All Forum Posts by: Nadine Lajoie

hi, seller is out of town due to family death so we'll close only next week, but already got a partner on this one.  Will be available in a couple of weeks in Buy and Hold, probably around $210-220k... GOT so many requests on AirBnB, maybe that would be a great strategy too :-)

MlS Comps available, just shoot me your email... 

Available tomorrow afternoon, sorry I was crazy busy last week after 3 week in Quebec, still catching up... please call me @Kathy too... 949-421-7562

And I rented a parking at the corner of Atlantic and 5th street... so now the place has a parking secured.... ADDED VALUE! :-)

if you want to keep it for Buy & Hold or lease-option or rent-to-own, rents in area are between $1300-$1600 so you have EQUITY & CASH-FLOW!

I cannot keep it myself because I have to do 10 flips by Aug 2017!!! but there is a way to structure the deal, so you can keep it!   let's discuss about opportunities! :-)

Looking for a partner on my new condo at $185k or FOR WHOLESALE at $190k!
Close to Down Town Long Beach, walking distance to everything!

I think we can do $20k in about 3 months on this one, nothing is guarantee in real estate, but we have good chances, and that would be 40% annualized return.... if we make only 10k in 4 months, we still talk over 15% ROI annualized.... if you just want to be a lender, you can get 6-12% interest rate along the way!!!

**********    Many ways to do the deal still...   Closing on July 1st! 

Price: $185k

Repairs: $3,000

Resale: $220k - $248k

MLS Comps are at $248k

Call for details 949-421-7562 

New carpet, new ceramic already,new fans, and I will do some repairs in the kitchen, staging and painting.


Can still wholesale the deal to you at $190k - CASH and quick, before July 1st!
Lease-option, creative financing, rent-to-own can be a possibility, even if you are not having a good credit. let me know ASAP!
Call for details 949-421-7562

Numbers - numbers - numbers... first!!!  Unless you have huge potential for increasing rents, add-on or zoning, if I put numbers in my software the way I analyze my deals, would give you ONLY:

Cap rate: 2.292

ROI: -10.36%

DSCR: 0.53

AND 3.6% interest rates will not last forever...

At 5% the ROI is - 14.31% and DSCR at 0.44

Not a lender you lend you money on that, usually they aim for over 1.2 or even more!!!

Solution possible, ONLY is price is $1.5M and rents at $10400, meaning 1300 per units, to get a cap rate of 5.484% ROI 5.6% and DSCR at 1.26....

Unless that can be met.... run fast!!!!

We can every day deals better than that!

My 2 cents :-)

Thanks everyone for your great comments.  Looking for more deals and partners.

@Aleksey, yes in Long Beach, 6 -7% cap rate is rare but possible on condos 1/1... on 2/2 didn't see any so far....  but that is crazy, I had so many wholesalers contacting me but their buyers are looking for 10% cap rate... doesn't exist in Long Beach, and I guess wholesalers didn't do their homework and they will search over 1000 deals to find one...  easy way to figure out the newbies vs the experimented investors or wholesalers....  but so bad that too many times, the investors make wholesalers work for nothing and waste their time on something that barely exists.... LOL

MlS Comps were about 226k average, up to $260k high end comps.  Condo were already move-in ready, so I added value by adding the back-splash, ceramic in kitchen, decorative painting and good staging... so the place we're way more attractive for an end-buyer, but I got a buy and hold investor interested and I had the price at 205 for investors and between $224k and $240k for end-buyer. So I was not too greedy and left equity and cash-flow for a cash investor.  Buy low and sell low.

The guy dropped the price 20k and I got the email from MLS at 2am, was still awake, emailed my realtor to visit in the morning around 10am, and was already the 3rd offer.... lower than the 2 other ones, but they didn't like the big addendum counter offer and backed-out, so I got it because I took action fast and put a back-up offer and I paid CASH!!! :-)

No real appreciation in 2 months though...

When I speak or teach or mentor my students, I always talk about taking action quickly, do your analysis in minutes, do due diligence after you put your offer in, but still, people are taking their time, again and again to find the perfect deal.... and get nothing...  this was not the perfect deal but an EXCELLENT DEAL... I'm happy with that and the buyer is happy too... it is a win-win situation...  loving it!

Hello,

I finalized my numbers on the condo with the final HUD statement last week, and I made 25k profits on a light fix and flip condo in Long Beach... I'm pretty stoked about that, was my first flip in high expensive California, compared to the 14 other deals I made Out-Of-States in Indiana, Illinois and Georgia, for less than $35k-40k each including fixing. California is pretty scary because the market is high and you have to invest 4-5 times more for not even twice more rents.... so here are the numbers:

PP: $162,500

Closing costs: $2,500

Repairs: $3,000 (I never had time to do all the $9625 repairs at the maximum I had planned)

TOTAL: $168,000

Resale in 2 months: $200k (March 18 - May 19)

Final HUD after all closing costs: $193,110

PROFITS: $25k / $168k investment = 14.88% ROI in 2 months

X 6 = 89.3% annualized (pretty amazingly surprised - I had planned 4 months for this kind of deal, so worked out even better than expected!!!)

SO now my goal is to do one every 2 months or my goal is to find partners so I can do 2 or 3 at the same time, with that price rance of about $165-$175k with repairs...

since I didn't have enough money to buy CASH a house like all investors want in California, but not a lot has enough money, I analyzed the market since last November, and found out that the Condos 1br/1ba, if I have to do buy and hold on it, or resell under the market as I did on this one, for a Buy & Hold investor, that is possible to cash flow and having a cap rate between 7% and 9%... I know most investors want to stay away from condos, me too at the beginning, but it worked out really well, so I want to do more of those, until the next crash, where the prices will be more affordable... I still do some deal Out-of-State with my students, because we can buy stuff at 12k, with ARV of 40-50k.... pretty amazing returns there! Just different kind of problems, but since I did a bunch of those, that condo in California was one of my most scariest deal!!! got out of my comfort zone, overcame my fear and happy about it... applied what I teach!!! :-)

Contact me if you have any questions or comments are welcome!  thanks

pictures didn't want to attach - don't know why.

so go there and you will see before and after pictures in the albums for 819 E. 4th Street #4

www.Facebook.com/nadinelajoie.realestateinvestor

I gave a talk last Saturday at

http://www.meetup.com/NEWPORTBEACHINVEST/events/23...

and over 25 people were there, great energy and was really fun to share with the RECEPTIVE GROUP!

Another one was Yorba Linda, at Mimis Cafe at 6h30, with @Ron Herrerra who is also a BP member :-)

http://www.meetup.com/North-OC-REI-Network/members...

good luck in your real Estate investment and let me know if you need my help!

Blessings,

Thanks, let's talk soon :-)