All Forum Posts by: Jorge P.

@Zane Cress Thanks! We used Property Shark. 

Investment Info:

Condo fix & flip investment.

Purchase price: $210,000
Cash invested: $30,000
Sale price: $315,000

This was a condo we purchase off our tax lien list. Homeowner needed a fast cash sale & we were able to deliver. The property needed new kitchen & bathrooms.

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

The price & the amount of work needed to resell.

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

Tax Lien list. I listen to the seller and his needs. This allowed me to negotiate a win win transaction.

How did you finance this deal?

Cash

How did you add value to the deal?

Renovated Kitchen, 2 bathrooms & installed new furnace & condenser.

What was the outcome?

A very happy buyer who loved the renovated unit so much she paid over asking.

Lessons learned? Challenges?

- Work is work. Just because its a cosmetic flip it doesn't mean you won't be less involved.
- Not to over itemized scope of work. Some times is best to give a subcontractor most of the work (it could save time & money)
- Found out that different towns have different reselling requirements.

Hello Bp community! 

I'm an experienced real estate investor with multiple fix & flips under my belt (Please see my profile). Thus far my wife and I  have been funding all of our deals with our own capital. However, we are hitting a bump in our business where we have more deals than we can fund ourselves. So we are faced with the following options;                                       

Option 1: Let the deals go and wait till we have the capital to buy ourselves.                                   Option 2: Find a partner who has the capital or can qualify for financing and DO the deals together.                                                

After giving it some hard thought, we feel Option 2 is one we'll like to explore. We are willing to give up equity in efforts to scale our business model. With that said, we are currently looking for partners who have capital or can qualify for financing but perhaps don't have the time, experience to find deals and manage the projects. We have the deals & the experience to successfully rehab & resale a property. 

If you're reading this and feel this is the opportunity you have been looking for, please feel free to reach out so we can discuss further. We currently have two properties under contract at 55% of the ARV and will consider a partnership on both. (Properties are in NY & NJ).

"Growth is typically outside of your comfort zone" - We are READY to grow! You can grow with us.

@HX Yuan I just finished renovating a townhouse near Journal Sq. See my post :-)

Investment Info:

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

Purchase price: $790,000
Cash invested: $280,000
Sale price: $1,900,000

I purchase this property in a booming market (downtown Jersey city). The property was in livable condition but I had been las renovated 20 years ago.

I did a full gut renovation to this property (ripped down the studs, new plumbing , new electrical, new HVAC) & added a 20 x 20 extension on 3 floors. Adding an extra 1,100sf to the property (1 large kitchen, 2 new bedrooms, 1 large master bath & walk-in closet.)

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

The property was in a great location & had great bones.

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

MLS

How did you finance this deal?

Bank Financing

How did you add value to the deal?

I added 20 x 20 extension on 3 floors to the property. Fully renovated the exterior & interior.

What was the outcome?

The property was bought for $790k & it just appraised for $1.9M

Lessons learned? Challenges?

Get to know your building department inspectors & build a good rapport.

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

Purchase price: $790,000
Cash invested: $280,000
Sale price: $1,700,000

I purchase this property in a booming market (downtown Jersey city). The property was in livable condition but I had been las renovated 20 years ago.

I did a full gut renovation to this property (ripped down the studs, new plumbing , new electrical, new HVAC) & added a 20 x 20 extension on 3 floors. Adding an extra 1,100sf to the property (1 large kitchen, 2 new bedrooms, 1 large master bath & walk-in closet.)

Investment Info:

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

Purchase price: $200,000
Cash invested: $40,000
Sale price: $425,000

I purchased this property from an Absentee Owner who was just ready to sell.
- "If your persistent & patient, you will arrive at your desired destination"

The Idea was to renovate the property and put it back on the market - however... I was made an offer 2 month after closing which I could not refuse. We bought it for $200k & they offered me $425,000. I took the offer."

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

I had a marketing campaign specially targeting these types of sellers. I was happy to see it come in :-)

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

The lead was generated via our direct mail marketing campaign .

How did you finance this deal?

Hard money

How did you add value to the deal?

The property was full of vintage toys, building materials & junk. I cleaned & cleared the property to broom clean condition and it REALLY helped the property shine. But in short, all I did was clean it out.

What was the outcome?

I was able to sale the property for a $225,000 Dollar profit two months after buying it - without doing any renovation.

Lessons learned? Challenges?

If you buy a good enough deal - your exit strategies multiply.

Investment Info:

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

Purchase price: $518,000
Cash invested: $25,000
Sale price: $719,000

This was my 1st investment property which I purchased through a RE agent with low money down.

It was a 3 family which was already in livable condition & just needed small cosmetic upgrades to bring it up to current market standards.

I held it for 2 years as it cashed flow $1,500 per month ($500 per unit). I placed it on the market and received an offer the 1st week which I could not refuse.

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

I wanted to start my real estate investing journey.

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

I bought this through a Real estate agent

How did you finance this deal?

Bank

How did you add value to the deal?

I implemented a better tenant management system which allowed me to cash flow with minimal headaches.

What was the outcome?

I held the property for 2 years and sold it for a profit which allowed me to purchase my next deal.

Lessons learned? Challenges?

Never Inherit Tenants! Inherit tenants have been trained by the previous owner. This means you will inherit the good and the bad of these previous systems. In my case , the tenants had REALLY bad habits when it came to paying their rent on time & adhering the "Quiet Enjoyment" clause in their lease.

Long story short - I had to evict 2 out of the 3 tenants and learned how to successfully represent myself in court & win :-)

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

I worked with a real estate agent .

@Matthew Paul the property is not in jersey.