All Forum Posts by: Sheldon Vic

Hard to say. What will be the new LTV with the cash-out? You could always get the cash and put it on the sidelines (savings) so that its ready to go should near-future opportunities should arise.

Hello all,

Looking for quality, reliable contractors in the Cleveland, Ohio area to work on some properties I am in the process of acquiring. Looking to have a variety of help ranging from roof, painting (exterior and interior), flooring, kitchen remodeling, electrician, plumber.  Reach out by shooting me a message or commenting on this post. Thank you for your time!

Best,

Sheldon V.

@Lu Huang. It's been doing well. I completed everything virtually, haven't seen the property (in person). The company I worked with is very reputable, and the premiums are well worth it (in my opinion). I wanted to get into real estate investing, and this (for me) was an easy way to get my feet wet and learn about the whole process.

Hello,

So i've been doing some research and found an upcoming auction about a month away. I have some potential properties that I was interested in pursuing and was considering door-knocking to see if I can come up with a feasible win-win arrangement to purchase the house rather than have them go into foreclosure. 

Is this something that has been done before, and is it at all a successful strategy? If so, what are some arrangements that have been successful/worth mentioning? 

I was considering finding what is owed on the property and cashing out the seller with a severance package. This is considering the numbers all line up. Thanks in advance!

Best,

Sheldon V.

Investment Info:

Single-family residence buy & hold investment in Eugene.

Purchase price: $305,000
Cash invested: $3,000

Currently primary residence utilizing VA loan. Seeking to turn this into rental (post 1-year timeframe). Potentially refinance to conventional in order to reuse my VA loan on next property.

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

First primary residence

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

Realtor, offered on property and was accepted

How did you finance this deal?

VA loan

How did you add value to the deal?

Buy and hold

What was the outcome?

+~5% equity established after 6 months

Lessons learned? Challenges?

Obstacles and benefits of utilizing VA loan.

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

Kirin Walsh (realtor)

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $75,000
Cash invested: $15,000

Turnkey investment. Cashflow +

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

First investment, conservative approach.

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

Turnkey website, through sales rep

How did you finance this deal?

conventional lending

How did you add value to the deal?

Appreciation, rental income

What was the outcome?

Cashflow +

Lessons learned? Challenges?

First home purchase, out of state investment, what team was comprised of

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

N/A

Owner is completely MIA, and we are on a month-to-month lease.

Hey all,

So i'm currently renting, and upon arriving back home (from a family outing) found a copy of the court summons to the owner of the property taped to the front of the door. Seems as if this property is in the process of getting foreclosed upon, and after doing a quick search found that there is a lien against it. Going to speak with a lawyer about it on Monday to figure out what our rights are as tenants (we've been good tenants for the past 3 years). Would be interested in seeing if this could be an unforeseen deal in the making... Anyone have any experience with this type of thing? Any help is much appreciated.

Hello BP community,

So we have just gone into escrow for our first primary residence, that we intend to turn into a rental (once we move out-of-state). I would appreciate an experienced persons input on estimating cost and timeline based on the associated pictures (conservative numbers to account for contingency), and person best suited for this job (GC, handyman, hands+youtube, etc).

Currently the unit is tenant occupied, but they have taken good care of the unit (had carpet on the flooring); walls were maintained well etc), so will need minimal rehab. Primarily trying to get some forced appreciation with a kitchen remodel (cabinets & appliances), and changing out the bathroom countertops/vanity. Aside from this we plan on installing ductless AC. I would consider doing as much work myself (to save on cost), and might consider painting (but don't think its necessary). I believe making these changes would make this a competitive rental unit for the future.

Any and all feedback is appreciated. Thanks everyone! :) 

I agree with @Theo Hicks. A house hack is a great start (especially for someone who is single starting out). FHA for 3.5 down should leave you with more than enough to do renovations, and sufficient contingency funds. Potentially would be roll into another deal with the right momentum (and numbers). On top of this I would delve into the education aspect of it; there is a small learning cure, but will pay out long term for the better (books, podcast, youtube, social media; steer clear of the "guru" courses, they'll wring you dry).