All Forum Posts by: Brian Sawyer

Discover a unique investment opportunity in the heart of Chicago! We are offering 24 vacant land parcels located in the prestigious Enclave at Galewood Crossings. These properties are perfect for residential development and are situated in a highly desirable neighborhood known for its serene environment and easy access to key amenities.

Property Highlights:

Location: Enclave at Galewood Crossings, Chicago, IL

Zoning: Planned Unit Development (PUD) with HOA

HOA Fee: $262/month (possible negotiation of holding expenses)

ARV: $450k - $500k per property

Development Cost: $300k - $350k per property

Potential Profit: $70k - $120k per property

Total Purchase Cost: $720,000 for all 24 parcels

Features:

Solid comps with a reliable $450k ARV

High demand for residential properties in the Enclave HOA

Potential for media coverage of development projects

Established community with ex-professional athletes

Contact Information:

For more details or to express interest, please send a message. Don’t miss out on this lucrative development opportunity!

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*This link comes directly from our calculators, based on information input by the member who posted.

Please help me review this deal. Upfront the numbers dont seem to make sense but I imagine getting this property any less that $165k. this property needs the roof, electrical, and plumbing re-done and the owner wants to be done with this property. The rental market needs to be stronger for this to work as a BRRRR it seems. Any advice is very welcome! I've done one deal before and thats it.

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*This link comes directly from our calculators, based on information input by the member who posted.

Hey @Tom S.! Thanks for the response. I have absolutely considered a bank but I'm not really in a position at the moment with the bank. Another option I was thinking about was offering around 130k cash, financing through a hard money lender (we have access to for around 8%), and then literally putting it on the market for 175k. Also what about a wrap-around mortgage for seller financing?

The house we are looking at is a 3/2 in a desirable area. The ARV is around 170k, he owes 120k. He has long term tenants rented for 1375 a month but I believe rents should be closer to 1500 no problem! New ac and roof looks good. Yet to see the inside but you can tell by the outside it is well taken care of by the tenants. We are thinking because the wholesaling math did not work out that we might try lease option or seller finance strategies. Looking for advice on how to carefully go about this and maximize profits.

Hey BiggerPockets Crew,

I'm getting more into wholesaling and I'm coming across the question of what are the best leads for wholesaling? I can imagine that back property taxes, code violations, tax delinquency, water shutoffs, evictions, probates, divorce, absentee owner, pre-foreclosure, and HOA liens are all good options. But, when I think about one being active on the MLS or a pre-foreclosure, I wonder if that means that they are listed with an agent or a quick auction and would become bad leads to wholesale? Should this stop me from marketing to those deals and stick to the ones that aren't listed, or would these just be structured differently?

Thanks for your time!

Hey guys, I'm a new Buy and Hold investor and bought my first duplex in Fisherman's Haven (Jensen Beach, FL). I'm looking to do some wholesaling to gain some capital to continue forward investing and I'm also looking for people to work with. I live in the area and would love to be more active in real estate. If you think that I can provide you with some value please let me know how we can work together!

Thanks,
Brian Sawyer

Investment Info:

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

Purchase price: $179,000
Cash invested: $15,300

I bought my first property at 3.5% FHA with 2 inherited tenants who were planning on moving and were renting at $800 each side. At the end of their term, I fixed up one side and got it rented for $1300 after a 2-month long turnaround. I moved into the other side where I could do the repairs myself and save money. I AirBNB'd extra bedroom on the side I was living in for extra rental income. My rental income was enough to pay for all of my expenses leaving all of my job income to go towards saving

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

I knew that I wanted to do a live-in duplex deal that I could rehab, gaining equity and rental income. This deal appealed to me because it would be a great introduction to buying, managing, rehabing, and networking all with the benefit of a hands-on approach.

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

I found this deal by signing up with a few realtors MLS listings being directly emailed to me. I would check my email every day until I found the one that worked for me. I negotiated $20,000 less than the seller wanted due to a missing roof permit and repairs that needed to be made, also with a few tricks from a negotiating bigger pockets podcast.

How did you finance this deal?

I financed this deal through a 3.5% FHA deal with a mortgage broker who got me an interest rate of 3.625.

How did you add value to the deal?

I added value to the deal through rehabbing both sides and managing the rental myself with a rental income increase of $500/unit.

What was the outcome?

With a mortgage of $1365/mo, Rental Income at $1300/mo, and Airbnb at an average $700/mo, I net $635/mo.

Lessons learned? Challenges?

Lessons Learned: Never pay a contractor/handyman until the job is completely finished, never sublease (subs don't care about the property/damages), expect more repairs than originally intended on the first deal, people need things spelled out to them, don't get emotional when talking with tenants and never let on that it is your first time (they will try to take advantage)

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

I worked with a real estate agent named Allison Cunningham who was on top of everything that I asked of her! She was very motivated and worked hard to get the things that I needed from her and made the whole process as smooth as could be!

https://www.coldwellbankerhomes.com/fl/port-saint-lucie/agent/alison-cunningham/aid_180582/

Investment Info:

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

Purchase price: $179,000
Cash invested: $15,300

I bought my first property at 3.5% FHA with 2 inherited tenants who were planning on moving and were renting at $800 each side. At the end of their term, I fixed up one side and got it rented for $1300 after a 2-month long turnaround. I moved into the other side where I could do the repairs myself and save money using an AirBNB'd extra bedroom on the side I was living in. With a mortgage of $1365/mo, Rental Income at $1300/mo, and Airbnb at an average $700/mo, I net $635/mo. This has almost covered all of my expenses to where all of my full-time job income goes straight into repairs/savings for another rental property.

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

I knew that I wanted to do a live-in duplex deal that I could rehab, gaining equity and rental income. This deal appealed to me because it would be a great introduction to buying, managing, rehabing, and networking all with the benefit of a hands-on approach.

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

I found this deal by signing up with a few realtors MLS listings being directly emailed to me. I would check my email every day until I found the one that worked for me. I negotiated $20,000 less than the seller wanted due to a missing roof permit and repairs that needed to be made, also with a few tricks from a negotiating bigger pockets podcast.

How did you finance this deal?

I financed this deal through a 3.5% FHA deal with a mortgage broker who got me an interest rate of 3.625.

How did you add value to the deal?

I added value to the deal through rehabbing both sides and managing the rental myself with a rental income increase of $500/unit.

What was the outcome?

With a mortgage of $1365/mo, Rental Income at $1300/mo, and Airbnb at an average $700/mo, I net $635/mo.

Lessons learned? Challenges?

Lessons Learned: Never pay a contractor/handyman until the job is completely finished, never sublease (subs don't care about the property/damages), expect more repairs than originally intended on the first deal, people need things spelled out to them, don't get emotional when talking with tenants and never let on that it is your first time (they will try to take advantage)

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

I worked with a real estate agent named Allison Cunningham who was on top of everything that I asked of her! She was very motivated and worked hard to get the things that I needed from her and made the whole process as smooth as could be!

https://www.coldwellbankerhomes.com/fl/port-saint-lucie/agent/alison-cunningham/aid_180582/

Hi my name is Brian Sawyer. I've been researching real estate investing for a little over a year now all while saving up for a down payment. I believe I have enough knowledge to make good deals but I still believe I could benefit greatly from learning hands on with a knowledgeable mentor! I'm very enthusiastic about becoming financially free and I know I would be able to find a way to make this a mutually beneficial experience for the both of us whether it is finding deals, financing deals, etc. Please think it over and get back to me at your earliest convenience!