All Forum Posts by: Michelle Richardson

@Ryan Thomson Thanks for the information!  Yes, the parents will definitely be signing!  I'm just trying to find a good "by the bedroom" lease. Waiting for a call back from my attorney.  Would you have one that I could model just in case she doesn't have what I desire?

Thank you so much for the additional great suggestions! They are all SAE brothers, so it should be easy for this group. We will see!🤞🏻🤞🏻

 LOL re: cereal bowls - 21 year old boys right!?!?!?!?

Thank you all!!!  Great recommendations! My son has three friends with him and all parents are signing with their kids.  I'll have my attorney put something together!

I am currently doing this with my son.  Run the numbers with a lender first.  Make sure that the other roommates can cover the mortgage so you can be saving for your next investment and any unexpected surprises.  If the numbers are tight right now due to the interest rates, get a 2/1 buydown from the seller to make your payments lower until you can refi later.  Go conventional as previously mentioned if you can.  Hope that helps.  Good luck!  Proud of you!

I have single family and multifamily investments and now am purchasing a 4 bedroom home for my son in college to house hack. What would you use for a lease for the parents and other college boys to sign for the other 3 rooms? I have a lease in the MLS, but it's not that great.

I'm sorry for the delay in response.  Permitting was not an issue with the county.  Electric and public sewer water just came from the main house.

Investment Info:

Mobile home buy & hold investment.

Purchase price: $155,000
Cash invested: $39,000

Was able to pick up a manufactured home in a gated 55+ community in a very desirable location at a great price. Rehabbed the unit in 2 weeks, and had it rented immediately.

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

Price and Location

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

Always looking for deals.

How did you finance this deal?

Conventional

How did you add value to the deal?

Rehabbed the unit top to bottom.

What was the outcome?

Rented immediately for top dollar.

Lessons learned? Challenges?

Do more, BRRR

Investment Info:

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

Purchase price: $410,000
Cash invested: $100,000

Cash Cow Triplex in New Smyrna Beach FL. Was able to beat 7 other realtors and acquire the property. As the renters that came with the property leave, I have rehabbed and increased rents. Ready to do it again!

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

Cash Flow potential for the short and long term.

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

Constantly searching for deals on and off the MLS.

How did you finance this deal?

Conventional.

How did you add value to the deal?

Rehabbing each unit to increase rents.

What was the outcome?

Win Win Win

Lessons learned? Challenges?

Make sure you use a good GC that has great communication and your best interest in mind.

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

Lender Laurie VanHaften of The Mortgage Firm. She is a pro!

Investment Info:

Other other investment.

Purchase price: $50,000
Cash invested: $50,000

Built an ADU

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

Add additional income and offset mortgage.

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

Easy one - built it in back yard.

How did you finance this deal?

Cash

How did you add value to the deal?

High end finishes.

What was the outcome?

Rents monthly for more than my mortgage amount.

Lessons learned? Challenges?

Get the right GC.