All Forum Posts by: Nicole Frey

All,

Ready to take the plunge and purchase our first MHP (~20 mixed lots) from out of town. Exactly how does someone make an offer with a selling broker? Do We need a broker? Do I just use a real estate agent? What is the first step? Thank you for your experience!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $800,000
Cash invested: $200,000

Primary residence buy and hold. We purchased in 2019 in an amazing neighborhood with incredible schools. Knew we wanted to rehab the property but didn't realize it would cost us $250K. Did the Kitchen, laundry room, and all four bathrooms, as well as doubled the size of the master closet. GORGEOUS. We are refinancing this weekend and plan to rent out when we move in two years.

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

Not sure it was a deal, but we needed a residence in the right school zone that was ideal for raising our family.

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

Zillow.

How did you finance this deal?

Did a 1031 exchange, and a conventional on the balance.

How did you add value to the deal?

Rehab. Tons of value added.

What was the outcome?

To be determined. I feel we will be able to cashflow $500 off this refi once we rent.

Lessons learned? Challenges?

BIG HOUSE. Probably too big for us at this stage but we will certainly grow into it.

Investment Info:

Single-family residence buy & hold investment in Burke.

Purchase price: $675,000
Cash invested: $25,000

Purchased as a primary residence buy and hold property in the DC area. Focused on schools as well as commutability into the Pentagon as well as the VRE into DC.

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

Plan is to hold on to this property as DC will never lose value.

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

Found via the internet using Zillow and closed with an agent.

How did you finance this deal?

VA loan.

How did you add value to the deal?

BRRRR. We ended up rehabing all the hardwood floors, as well as adding a large pantry, and updating all the bathrooms. Refinanced this year and will continue to rent out.

What was the outcome?

Long play on this house. We feel in the long run she will be a cash-cow.

Lessons learned? Challenges?

Good decision to purchase in this area. House has only appreciated since purchasing in 2016.

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

No.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $670,000
Cash invested: $100,000

Was primary residence at time of purchase. We house hacked the carriage house as well as a bedroom in the main house as we settled into owning our first house.

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

Built our first house purchase.

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

Loved the neighborhood.

How did you finance this deal?

VA Loan

How did you add value to the deal?

Opted for all high end finishes.

What was the outcome?

Love this house and hope to move back in someday.

Lessons learned? Challenges?

High end houses bring high maintenance clients. House must be kept in mint condition.

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

No.