All Forum Posts by: Mickey Petersen

We held it for longer than a year while we were renovating. The intent was to hold but circumstances changed. This satisfies the rules for 1031 exchange. 

 I think this was good old Mr Cooper lol

 Thanks Alex. That's exactly what I did. I traded up for a 7 unit apartment building.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $1,500

A month ago my banker (who's is also also an agent) from my home town where I have other properties called me and asked if I wanted to buy this house. The previous buyer fell out of escrow and he was hoping I could do a quick purchase to get it off his books. I told him I was in escrow on other properties and I didn't want to start this and mess up the underwriting for the other properties. His solution was to wrap this loan straight into a loan I already had with him.

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

It was my uncles house. He is getting old and he needed to move.

Investment Info:

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

Purchase price: $575,000
Cash invested: $75,000
Sale price: $775,000

This was a tough one. Im sure there are worse properties out there to start with. But this was a project. Rat infestations. Huge junk removal needed. Things like that. But we moved out the low rent tenants and after the rehab we filled all units with market rent tenants.

Investment Info:

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

Purchase price: $840,000
Cash invested: $75,000
Sale price: $1,200,000

Full renovation of all 4 units. All original tenants were long term low rent tenants. The first hurdle was convincing them to leave via cash for keys. It went pretty smoothly luckily. Each unit was Redone inside. Some more than others. two units had wood floors that we kept. But one unit was a full redo. Even new windows. We haven't decided if we want to keep this or sell it. It would be a good 1031 exchange since we forced a good amount of appreciation.

Investment Info:

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

Purchase price: $575,000
Cash invested: $218,750
Sale price: $775,000

This was a tough one. Im sure there are worse properties out there to start with. But this was a project. Rat infestations. Huge junk removal needed. Things like that. But we moved out the low rent tenants and after the rehab we filled all units with market rent tenants.

Investment Info:

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

Purchase price: $840,000
Cash invested: $285,000
Sale price: $1,200,000

Full renovation of all 4 units. All original tenants were long term low rent tenants. The first hurdle was convincing them to leave via cash for keys. It went pretty smoothly luckily. Each unit was Redone inside. Some more than others. two units had wood floors that we kept. But one unit was a full redo. Even new windows. We haven't decided if we want to keep this or sell it. It would be a good 1031 exchange since we forced a good amount of appreciation.

Investment Info:

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

Purchase price: $840,000
Cash invested: $285,000
Sale price: $1,200,000

Full renovation of all 4 units. All original tenants were long term low rent tenants. The first hurdle was convincing them to leave via cash for keys. It went pretty smoothly luckily. Each unit was Redone inside. Some more than others. two units had wood floors that we kept. But one unit was a full redo. Even new windows. We haven't decided if we want to keep this or sell it. It would be a good 1031 exchange since we forced a good amount of appreciation. I threw in one of the before photos so you get the idea of what we started with.