All Forum Posts by: Flavia Pires

 Could I buy my 1st investment as a secondary home instead of buying as an investment using 25% down payment? Currently own a primary single family home. I asked this question to a lender before but, was  told I would have to live in it and it would have to be at least 100 miles away from my primary residence. Any expert advice on this would be greatly appreciated. Thank you very much. 

Quote from @Steven Foster Wilson:

Quote from @Kyle Fugatt:

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $50,000
Sale price: $210,000

VERY 1ST DEAL!!

Bought and renovated, used Hard Money, BRRRR deal.

Bought with Hard Money, Cash out Refi, pulled out 25k, rented for 15 months, sold for $210k during COVID!

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

1st deal, originally thought i would keep it forever...

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

Grandfather inherited and wanted to sell. he wanted 60k, we settled at 50k, wrote up private contract.

How did you finance this deal?

Hard Money Lender - local ATL lender.

How did you add value to the deal?

Renovated everything myself.

What was the outcome?

Cashed out 25k from refi (used that money to buy a mobile home), rented house for 15 months. After she moved out, we put $5k back in the house (New Roof, paint, new bath vanity), and listed for sale at $185k. Sold for $210k.

Lessons learned? Challenges?

Learned about lending from traditional to Hard money.

Learned construction work.

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

Yes! Paces Funding in Atlanta, GA.

 Great Job! Have you kept the ball rolling and bought more properties? 

 Wow- congratulations!! This awesome! Hope to be you someday. :) 

You have shared some really great points that I have noted!  We are both very motivated to do this business together. Of course it doesn't help that we are both new to this and have no idea what we are doing. I guess that's why I love the bigger pockets community.  :) Thank you so much for your insight- much appreciated! 

 This is awesome and I am going to use it. Thank you very much for sharing.  

 That is a good way to think of it. Thank you for your reply and time. 

Thank you. I appreciate your feedback!! 

Recently discovered that a long time co-worker/friend is interested in short term real estate investing as I. We both have same ideas and goals and talked about possibly becoming partners. I would love a partner but, choosing the right one is key. What important factors should I consider to help me determine if she would be a great partner? Thank you in advance!