All Forum Posts by: Patrice Boenzi

@Kristi Wolfe it did not come through

@Ajay Sharma Congratulations! I will keep you posted. I just sent you a PM. 

@Kristi Wolfe Welcome to BP! It is an amazing place!! Yes, please PM you email and then I will send you an email so we are connected and I can learn a little bit more about your desired goals. Looking forward to talking with you!

@Kristi Wolfe I am a Realtor and active investor. If you are looking for a multi-family between $100-$140k, the Aurora and Elgin would be a good starting point. Let me know if you want me to send you what’s out there!

Investment Info:

Small multi-family (2-4 units) fix & flip investment in Grand Rapids.

Purchase price: $118,000
Cash invested: $51,000
Sale price: $222,500

Duplex Flip

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

We like investing in duplex so if they do not sell they can be rented to cash flow.

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

Our Realtor found us this property

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

We updated both units and made it as maintenance free for the next landlord as possible.

What was the outcome?

Property sold within 12 hours in a multiple bid situation

Lessons learned? Challenges?

Lessons Learned = working with partners for the first time communication is a MUST!

Challenges = Being out of town was tough when things would hit a road bump it was hard not to jump in the car.

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

Realtor, Lender and Partners

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $154,000
Cash invested: $30,800

Single Family Rental

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

It was an off market property that we were able to secure before it went live in the MLS.

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

Our Realtor found this off market property and we paid a bit over fair market value to keep it out of the MLS

How did you finance this deal?

Conventional financing

How did you add value to the deal?

We allowed the property to sit empty for 5 months with a security deposit and signed lease for a 2-year term at above market rental prices. Property cash flowed better with the higher guaranteed rent rate and vacancy of 5 months than if it was rented immediately at current rental rates.

What was the outcome?

We found fantastic 2-year tenants

Lessons learned? Challenges?

This rental has been wonderful with no issues.

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

Realtor and Lender

Investment Info:

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

Purchase price: $134,000
Cash invested: $33,500

Duplex - Cash Cow

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

I liked the fact that one unit would cover all expenses (mortgage, insurance, water, taxes)

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

I used a Realtor - My Realtor saw the other Realtor putting up the sign and asked why he did not see it in the MLS. The listing Realtor said he was going to put it in the MLS when he got back to his office. My Realtor asked if he could go through it, told the listing Realtor he had a buyer, and we offered $10K above list price to keep it out of the MLS.

How did you finance this deal?

We did conventional financing.

How did you add value to the deal?

We updated the bathroom and some flooring

What was the outcome?

We were able to raise the rents

Lessons learned? Challenges?

Lessons learned - in a duplex vacancy is not really an issue when you only need one tenant to cover costs.

Challenges = sometimes tenants to do not get along and want the property manager to play referee

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

Realtor and Lender

Investment Info:

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

Purchase price: $134,000
Cash invested: $33,500

Duplex - Cash Cow

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $214,500
Cash invested: $58,000
Sale price: $379,900

Purchased from the Credit Union as a foreclosed home.

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

Properties to flip where hard to find. This one sort of fell in our lap. We were in the middle of another flip, but knew we could not pass this one up since the numbers worked. We figured out a way to buy this one while flipping the other one.

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

Realtor altered me to the home. We won in a multiple bid situation. In this case, our lender was the what pushed the scales in our favor and we closed in 3 weeks.

How did you finance this deal?

FHA financing with 3.5% down

How did you add value to the deal?

The whole place was touched! We added flooring, cleaned up, added windows, gutters, kitchen, bath, and we always do something a little bit over the top in the deign.

What was the outcome?

Sold in two days at full list price!

Lessons learned? Challenges?

Lessons learned =
A foreclosure is not always a better deal.
A home with deferred maintenance costs more to bring up to speed.
DIY former owners cost you more money.

Challenges =
Undoing what the DIY previous owner did.
Living in this type of flip was hard.

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

Realtor and Lender

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $359,000
Cash invested: $52,000
Sale price: $473,000

Hoarder House! Five truckloads and trailers donated, two dumpster. Great Bones! Great Location!

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

We had been looking to jump into real estate investing and inventory was slim. The numbers worked. We were tired of sitting on the sidelines, running numbers and never jumping in!

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

Our Realtor, at the time, found this deal for us. It was in the MLS, but it was not selling due to price and all the stuff in it! We took it with all the stuff, was able to close in 3 weeks and promised not to nickel and dime the sellers during inspection period.

How did you finance this deal?

FHA financing with 3.5% down

How did you add value to the deal?

We rehabbed every.single.room in the house, took down the old greenhouse & landscaped it. Tons of wallpaper!!!

What was the outcome?

My Realtor listed it in the MLS on a Wednesday or Thursday and set an open house for Sunday. By the time of the open house, we were under contract. Open house day: people were standing outside of the house waiting for the open house to start.

Lessons learned? Challenges?

Lessons learned: Don't panic - you can figure it out!

Challenges - We started with a rehab team that was screened and on board, but finding replacements and additional contractors was a challenge at times. Contractors would start and then not show up to finish the job.

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

I worked with a Realtor and Lender that were great! Most lenders would not even talk to me when they found out our goal was to flip the property. The lender I used was able to figure things out for us.