All Forum Posts by: Matt Morgan

Is this a flip? 

Keep in mind that adding 300 square feet to a property in Maryvale may only translate into $30,000 - $35,000 worth of additional value.

How much are you getting the addition done for?

Hi @Lindsay Johnson, sent you a PM.

Fix and flip in highly desirable Dobson Ranch. Houses in this area are going FAST. This is a large house with a great layout and a big lot. 

Price: $170,000

ARV: $280,000 - $290,000

House needs A/C unit, new roof, and a full interior and exterior remodel. 

Property is currently occupied, please do not disturb the tenants. Tenants will be out prior to close of escrow.

Comps:

2730 S. Yucca Ave. 4/2, 2,066 sqft. Sold for $276,000 on 4/08/16.

2309 S Alta Vista Circle. 3/2, 1,633 sqft. Sold for $278,000 on 5/04/16.

1716 W. Monte Ave. 4/2, 1,869 sqft. Sold for $284,000 on 6/24/16. 

Pictures:

https://goo.gl/photos/HYZN6HhrSe4JB2pi6

*Matt Morgan has equitable interest through an executed real estate contract. $4,000 non-refundable earnest money due upon execution of assignment contract. Close date is August 1, 2016. Buyer to assume all closing costs. House is sold as-is and buyer to perform own due-diligence.

2 Package SFR deal here. Both properties for $92,000. 

 Total monthly rents are currently $1,775. Melvina can be increased to $1,000 month at lease end in April 2017. 36th St can be increased to $875-900 at the end of July. Both properties are in great areas and have been well cared for. Pictures are available through email. 

Inquiries to Matt 262-825-4986

5828 W Melvina, Milwaukee WI 53216

2015 Taxes $1,988.00

$925.00/Mo ~ Sec 8 (been there 3 years)

Cape Cod 3 BR, 1 BA, small RR, 100 amp, basement laundry

Tenant pays all utilities.

1 year lease ends 04.30.2017

Just renewed for 2016-2017 year. (her 4th year)

2011 Roof, replacement windows est 9 yrs old

1 Car detached garage + 1 car slab

3867 N 36th Milwaukee, WI 53216

2015 Taxes $1,404.00

$850.00/Mo ~ Private (been there 3 years)
Rent could be higher, never increased, good tenants.

Cape Cod 3 BR, 1 BA, 100 amp, basement laundry, huge Deck.

Tenant pays All Utilities

1 year lease ends 7.31.2016

Newer (2013) kitchen, CT flooring & CT bathroom.

1 car detached garage + 2 car slab

*Properties are currently occupied, please do not disturb tenants. Homes being sold as-is. Buyer to perform their own due diligence. Matt Morgan is a principal in this transaction and is selling rights to real estate contract through assignment. Buyer to pay only their own closing costs. $2,500 non refundable earnest money deposit required. 10-day close required upon execution of assignment contract. 

I've never dealt with removing asbestos but I have had homes tested for it and I use EMC Labs at 9830 S 51st St. It's cheap and the turnaround time is a day or less. All you need is a small sample of the suspected asbestos-containing material in a ziploc baggie.

 Any of the Midwest markets should do the trick. Preferably somewhere you already have contacts...you need solid boots on the ground in order to make investing from afar work.

Your return on equity is pretty terrible so I would advise you unlock some of the capital, either by selling or taking out a HELOC.

I always like the idea of keeping a property and getting a HELOC because you get to reap the rewards of equity without sacrificing your cashflow or the long term benefits of holding property. If you sold the house, your closing costs would eat up some of your proceeds and on top of that you'd have to pay capital gains.

Keep in mind that many think the market, especially in So Cal, is probably nearing it's peak, so if you can't comfortably pay the expenses on that property or you'll have a need to liquidate in the next 5 years, it may just be better to sell high. 

By the same token, I wouldn't recommend using any of the equity to buy expensive California assets or low cap rate multi family right now. I'd stick to something with solid cashflow that won't take too much of a nose dive in the next dip and will give you nice returns in the mean time. 

 I would second this.

aimloan.com is a national lender and as of last year, they were doing loans for less than $50k.

Hannah, 

Ask Charlie Stidham how he's doing with his listing in McCormick ranch. :) 

As I'm sure you're aware, luxury homes in Phoenix are depreciating in value right now. Too much inventory. DOM are high. Definitely requires a large risk appetite.

If I were doing luxury flips, I'd stick to Arcadia but even that area is becoming too saturated.