All Forum Posts by: Shane Dolinski

Investment Info:

Single-family residence buy & hold investment in Albuquerque.

Purchase price: $196,600
Cash invested: $196,600

Historic Adobe in North Downtown Albuquerque.
80 year old, fully remodeled home in a gentrifying area of town. Huge lot that we will be adding an ADU at some point in the future.

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

I spoke with the owner who wanted me to list this property. She told me what she wanted to walk away with and wanted an easy deal. We agreed to a cash deal with a quick close.

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

I met the owner who was giving away some stuff and chatted with her. Found out she had a property she wanted to sell. Kept in touch with her and when she was ready she had me come to discuss options.

How did you finance this deal?

All cash

How did you add value to the deal?

This was a turn key property. I raised the rent from previous ($1500) to a little above market ($2000).

What was the outcome?

Happy investment with happy tenants and happy owner :)

Lessons learned? Challenges?

The owner asked me after we closed what I rente it out for and when she found out I raised the rent she was upset bc she didn't think we could get that much and she thinks she should've sold it for more...takeaway, do not discuss terms with previous owners.

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

I am a licensed Realtor in NM.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $182,000
Cash invested: $25,000

Bought as my first Airbnb. Furnished, got my LLC, Short term rental insurance (IMPORTANT TO DO!), local Business license, professional photos, listed it on Airbnb/VRBO, and had it cash flowing from the start...Learned alot.

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

I love using Airbnb's and as a long term investor, I decided to throw my hat in the ring! Glad I did. I am now the Airbnb Facebook Community Leader and we host meet ups every 6 weeks to STR owners.

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

I wanted something with low maintenance and priced inexpensively. Looked on the MLS and found this one.

How did you finance this deal?

REC with a 5 year call. I refinance it last year at 2.75%

How did you add value to the deal?

I manage this property myself.

What was the outcome?

Has been a great investment and continues to cash flow.

Lessons learned? Challenges?

Evaporative cooling is great in the desert Southwest, but people from anywhere else in the country do not understand that the A/C (Swamp cooler) and the furnace use the same venting system and only one can be utilized...this is uncomfortable in a month or two in the fall or spring as it is too hot or cold for portions of the day. I converted all my STRs to Refrigerated air.

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

I am a license Realtor in NM.

Thank you for this information! I am armed...and now very busy setting up the spreadsheet to include the fees, services and other recommebndations.

I will also request a lease agreement form each and read through them, highlight questions that I have, and educate myself.

I referred them to a client and they have been less than great for the client.  That is why I am vetting others for other clients that I have under contract and future investors currently looking here...

Thank you for the response, though! I appreciate your response. Maybe we will see you around!

Shane

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000

This was my grandma's home. She moved in with my parents s she is getting older. I did an Estate Sale, completely remodeled it and now it is a short/medium term rental

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

We want to keep the home in the family and make it turn a profit. My brother and I purchased from my parents/grandma on a Real Estate Contract

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

Family deal. My Gma moved in with my parents and we wanted to buy her home, remodel it and rent it

How did you finance this deal?

Real Estate Contract

How did you add value to the deal?

Comnplete remodel of interior, tear down walls, remodel kitchen completely, new flooring throughout. Furnished it completely.

What was the outcome?

>80% annual occupancy as a Short term Rental and Mid Term Rental. Doing very well!

Lessons learned? Challenges?

Communication is very important every step of the way esp. with partners. Family even more so, but with this communication we are/were able to fin a goo place for us to make money and build equity

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

None

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $196,600
Cash invested: $196,600

Historic Adobe in North Downtown Albuquerque.
80 year old, fully remodeled home in a gentrifying area of town. Huge lot that we will be adding an ADU at some point in the future.

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

It was a listing appointment with a client. I gave her the option of listing it, or I would buy it from her, close in 2 weeks and pay cash...she wanted to be done and an easy way out, so that's what we did

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

I found her on Marketplace and received a BowFlex form her...we started talking about Real Estate, one thing led to another...

How did you finance this deal?

My partners and I paid cash, We will refinance and pull cash out.

How did you add value to the deal?

Buying it wholesale is an instant value add. We are going to turn it into a Furnished Finders or Rental

What was the outcome?

TBD, lol

Lessons learned? Challenges?

After we closed the seller had remorse for selling too cheap as we are going to rent it out for at least 25% more than she did. We didn't hide that fact from her, I posted on FB, and she is a FB friend, but she still got hurt she let it go too cheap. It was a smooth and easy transaction, as promised, and we did close in 2 weeks and did everything we said we would. No fault here, not sure how this could've been different.

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

Me!

Investment Info:

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

Purchase price: $515,000
Cash invested: $115,000

4 Plex purchase. It is in an area I am interested in and saw potential for growth. It escalated about the asking price of $500 to $520. It would have gone higher, but as an investing realtor, I built rapport with the listing agent and offerred to help walk him through the process, as this was his first Multi Family sale...I think that helped!

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

I really like this area, it is close to my home, and it was under market value in rents

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

An investor that has done several deals with me, asked if I would like to partner up. I said yes in a heartbeat!

How did you finance this deal?

Conventional through a lender who I will not recommend

How did you add value to the deal?

We immediately increased in all units and made the tenants pay for all utilities.

Remodeled one unit after a tenant left and rented out quickly for more than the others...

What was the outcome?

Veyr happy with this investment and ROI is good already

Lessons learned? Challenges?

The most challenging with this deal was the lender. They were bad communicators, we had to delay closing bc of thier underwriting.

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

ME! lol

Investment Info:

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

Purchase price: $515,000
Cash invested: $115,000

4 Plex purchase. It is in an area I am interested in and saw potential for growth. It escalated about the asking price of $500 to $520. It would have gone higher, but as an investing realtor, I built rapport with the listing agent and offerred to help walk him through the process, as this was his first Multi Family sale...I think that helped!

Raised rents in every unit immediately (gave them 45 days notice). Also told them they would be paying for utilities as the current landlord did not. Lost a tenant, but remodeled the unit and had it rented out at a higher price before the reno was complete.

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

I really like this area, it is close to my home, and it was under market value in rents

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

An investor that has done several deals with me, asked if I would like to partner up. I said yes in a heartbeat!

How did you finance this deal?

Conventional through a lender who I will not recommend

How did you add value to the deal?

We immediately increased in all units and made the tenants pay for all utilities.

Remodeled one unit after a tenant left and rented out quickly for more than the others...

What was the outcome?

Veyr happy with this investment and ROI is good already

Lessons learned? Challenges?

The most challenging with this deal was the lender. They were bad communicators, we had to delay closing bc of thier underwriting.

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

ME! lol

Hello!

I am a license Realtor in Albuquerque, NM and am vetting PM compnaies for my BP clients who are looking to invest here. What are some good questions you use, or things to consider when finding a PM company?  I referred my clients to one who a friend told me about and their experience is horrible and I feel bad for this referral. Of course, I tell my clients to do their own research, but they do defer to me for advise/references...

Questions currently on my spreadsheet are;

Investment Info:

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

Purchase price: $515,000
Cash invested: $115,000

4 Plex purchase. Raised rents in every unit immediately. Lost a tenant, gained another for higher rent.

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

It is right down the street from my house and I like the area. I liked the below-market rents as well.

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

It was on the MLS, I have a drip of the emails whenever a new investment property becomes available.
It was listed at $500k. I offered $500k with an escalation to $520k. I befriended the agent on the listing side and was able to find a way to work the deal (I gave the seller $1000 TOM-Time Off Market) fee to get this deal pending and under contract. Subsequently negotiated a $20k credit at closing for repairs the inspections dicovered.

How did you finance this deal?

Conventional with 20% down. Closed at 4.05% with 1.5 origination points.

How did you add value to the deal?

Immediately raised rents. Made tenants responsible to pay for Gas and Water/sewer, in addition to the electric they were paying. IN the process of changing the gas meter from a one to individuals.

Reno one unit for the new tenant. Will reno each one s they become vacant.

What was the outcome?

Cash flowing

Lessons learned? Challenges?

Changing over 1 gas meter to 4 requires the whole building's upgrades to go to newer water heaters for city code enforcement

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

Yes, myself :)