All Forum Posts by: Scott McPherson

Hey BP Community I am looking to connect with Buyer and Sellers of Multifamily Apartments and learn more about how to source Apartment deals.  I am new to this space and would like suggestions of how to go about finding Apartments for sale?  Does skip tracing work for finding Apartment sellers?  I would love to speak with anyone with experience in this area.  Thank you.

Hey Brandon thank you for the suggestion.  Are you the Broker?  I am interested in the work with foreclosures and short sales.  I also see on the website there is an in-house investment firm and curious what is that about?  I tried to provide my phone number and email to discuss more but I guess it's prevented. Thank you Brandon I'll reach out through the website.

I just passed the Florida Real Estate License Exam so looking for a Broker to place my license with and prefer one with a focus on investors.  Any suggestions out there?  Thank you.

Investment Info:

Single-family residence buy & hold investment in Prairie Vlg.

Purchase price: $132,500
Cash invested: $20,000
Sale price: $155,000

Purchased ugly home on block and renovated with nice features then rented out for 8 years.

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

This home had 4 bedrooms in an area where most were 2 beds. This provided more rooms to rent.

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

Found on MLS with high days on market.

How did you finance this deal?

FHA

How did you add value to the deal?

Replaced flooring with tile. Added new kitchen cabinets and granite counter tops. New appliances. New bath tubs and tiled baths. New carpet and paint. New fixtures.

What was the outcome?

Rented for 8 years providing income.

Lessons learned? Challenges?

Don't over fix a house more than the neighborhood can sustain.

Investment Info:

Single-family residence fix & flip investment in Kansas City.

Purchase price: $255,333
Cash invested: $14,000
Sale price: $332,500

Added a bathroom to finished basement. Built basement bedroom, installed egress window, and built walk in closet.

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

Was able to purchase at discount from seller with 300+ days on market and was willing to negotiate.

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

Home was in an area I desired. It was initially listed at a price that was a stretch. I made low offer at the beginning of the summer. By the end of the summer it was still available and had 300+ days on market at that point. I made a slightly more competitive offer which was accepted.

How did you finance this deal?

FHA

How did you add value to the deal?

Added bedroom and bathroom to finished basement to create a separate living area.

What was the outcome?

Profited $63,167

Lessons learned? Challenges?

Buy a home with high days on market has the seller wondering if it will ever sell. I believe that is why they were willing to sell at a discounted price. Then remedy the issues that was keeping other buyers from buying it.