All Forum Posts by: Miguel Nicholas Ochoa

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $147,800
Cash invested: $3,000

This is a house hacking situation where I'm living and flipping, while rooming with my friends.

Sold a lot on the property for $60,500 and financing the flip with cash from the sale, while still house-hacking & refinanced into a better loan, with a lower interest rate, principal value & monthly payment while eradicating PMI.

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

It was my first one and originally an off-market deal.

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

I found it through a real estate agent that was a part of the community via the Civic League. I waited for the deal to hit the market and the price to drop since it was very overpriced.

Once I came back to the deal, I negotiated a new power panel to be installed, to upgrade to 200 amp service, and then offered to take the property, as-is, given the price was dropped down to $150k from $160k, so I had a more room for error with this property.

How did you finance this deal?

Originally, it was an FHA VHDA 30 Year mortgage at 4.25% w/ 1% down. I actually wrote off a laptop purchase for school and used the tax refund money to purchase the house, which recycled the same cash instead of me bringing any of my personal cash into the deal.

How did you add value to the deal?

I tore down some load bearing walls to open up the kitchen, added HVAC upstairs (no previous ducts or ventilation), demolished part of the garage to subdivide & sell of the lot in the backyard, and redoing all of the bathrooms/ceilings/paint textures/landscape in the entirety.

What was the outcome?

This is still in the works. So far, everything has been only $3k over budget.

Lessons learned? Challenges?

SHOP FOR LOANS. Also, be sure to vet & interview agents thoroughly.

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $147,800
Cash invested: $3,000

This is a house hacking situation where I'm living and flipping, while rooming with my friends.

Sold a lot on the property for $60,500 and financing the flip with cash from the sale, while still house-hacking & refinanced into a better loan, with a lower interest rate, principal value & monthly payment while eradicating PMI.

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

It was my first one and originally an off-market deal.

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

I found it through a real estate agent that was a part of the community via the Civic League. I waited for the deal to hit the market and the price to naturally drop since it was very evidently overpriced.

Once I came back to the deal, I negotiated a new power panel to be installed, to upgrade to 200 amp service, and then I offered to take the property, as-is, given the price was dropped down to $150k from $160k, so I had a little more room for error on learning with this property.

How did you finance this deal?

Originally, it was an FHA VHDA 30 Year mortgage at 4.25% w/ 1% down. I actually wrote off a laptop purchase for school and used the tax refund money to purchase the house, which recycled the same cash instead of me bringing any of my personal cash into the deal.

How did you add value to the deal?

I tore down some load bearing walls to open up the kitchen, added HVAC upstairs (no previous ducts or ventilation), demolished part of the garage to subdivide & sell of the lot in the backyard, and redoing all of the bathrooms/ceilings/paint textures/landscape in the entirety.

What was the outcome?

This is still in the works. So far, everything has been only $3k over budget.

Lessons learned? Challenges?

SHOP FOR LOANS. Also, be sure to vet & interview agents thoroughly.

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $147,800
Cash invested: $3,000

This is a house hacking situation where I'm living and flipping, while rooming with my friends. Additionally, I am working on selling a lot that came with the property, in order to finance my next deal an rehab on this property. The goal is to use this property to build cash, while moving the property towards a cash flowing rental at the same time.

Sold a lot on the property for $60,500 and financing the flip with cash from the sale, while still house-hacking & refinanced into a better loan, with a lower interest rate, principal value & monthly payment while eradicating PMI.

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

It was my first one and originally an off-market deal.

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

I found it through a real estate agent that was affiliated with the community via the Civic League. I simply waited for the deal to hit the market and the price to naturally drop since it was very evidently overpriced.

Once I came back to the deal, I negotiated a new power panel to be installed, to upgrade to 200 amp service, and then I offered to take the property, as-is, given the price was dropped down to $150k from $160k, so I had a little more room for error on learning with this property.

How did you finance this deal?

Originally, it was an FHA VHDA 30 Year mortgage at 4.25% w/ 1% down. I actually wrote off a laptop purchase for school and used the tax refund money to purchase the house, which recycled the same cash instead of me bringing any of my personal cash into the deal.

How did you add value to the deal?

I tore down some load bearing walls to open up the kitchen, added HVAC upstairs (no previous ducts or ventilation), demolished part of the garage to subdivide & sell of the lot in the backyard, and redoing all of the bathrooms/ceilings/paint textures/landscape in the entirety.

What was the outcome?

This is still in the works. So far, everything has been only $3k over budget.

Lessons learned? Challenges?

SHOP FOR LOANS. Also, be sure to vet & interview agents thoroughly.

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $147,800
Cash invested: $3,000

This is a house hacking situation where I'm living and flipping, while rooming with my friends. Additionally, I am working on selling a lot that came with the property, in order to finance my next deal an rehab on this property. The goal is to use this property to build cash, while moving the property towards a cash flowing rental at the same time.

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

It was my first deal and it had a backyard that had potentual to be built upon or sold to a builder.

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

The agent had it off market. It was the first house I looked at but the price was way too much, so I looked at other houses and once the price on this one dropped, I made an offer.

After the inspection came back and there were significant amounts of repairs to be done, I renegotiated the terms and price to what I closed at while also making the sellers upgrade the electrical grid as well.

How did you finance this deal?

FHA VHDA Loan

How did you add value to the deal?

I had the sellers redo the power panel, replaced the AC and currently, renovating the rest.

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

Agents and lenders

I'm selling a lot of land that is build-able and part of the lot that the home I purchased is located on. Is there any way I can negotiate with a builder to see if he/she can demo the portion of the detached garage overlapping into the lot I'm selling (this is just a workshop that was added onto the garage & is hanging in the exact distance I need demo'd to be able to sell this) , while patching up the detached garage properly so it is still usable. 

I believe my question is, do I have to perform this demo in advance or is this negotiation possible? And if so, what stipulations or worries should I consider before following through with this? Also, is there a way to wrap this up in a nice "pretty" way to present to a builder?