All Forum Posts by: Steven Woods

Investment Info:

Large multi-family (5+ units) commercial investment investment in Lake Elsinore.

Purchase price: $98,000
Cash invested: $100,000
Sale price: $98,000

Vacant land zoned R3 with option to build 8 units

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

Seeing the development taking place within the city of Lake Elsinore and noticing a pattern of big money investors closing in on mult family zoned land in the historic district

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

While driving around the area searching for potential deals we came across this vacant lot with a for sale sign on it

How did you finance this deal?

All cash purchase

How did you add value to the deal?

We will build an 8 unit complex with covered parking and potentially a value add by building a side building with coin operated washer and dryer accompanied by a vending machine that's loaded with materials related to washing/drying clothes.

What was the outcome?

We were able to close escrow days ago and already in the process of developing the land

Lessons learned? Challenges?

Know what you want so when you see it, you know it's perfect!

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

I was my own agent in the deal which helped gain a ton of experience working with the sellers agent and escrow company

Hi! Hopefully my comment helps or sheds light on the situation. I don't think it's about how much it would cost to do either or, It's more about the volume of homes you would like to purchase (month to month, annually etc.) how much reserves you would like to have in the bank while you're doing your investing, and most important, the ways you can add value. Depending on which strategy you use (BRRRR, Flip, Buy&Hold) is going to dictate how you will find/ have funding for the next home. unless you have hundreds of thousands saved up to buy and flip homes and still keep a nest egg on the side for any potential unforeseen changes, I would use OPM(other peoples money) using bank financing to secure the property and from there you leave a ton of options. So when your thinking expensive, think more how much time and security would you like to have while investing in your future portfolio. Hope this helps! Happy investing!

Hopefully this helps, I was previously having the same issue with my wife being on the loan. Due to her credit score(Now fixed) and the fact that she is a stay at home mom(has $0 income) makes it difficult to put her on the loan, so I don't. It's not a big secret or big deal depending on how you look at it. If you want, you could go on the loan solo and to make sure your boyfriend doesn't feel left out of anything you can add him to the title of the home giving him the same rights in the home as yourself. BUTTTTT      (before someone destroys my comment in the comments section, LOL) I will say I feel very comfortable doing this due to the fact that it is my wife. You can both be on title as joint owners of the property, but you being approved and on the loan solo means you are liable for that promissory note that you signed and you are responsible to repay that mortgage. I personally wouldn't pay extra especially thousands unless you want him to share that financial obligation with you. Either way hope this helps!! P.S you could also wait for the credit to be repaired to a certain point and revisit the refi but with these current rates IDK

Wanted to share a quote I came up with that I tell my little ones.

"It's easy to live hard, and it's hard to live easy" -Steven Woods

Simple life facts

 That quote!!!! I want to let you know that got me through the day yesterday. I was laying turf in one of my rental properties after I read the David Goggins quote and it made me push through. I was going on probably my 5th hour, 108 degree weather (Lake Elsinore) and I thought about that quote, had a drink, and finished the job. So I owe you a thank you for your response and words of wisdom even though it's a quote you brought that to the forum and shared. 

Freedom of time is a major driving factor for me as well. The way I see it is, I'm free when I don't need to ask another person for permission to spend time with my family. (let that one marinate on the mind, probably cook up something really nice in the future!) I will check out that read as well, to me if another investor found value in a book it's worth it to me.

I'm a big family guy! I love and can relate to your why. I'm teaching them as I learn more. 

Music can have so many different effects on people, there are times when I just want to listen to "Israel IZ Kamakawiwo'ole, Somewhere over the Rainbow", keep it on repeat and do deep meditation breathing.

Nipsey was killed, died by gunfire. It was a very somber moment for me because I could see and understand the new direction he was taking his life and the potential impact it could have had on the very people around him but I always try to find the positive in a situation and I believe although his unfortunate passing happened, it brought about a lot of change in people for the better.

I appreciate the response!! Keep that inspiration/motivation! 

 Hey BP family good morning and happy Wednesday!! I want to inspire and motivate others and would love to know what inspires/motivates you? Songs, quotes, books?! As for myself I find inspiration from my wife and 3 children. Another source of motivation for me is a rapper named Nipsey Hussle.(some of you may know him some may not). His story is an interesting one of trials and tribulations he's gone through and if you look beyond the book cover on him there's deep lyrics and quotes that have inspired my investing journey. I encourage people to interact and share what's their why? You never know, your inspiration/motivation could be the connection that leads to your next big deal!! OPEN/SHARE/CONNECT/GROW

Hi Joe! I'm a newer investor in the SoCal area but looking into starting up a syndication to acquire large commercial residential but also want to continue to build my personal portfolio. I'd thought I would throw in some advice as I'm currently in the market for multifamily and looking to scale that up in the near future. I would suggest to find multifamily deals that you can either use the BRRR method or value add. With your experience in SFR I think you could find creative ways to increase the NOI increasing the value and allowing you to continue to scale by reinvesting the equity you've created and finding the next deal. I believe having a good lender is a very helpful especially if they can help you qualify and refi the property. (I currently work with a lender who is amazing send me a message if you would like his info👍) hopefully this helps and happy investing!!

Investment Info:

Single-family residence buy & hold investment in Lake Elsinore.

Purchase price: $440,000
Cash invested: $100,000

Was fortunate enough to grab a home in the Canyon Hills area of Lake Elsinore! 4bd 3br 2,469 sqft on a 5,227 sqft lot built in 2006 wonderful home.

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

terms of the deal were great and looking at the current market of Canyon Hills

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

found the deal while driving through the neighborhood and was able to contact my agent to type up an offer

How did you finance this deal?

bank financing with 20% down

How did you add value to the deal?

renovated the interior and exterior and currently installing turf in the rear yard

What was the outcome?

amazing! since the purchase the market blew up and allowed me to refi my money back out of the deal

Hello BP community!! My name is Steven Woods 32y/o, I'm a fire fighter in the Los Angeles area and new to BP. I've been investing for 2 years, have an R/L, so far a couple of investment properties, and currently building up capital for my next potential investment. I would love to meet fellow BP members that are in the I.E area who are looking to network and build connections with other investors in the area. If you are interested please post or send me a message! I look forward to chatting soon!