All Forum Posts by: Robert Adams

I think I saw Noah looking for a partner for this deal (if it's the same 6 plex that's all boarded up)

There seems to be some interest in this deal so here is the timeline on how we did it. This is from my blog post back in Jan 2016.

1. Day 1 December 21, 2015 ~ We closed escrow on the purchase. We also had been discussing the purchase with an investor prior to our purchase. As soon as we closed on it, we put it back in escrow the same day. The investors offer was contingent upon him viewing it once it was rehabbed. The EMD and buyer's due diligence period was to begin after the rehab was complete.
2. Day 2 December 22, 2015 ~ The rehab/demo began. I also contacted the future tenant and explained that the rehab has begun and that he should be able to move-in in about 5 days.
3. Day 3 December 23, 2015 ~ We tried to get as much of the rehab done as possible since Christmas was quickly approaching. We also worked diligently on getting title all the info they needed so they could update the prelim, get the HOA name transferred to us, so Title could get the updated HOA demands on time for close. After sending the HOA the update deed we also paid an extra $50 to put a rush on the HOA demands so we could close on time.
4. Day 4 December 24, 2015 ~ There was a half day of rehab done on this day due to the holiday. The tenant submitted a rental application.
5. Day 5 December 25, 2015 ~ This was Christmas and everyone took the day off.
6. Day 6 December 26, 2015 ~ This was the last day of rehab. We prepared the unit to be shown to both the new tenant and the new owner.
7. Day 7 December 27, 2015 ~ The tenant viewed the property and gave the green light. He signed the lease agreement for one year and gave a $600 security deposit. I gave the tenant the last few days of December for free and he is expected to pay the first months rent to the new owner on January 1st. The buyer came and viewed the unit now that the rehab was complete. He approved the condition and rehab and we instructed title to get everything together for the final signings.
8. Day 8 December 28, 2015 ~ We completed the files for both the buyer and seller. We went to title and signed on the seller side.
9. Day 9 December 29, 2015 ~ The buyer signed and wired the funds.
10. Day 10 December 30, 2015 ~ Title was recorded in the new owners name, the security deposit was transferred to the new owner, and the deal was DONE!

@ram v

North Las Vegas 

Investment Info:

Single-family residence buy & hold investment in Henderson.

Purchase price: $320,000
Cash invested: $153,800

At $320k we got $10k credit from seller and $12k state grant that lowered the net purchase price to $298k. did a full rehab and we are holding it for now.

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

long term cashflow and building equity through rehab and appreciation

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

on MLS

How did you finance this deal?

tradition financing with seller credit and state grant

How did you add value to the deal?

bought below value and full rehab

What was the outcome?

on going

Investment Info:

Single-family residence fix & flip investment in Las Vegas.

Purchase price: $45,000
Cash invested: $46,100
Sale price: $65,000

We cleaned the carpets and relisted it. We asked $69,900 originally which was much higher than value so it too a little longer to sell but we were ok w that at the time.

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

quick flip with little money and very little work needed

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

on MLS

How did you finance this deal?

cash

How did you add value to the deal?

bought below value via short sale, cleaned and relsited

What was the outcome?

sold for a profit

Investment Info:

Single-family residence fix & flip investment in Las Vegas.

Purchase price: $56,000
Cash invested: $57,600
Sale price: $65,111

I bought this condo with a self directed IRA with a real estate focus. It had a roof leak that damaged the interior ceiling which was the responsibility of the HOA. I replaced the hardware in shower, did touch up paint, and a deep cleaning then sold it in less than 45 days for a profit to the IRA.

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

Building Retirement Capital

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

on MLS

How did you finance this deal?

Self Direct IRA - cash

How did you add value to the deal?

bought below value, cleaned, very minor rehab

What was the outcome?

sold for a profit

Lessons learned? Challenges?

smooth transaction dealing with the IRA custodian

Investment Info:

Single-family residence fix & flip investment in North Las Vegas.

Purchase price: $28,000
Cash invested: $30,500
Sale price: $38,500

I owned this unit for 10 days! I bought it, did minor rehab, put a tenant in place at $650 mo and then sold it to a fellow BiggerPockets member. He held it with the same tenant for 2 years with positive cashflow then sold it to another investor of ours. then that investor held it for 3 months, we put a new tenant in it at $700 mo and then we sold it for again.

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

quick flip...rehab, place tenant and sell

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

on MLS

How did you finance this deal?

cash

How did you add value to the deal?

rehab and placed tenant

What was the outcome?

sold for profit

Lessons learned? Challenges?

multitasking to to rehab, place tenant and sell quickly

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $57,000
Cash invested: $58,100

Self Directed IRA Buy and Hold for positive cash flow and plan to sell in 18 months

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

Building Retirement Capital

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

on MLS

How did you finance this deal?

Self directed IRA

How did you add value to the deal?

cleaned and placed tenant

What was the outcome?

on going

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $58,000
Cash invested: $100

Self Directed IRA Buy and Hold for positive cash flow and plan to sell in 18 months

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

Building Retirement Capital

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

on MLS

How did you finance this deal?

Self Directed IRA

How did you add value to the deal?

cleaned and placed tenant

What was the outcome?

on going

Investment Info:

Single-family residence fix & flip investment in North Las Vegas.

Purchase price: $28,000
Cash invested: $1,500
Sale price: $38,500

I owned this unit for 10 days! I bought it, did minor rehab, put a tenant in place at $650 mo and then sold it to a fellow BiggerPockets member. He held it with the same tenant for 2 years with positive cashflow then sold it to another investor of ours. then that investor held it for 3 months, we put a new tenant in it at $700 mo and then we sold it for again.

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

quick buy, rehab, place tenant, and resale in only 10 days

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

on MLS

How did you finance this deal?

cash

How did you add value to the deal?

minor rehab, place tenant

What was the outcome?

sold for profit

Lessons learned? Challenges?

how to multitask and move the deal along quickly