All Forum Posts by: Sterling S.

Investment Info:

Single-family residence buy & hold investment in Franklin.

Purchase price: $20,000
Cash invested: $25,000

Heloc... 45k investment on our first home. ARV is $110K-$120K should replace cash invested and $50k to invest in more multifamily.

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

There is a time and place for renting but we were well past it.. I knew his deal had ALOT of room for profit.

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

Friends of Friends. House was Going to be lost to tax Foreclosure, Worked out a deal with owner, where I stored their stuff for 12 months and offered $20k for the house. (I solved a problem no one else wanted too. She (former owner) has fair amount of unreplaceable items she didnt want to loose.)

How did you finance this deal?

CASH

How did you add value to the deal?

Rehabbed the entire house....

What was the outcome?

Its pretty Dope.... So far inside is done, we've Moved in and now I'm working out bugs, finishing up other projects, then I'll finish Exterior and HELOC the first of the year. I purchased it in July but had a 4 unit to get cashflowing first.

Lessons learned? Challenges?

Everyday for the first two weeks of demo/prep I got 3 more days behind. Went $5k over budget. Not because I had to but because emotions, and my own family/kids living here. Everything is "Smart" lights, outlets, appliances etc. Customized the kitchen past necessary but Happy wife. Happy life.

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

Real Estate Agent advised how to proceed, provided contract and Title Agency.

Lisa Feltman
Dayton, Kettering, OH

Hello! I'm a local buy/fix/hold multifamily investor. I have a good sense of local communities and neighborhoods. I currently have a 4 unit by the University of Dayton, a Sfr in Franklin Ohio (15 min south) and a second UD 4 unit in the works. . I'll offer as much help as possible,  I also have some wholesalers if you want to get on their email lists. Message me if you need anything I'll do my best to help!

Beautiful place! Specifically what area of Dayton is it in? I am just finishing up a complete rehab on a 4-unit close to UD. Currently 75% occupied. Great demands so far for 2-bedroom 1-bath units and one bedroom one bath units. I love Dayton for RE investment. 

Hi Mindy! I can give my personal experience. It sounds to me like Latex paint over Oil Paint. Thats the only time I've had "bubbles". Possibly some residue on the walls of another kind but that's only a theory. I've done a significant amount of painting and have personally never had bubbles from nicotine resin. The tell tale for nicotine with latex paint is the brown resin that seeps right through the latex paint ESPECIALLY in any area that will get humid (bathrooms and kitchens). The absolute worst smokers house I've done I had to spend the money and purchase Synthetic Shellac from Sherwin Williams. I still had to use 2 coats in some areas.
What I do now and just did last week on my 4 unit is take a little dawn soap (emulsifying agent) and warm water and scrub the wall first (see picture). You should see a visible difference just from that. It's a lot of elbow grease but it makes all the difference. After washing the walls you can use Killz as primer to be safe, then paint. For the cost of Killz its a cheap safety net.

In my experience latex based killz is a good primer and mold/odor blocker but it will not block out nicotine Especially in areas susceptible to humidity. Oil based killz may do better but washing the surface first has always been the most effective.

  * if you have wood trim around windows or floor it can absorb more nicotine resin than the walls so be sure to scrub once let dry, then do it again. Those have always been my trouble areas. If time is not a major factor maybe do a test area. If the nicotine is going to show back up it should do so pretty quickly.

Hope that helps!! Much love for BP!