All Forum Posts by: Scott Asselin

Investment Info:

Single-family residence buy & hold investment in North Little Rock.

New metal roof, painted the interior and exterior, sanded and painted the kitchen cabinets, and installed a new furnace. New vinyl plank flooring and carpet were installed throughout the home, all of the electrical outlets were replaced, and the A/C condenser and compressor were replaced.

This property is currently listed for sale! Purchase price of $76k if purchased with cash or financing, or $85k if purchased with seller financing. Contact me if you're interested!

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

I purchased a package of 4 properties in Little Rock, AR in September 2020 and renovated them to increase the rents. I have sold the first three, and I am now in the process of selling this property. There is a tenant on a 2-year lease at $950/mo, with an automatic 3% increase after the first year.

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

This was a package purchase...a wholesaler reached out to me in August 2020 to see if I'd be interested. I ran the numbers, negotiated a price decrease, and then performed inspections and purchased this package with cash.

How did you finance this deal?

This was an all-cash purchase.

How did you add value to the deal?

I performed renovations on three of the properties; one of them I just ended up selling to an investor after renting it out for a couple of years.

What was the outcome?

There was decent to good cash flow for the period I held these properties. Three of the properties were sold for a small profit and the last is currently listed for sale.

Lessons learned? Challenges?

One of the properties had foundation issues; I was aware of this from the inspection report but it ended up being quite extensive.

Investment Info:

Single-family residence buy & hold investment in North Little Rock.

2021: new metal roof, painted the interior and exterior, sanded and painted the kitchen cabinets, and installed a new furnace.

2024: New new vinyl plank flooring and carpet were installed throughout the home, all of the electrical outlets were replaced, and the A/C condenser and compressor were replaced.

This property is currently listed for sale! Purchase price of $76k if purchased with cash or financing, or $85k if purchased with seller financing. Rented. Contact me if you're interested!

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

I purchased a package of 4 properties in Little Rock, AR in September 2020 and renovated them to increase the rents. I have sold the first three, and I am now in the process of selling this property. There is a tenant on a 2-year lease at $950/mo, with an automatic 3% increase after the first year.

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

This was a package purchase...a wholesaler reached out to me in August 2020 to see if I'd be interested. I ran the numbers, negotiated a price decrease, and then performed inspections and purchased this package with cash.

How did you finance this deal?

This was an all-cash purchase.

How did you add value to the deal?

I performed renovations on three of the properties; one of them I just ended up selling to an investor after renting it out for a couple of years.

What was the outcome?

There was decent to good cash flow for the period I held these properties. Three of the properties were sold for a small profit and the last is currently listed for sale.

Lessons learned? Challenges?

One of the properties had foundation issues; I was aware of this from the inspection report but it ended up being quite extensive.

I had an extensive renovation performed by Big Rock Service Company and they were not cheap but did a good job.  It is hard to find contractors who are not scheduled months out on work, and they came through in a pinch.  They are at (501) 529-9830.

Hello,

Do you need a tax preparer?

Two of my passions are real estate investing and taxes. I've been a CPA for over a decade, and specialize in real estate taxation.

Rentals
1031's
Flips
Real estate sales
Cost segregations
Personal tax returns
Business tax returns (LLC's, S-Corporations, partnerships)

Investing in real estate is one of the best ways to save on taxes.

Let me know if I can help you!

Scott M. Asselin, CPA
CA License # 124619
M:  (818) 839-1591
W: www.scottmasselinCPA.com
E: [email protected]

 Victor, I’m here. I’m alone in a quiet area off to the side. Gray shirt

@Sammy Lyon it was great to meet you - I will see you at this Meetup 

- Scott

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $109,010
Cash invested: $63,976
Sale price: $188,000

Real estate investing partner found the deal and handled all repairs. I put up the cash for everything (the purchase, all repairs, closing costs, utilities, etc). I made a profit of approximately $15,000 after all expenses and profit payout to the investor partner.

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

The profit potential was there. This was my opportunity to be a part of a flip remotely while I worked a full-time accounting job.

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

An investing partner came to me with this deal, which he had found on the HUD Homes website. We put a bid in and got it.

How did you finance this deal?

I paid all cash on this deal.

How did you add value to the deal?

Rehab was completed to bring the condition of this property to the condition expected in the neighborhood.

Lessons learned? Challenges?

My investor partner missed the mark on some of the repairs- the property sat unsold for months as a result. I ended up hiring a broker to go into the property and give me her recommendations as to what needed to be done to get it sold, let contractors in, etc. I bought out my partner's 50% share and handled the remaining repairs myself.

Profit should have been much higher but overall I am pleased, as I learned a lot and got a flip under my belt.