) for $46,900. We then went to Clayton Homes and purchased a 4 bed 2 bath Manufactured home. We had this home put on one lot (aprox. 2.53 acres) . We made approximately $40,000 from one of the lots. We still have 3 other lots (7.46 acres) to develop or sale.

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

The location and type of land. Wooded, secluded and just plain natural!

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

We searched online for raw land and used a real estate broker to negotiate the price for us!

How did you finance this deal?

We secured financing Through FCS Financial.

How did you add value to the deal?

By developing and building a home on the land

What was the outcome?

A nice family received a beautiful home and we made capital.

Lessons learned? Challenges?

Research the company and contractors! VET AND INTERVIEW THEM! We had this project delayed by over 9 months because of not doing my due diligence.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $105,000
Cash invested: $60,000
Sale price: $199,900

Another home we lived in and rehabbed. This home was in total disarray when we bought. The children of the previous owner sold this home after his passing. A former rental home that we restored to its former glory and updated it with modern necessities.

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

The price and location was a big part of this deal. Needing a home to live in but also seeing the potential for profits when we would sell in the future. It is located on the end of a cul-de-sac in a nice quiet neighbor hood very close to the city. It is on the edge of a farm so the back yard view of fields and woods was a seller!

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

We happened to be looking at other homes, during this process we told our real estate broker that we didn't mind fixer uppers! She knew the owners and the home. The home had not been listed on the MLS yet! A deal that was dropped into our lap through conversation! Our agent is a tuff negotiator and a successful agent!

How did you finance this deal?

30 year conventional loan with 5% down!

How did you add value to the deal?

We completely gutted this home and rehabbed it from the foundation to the roof!

What was the outcome?

A beautiful home was made and the selling price was perfect!

Lessons learned? Challenges?

Plan, calculate and stay hungry! One challenge was repairing joist in the sub floor that were rotted from long term water damage. That was not fun but it was a lesson worth learning!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $55,000
Cash invested: $59,000
Sale price: $155,000

My first investment. I was 34 and a first time home buyer! I purchased this manufactured home on foreclosure. Lived in it for 3 years and sold it for $100k more then I bought it, with no capital gains tax paid! This home actually started my love for real estate investing. After seeing the gains I made from a home that only cost me $55k initially, I realized with my wife's help that this could become a lucrative way to build wealth!

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

I needed to find my own home and had limited funds to do so!

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

I used a real estate broker.

How did you finance this deal?

FHA first time home buyers loan,30 year amortization with minimal money down.

How did you add value to the deal?

We completely updated the interior, added a closet to the master bedroom and redid the roof, gutters and decks.

What was the outcome?

We made bank with no capital gains! But seriously, this was an immense learning lesson in rehabbing homes

Lessons learned? Challenges?

I learned how to be more meticulous with my subcontractors, vetting them better is a must! Also being organized and doing the research on materials will help to maximize profits!

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

Research your agent! Vet and interview them before deciding who you will work with!

Investment Info:

Single-family residence Fix and FLip.

Purchase price: $335,000
Cash invested: $56,845
Sale price: $505,000

This was our main residence for 2 years. During this time my wife and I updated and made some minor repairs. We also added two cabins on the property, one was 12x24 and the other was 12x20. We completely finished them out with kitchen, bathroom. They both had full electric,water and septic. My wife and I did all the labor except running plumbing and connecting electricity to the breakers.

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

My wife and I like restoring homes to their former glory with a new updated look.

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

We utilized a real estate broker.

How did you finance this deal?

We did a 30 year conventional loan with 5% down.

How did you add value to the deal?

Besides fully updating everything inside from paint to plugs, We refinished the kitchen floor, We gutted the basement bathroom and rehabbed it completely.We also added a fence around the property. But one of the biggest value adds we did were to install and finish 2 small one person efficiency cabins on the property.

What was the outcome?

We had the right property in the right market conditions. We ended up having bidding wars on the property and accepted the offer we felt was right for us.

Lessons learned? Challenges?

We learned several factors besides a wonderful property leads to successful investments. Including the right team of people on your side. From the mortgage lenders down to the real estate broker. Our broker was a very knowledgeable and seasoned agent. He knew the market like the back of his hand, and knew exactly how to negotiate in a energetic market!

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

We would always recommend Gaius Hill with Christian realty in Franklin Tennessee. https://www.linkedin.com/in/gaius-hill-11891017