All Forum Posts by: Michael Hayes

That was quick!  I'll plan to be there.

 Together yes. Individually no.  Only 2 houses that I'm considering.

Hey guys.  Does anyone have a recommendation on a company like LendingTree, Mofin, LendingOne, etc that will refinance lower loan amounts quick?  All of those companies do a minimum $75k.  Not looking for a bank.  Looking for a company that specializes in working with investors like those mentioned above.  Thanks!

Investment Info:

Large multi-family (5+ units) wholesale investment.

Purchase price: $25,000
Cash invested: $1,000
Sale price: $62,000

Me and a partner bought a 6 unit apartment and a duplex next to it. Both were dangerous spots known for drugs and prostitution.

The Walkthrough

The Purchase

Searching at night

The Sale

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

My partner got them for a dirt cheap price. I wasn't completely sure about the area, but for the price, worst we could do was break even.

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

Partner brought it to me from someone he met at a networking event that wanted to sell as quick as possible.

How did you finance this deal?

50/50 cash investment between me and my partner.

How did you add value to the deal?

Nothing done other than cleaning out all the trash.

What was the outcome?

More than doubled our money on it.

Lessons learned? Challenges?

Don't think too long on deals or they will be gone! Challenges included the danger of the area. The apartments were full of drug paraphernalia and condoms. Before we got them sold, someone was murdered right in front of the apartments.

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

Ellecia Hayes with Hayes Homes and Realty got them sold for us in a little over a month.

Hey guys.  For the people who have hired sales teams, just checking to see if anyone has a suggestion for a good DISC or psychometric evaluation that gives solid hiring profiles that help to determine who to hire in sales roles?  I've checked out a couple sites, but just want some feedback on what you guys are using.  

Thanks!

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $18,000
Cash invested: $19,000

This was a purchase from a previous tax sale. We cleaned title on this one, did a complete rehab including new HVAC system and roof, and will be holding long term. Fee free to see the videos of this rehab here!

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

I am experienced with tax deed properties and used that to make this happen. The house had been sitting because of the tax deed, but having dealt with them before, I did not have much competition.

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

Deal was sitting on the MLS for several months. We offered below asking and came to an agreement.

How did you finance this deal?

Deal was financed using the BRRR strategy. We went in cash and refinanced out.

What was the outcome?

Great before and after. We currently have a section 8 tenant placed with guaranteed rent on the 1st!

Lessons learned? Challenges?

The rehab budget on this was $15,000 but we went over around 4 grand on materials. I would definitely budget up some on the next similar rehab. $19,000 wasn't too off the mark for the work that we put in.

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

Hayes Holmes and Realty - Ellecia Hayes

Hello.  Checking to see if anyone has any good reviews or recommendations for companies that handle the management of direct mail campaigns, or complete marketing campaigns.  I have been doing it myself for a few years, but ready to outsource this aspect of my business.  Thanks in advance for any advice.