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All Forum Posts by: McLaren G Westland

McLaren G Westland has started 3 posts and replied 3 times.

Post: Short Term Rental purchase

McLaren G Westland
Pro Member
Posted
  • Real Estate Agent
  • Roanoke, VA
  • Posts 6
  • Votes 6

Investment Info:

Condo buy & hold investment.

Purchase price: $95,000
Cash invested: $20,000

2/1 condo in desdirable development 8 minutes (walk) to the local hospital. Purchased for STR opportunity. BRRRRSTR for sure!
Deal description:
Purchased for $95K
Private Money Purchase with a 110K loan (Extra for rehab).
Complete rehab to turn into luxury condo for STR
ARV: $160K
STR rent: $2500/Mo for traveling nurses
Cash flow:1350/mo

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

Proximity to the hospital and the purchase price

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

Lead from a family member

How did you finance this deal?

Private lending then Ill refinance with traditional lending

How did you add value to the deal?

Complete rehab into a luxury condo

What was the outcome?

To be determined so stay tuned

Lessons learned? Challenges?

Pretty cut and dry with this one

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

No, I was the agent on the deal

Post: My first MFH purchase and got it right the first time!

McLaren G Westland
Pro Member
Posted
  • Real Estate Agent
  • Roanoke, VA
  • Posts 6
  • Votes 6

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Vinton.

Purchase price: $130,000
Cash invested: $35,000

Purchased first MFH (Triplex) for $130K and it appraised for $192,500 and was fully rented. Initial cashflow was 900/mo however I renovated one unit (For $8900) and increased rent on units. New cashflow of $1400/mo and new appraisal of $252,000.

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

I wanted my first MFH and this one just happened to hit my radar.

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

Another agent in my office asked me if I was interested in the property at $180K. After meeting with the listing agent and the owner I was able to address many deferred maintenance items and low balled them just to see where their head was. They accepted my $130K offer...WOW!

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Added central AC/Heat to the 3 units at a 12K cost.

What was the outcome?

Increased rent and value.

Post: Purchased my rental with private money

McLaren G Westland
Pro Member
Posted
  • Real Estate Agent
  • Roanoke, VA
  • Posts 6
  • Votes 6

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $106,000

Purchased with 100% private money, refinanced 5 months later and only paid closing costs of $3000. Appraisal came in at $161,000 and rents for 1250/mo.

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

I knew I would make money on the purchase and gain monthly cashflow.

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

I was going to list this for a client. My clients brother and two friends were renting it by the room and she was concerned a buyer would make them move. I offered to purchase it at a below market value and allow the three people to continue to rent for at least 12 months.

How did you finance this deal?

Private money. Recently refinanced and earned 55K equity.

How did you add value to the deal?

By agreeing to allow her brother and friends to continue to rent. I offered a solution to the sellers concern after finding out that money was not the driving force to the sale.