All Forum Posts by: Matthew White

Quote from @Natalie Schanne:

@Matthew White - good job!

How much sweat equity did you put into it, or was it all done remotely? Ie how much did you work on it yourself, or was all of it done by others and you just oversaw the reno and picked materials?

 This property was 100% remote.  As a matter of fact, all I did was coordinate paint colors and finishes of counter tops and fixtures.

I probably only spent a few hours total in phone calls and emails over this property.

I have never even seen this property in person.  Probably never will.

@Rosston Smith

I have a contact at LimaOne Capital.  This is my second cash out with them.  I have gotten great rates and competitive fee structures.  They also work quickly once you are set up with them.  This cash out took no time, the only delay was waiting on the appraisal.  So from application to close was about 3 weeks on this refinance.

My Point of Contact is:

Michael O'Brien I will PM you his contact info.

Let him know I referred you.

Quote from @Rosston Smith:

@Matthew White Great job! What did you refinance at? Did you make the ARV? Also what was the sqft?

 So funny story...  The sq ft was higher than quoted.  During inspection, we "found" an extra bedroom so the property has approximately 1400 sq ft as opposed to the 1200 quoted on the listing from the wholesaler.

Also, not only did I hit ARV, but we exceeded it. I conservatively estimated an ARV of $125k, but at appraisal for the refinance we got an ARV of approximately $135k.

All around this was a banger of a deal.

Investment Info:

Single-family residence buy & hold investment in Warner Robins.

Purchase price: $85,000
Cash invested: $95,000

I purchased this Single Family Home in Warner Robins through a wholesaler that I first located on Bigger Pockets Marketplace. On paper the ARV of this property is approximately $125k, but I was able to purchase the property for $85k plus closing costs.

After purchase this property appraised at approximately $135,000. I also put approximately $7500 into the rehab of this property.

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

This deal was a lucky find. I happened to come across this deal from a wholesaler around Christmas time. On paper this deal looked attractive.

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

I found this deal through a wholesaler and began negotiating for a proper sale price. The seller was very motivated and we found a mutually beneficial sales number.

How did you finance this deal?

I paid cash for this property (from the proceeds of my last BRRRR).

How did you add value to the deal?

Once closed, we repainted the property, fixed plumbing and other odds and ends. However this property did not need a ton of work because it was previously rehabbed.

What was the outcome?

Today I cashed out. Considering the cash into the deal, both purchase and rehab, then the proceeds from rents and the cash out refinance, I have $0 into this deal.

After all expenses, this property will cashflow $300/month.

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

I worked with a local wholesaler and the GREAT property manager on this deal.

Investment Info:

Single-family residence buy & hold investment in Warner Robins.

Purchase price: $85,000
Cash invested: $95,000

I purchased this Single Family Home in Warner Robins through a wholesaler that I first located on Bigger Pockets Marketplace. On paper the ARV of this property is approximately $125k, but I was able to purchase the property for $85k plus closing costs.

I estimate that I will need to put approximately $20k into renovations (there is a serious plumbing problem, the roof and HVAC need love.) including dressing up the landscape.

Once rent ready, average rents for the area are in the arena of $1200/month. Upon 6 month seasoning, I plan on refinancing the majority of my cash out.

Once we are stabilized, I will update the performance of this asset.

UPDATE: Currently this property is rented for $1395/month on a 12 month lease. And as of today, I just cashed out financed this property. After the "re-fi" I have $0 in this property and I cash flow approximately $300/month after all expenses including PITI, CapEx, Repairs and Maintenance, PM, and Vacancy.

Not Too Shabby

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

This deal was a lucky find. I happened to come across this deal from a wholesaler around Christmas time. On paper this deal looked attractive.

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

I found this deal through a wholesaler and began negotiating for a proper sale price. The seller was very motivated and we found a mutually beneficial sales number.

How did you finance this deal?

I paid cash for this property (from the proceeds of my last BRRRR).

How did you add value to the deal?

Once closed, we repainted the property, fixed plumbing and other odds and ends. However this property did not need a ton of work because it was previously rehabbed.

What was the outcome?

Today I cashed out. Considering the cash into the deal, both purchase and rehab, then the proceeds from rents and the cash out refinance, I have $0 into this deal.

After all expenses, this property will cashflow $300/month.

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

I worked with a local wholesaler and the GREAT property manager on this deal.

Investment Info:

Single-family residence buy & hold investment in Warner Robins.

Purchase price: $85,000
Cash invested: $95,000

I purchased this Single Family Home in Warner Robins through a wholesaler that I first located on Bigger Pockets Marketplace. On paper the ARV of this property is approximately $125k, but I was able to purchase the property for $85k plus closing costs.

I estimate that I will need to put approximately $20k into renovations (there is a serious plumbing problem, the roof and HVAC need love.) including dressing up the landscape.

Once rent ready, average rents for the area are in the arena of $1200/month. Upon 6 month seasoning, I plan on refinancing the majority of my cash out.

Once we are stabilized, I will update the performance of this asset.

UPDATE: Currently this property is rented for $1395/month on a 12 month lease. And as of today, I just cashed out financed this property. After the "re-fi" I have $0 in this property and I cash flow approximately $300/month after all expenses including PITI, CapEx, Repairs and Maintenance, PM, and Vacancy.

Not Too Shabby

Quote from @Philip Joseph:

Good deal, I know this property very well.  Message me if you want the inside scoop on a roofer and AC guy.  I've had to replace 6 new roofs and the same guy always came with the best price and does outstanding work.  He is actually the main roofer for a large luxury home company in Warner Robins.  

Philip, I will certainly need a roofer and ac guy very soon.  Also, how are you familiar with this property?  Have you been involved with it in the past?

I may also purchase more properties in the area if the right property comes along.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $95,000

Cash Purchase of SFH to BRRR in Warner Robins GA. - A Cash Flowing Gem

From Found to Purchased in 20 days.

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

I found a property on the BP Marketplace that showed a ton of potential. I typically do not pursue Single Family properties, but I had cash that needed to be deployed and this should be a quick turn around and then a nice cash flowing property.

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

I first found this property on the BP Marketplace listed by a wholesaler.

I connected with the wholesaler and negotiated a fair price based on the needed repairs and the urgency of the seller.

How did you finance this deal?

I paid cash for this property with the intention to BRRRR.

How did you add value to the deal?

I am replacing the roof, soffits, and fascia. Repainting trim work outside. Refresh landscaping.
I will also be replacing the HVAC. Finally, there is a major plumbing issue that will need to be corrected immediately.

What was the outcome?

Time will tell how this all works out.

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

I worked with a wholesaler on the purchase of this property. I negotiated it myself and used the wholesalers closing attorney. Once I was under contract, I hired a property manager and have been working closely with them to help manage the renovations and our objective is to get the property rent ready within 30 days.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $95,000

I purchased this Single Family Home in Warner Robins through a wholesaler that I first located on Bigger Pockets Marketplace. On paper the ARV of this property is approximately $125k, but I was able to purchase the property for $85k plus closing costs.

I estimate that I will need to put approximately $20k into renovations (there is a serious plumbing problem, the roof and HVAC need love.) including dressing up the landscape.

Once rent ready, average rents for the area are in the arena of $1200/month. Upon 6 month seasoning, I plan on refinancing the majority of my cash out.

Once we are stabilized, I will update the performance of this asset.

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

I found a property on the BP Marketplace that showed a ton of potential. I typically do not pursue Single Family properties, but I had cash that needed to be deployed and this should be a quick turn around and then a nice cash flowing property.

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

I first found this property on the BP Marketplace listed by a wholesaler.

I connected with the wholesaler and negotiated a fair price based on the needed repairs and the urgency of the seller.

How did you finance this deal?

I paid cash for this property with the intention to BRRRR.

How did you add value to the deal?

I am replacing the roof, soffits, and fascia. Repainting trim work outside. Refresh landscaping.
I will also be replacing the HVAC. Finally, there is a major plumbing issue that will need to be corrected immediately.

What was the outcome?

Time will tell how this all works out.

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

I worked with a wholesaler on the purchase of this property. I negotiated it myself and used the wholesalers closing attorney. Once I was under contract, I hired a property manager and have been working closely with them to help manage the renovations and our objective is to get the property rent ready within 30 days.

@Bill Hampton

Thank you sir!