All Forum Posts by: Melinda Elmer

 Thank you!!

Hello MIchael, Long Beach is a great area to invest in.  I only put 10K in because I initially had some partners who put some funds in, and then I proceeded to buy them out over time.  since we bought in 2007 the inital interest rate was actually 7%+ and we basically were at a break even point with 20% down.  In general, I find that most of the properties are at a break even point with 25% down.  If you live in the property you can get a better rate than if you buy it just for investment... and you can also put as little as 3.5% down.  

Investment Info:

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

Purchase price: $250,000
Cash invested: $70,000

Bought a cute little duplex off market - already was rented and in good condition.

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

I wanted something in a good area and my agent in Wisconsin found an off market opportunity

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

My agent that I found there helped me find it.

How did you finance this deal?

Conventional financing.

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

Yes, Sona Olson in Madison WI

Investment Info:

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

Purchase price: $500,000
Cash invested: $10,000
Sale price: $980,000

Bought a fixer triplex, rented it for a while, ended up living in the home while going through a divorce, and then sold it to get the primary residence deduction.

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

Wanted opportunity to improve my neighborhood and also my funds!

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

It was a property I walked by all the time and thought, someone should fix that house up, it would be so cute, and then it came up for sale and I jumped on it.

How did you finance this deal?

used conventional financing. Bought with my parents, and then ended up buying them out.

How did you add value to the deal?

Put in sweat equity and invested fixing it up and then held onto it while the market went up.

What was the outcome?

Made 400K.

Lessons learned? Challenges?

Had some challenges and lessons in the upgrades and the costs for expenses. I learned to not hire friends, but better to hire the right professionals to do the work.

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

I was the agent on the deal.