All Forum Posts by: Tab Teehee

@Tom I.

Thanks for the nice compliments!!!

Definitely going to sit on it for awhile, but if the right offer fell in my lap.....

@Ray Bansel

This was an off market deal in which I had some previous knowledge of. It was being sold to settle an estate and had to sell at appraised value in as/is condition. Judging from what I've seen on loopnet, I believe I got a pretty good deal, even if it did take 1.5 years and 400k in improvements!

@Anthony Wick

I would guess it's a class B property....in a rural area with not much to choose from, I'd like to think they were some of the nicer units available. I've spoke with some of the residents and were told that after they looked at what was available they like our property because it felt less apartmentish, lol! I agree with that statement because of things like the stainless appliances and nickel hardware on cabinets and doors, and also the paint colors.

The decision to go with SS appliances was made to try to give us a competitive edge with area inventory and the cost wasn't much more of anymore than black would have been. I shopped online for bulk appliances...100 appliances on one order and got the best price I could, I then went to a local appliance dealer with those model numbers and said "see what you can do" and they actually came close to the online price but when you factored in the local sales tax it added thousands more to the price! Then I went to Lowes and negotiated an even better deal and even after paying tax wound up paying less than the online dealer and had free local delivery and kept the $$$ in the community so a win for everyone! Lowes even sold me all the appliance accessories like range cords, washer hoses, dryer vents, etc. for a flat $10 each, which in some cases was more than half off the in store price!

@Shawn Nachurski

Yes the travel kinda sucks sometimes, but very very important to stay involved and catch problems early

@David Barnett

Yes it was scary and overwhelming at times, but once you commit you gotta see it through! The buildings had good bones, very well constructed structurally....solid foundations, perfect concrete slabs, crazy strong framing 2X12 joists on 16" centers with 1-1/8" plywood sub floors.

@Shane Dempsey

Thanks! Yes....the next deal....there's about 30 acres that surround this property that I'd like to develop into condos and senior living....no clue where to start and pockets not deep enough, lol!!!!

@John Culotta

Thanks! Hopefully they will give hope to someone that's found themselves in a time capsule renovation like we were, lol!

@John Culotta

This deal wasn't too difficult to put together....purchase price $375,000...rehab budget $425,000...$100,000 down payment, $700,000 loan, first a construction loan at 6% interest only, and now a P&I 20 year am 10 year term at 4.25%. No syndication, just my own cash from the sale of some single family rentals and a butt load of sweat equity!!!! I actually fired all the guys that were working out there, back in march, and finished the last building with just my wife and I and a local hourly handyman.

@Jennie W.

Thanks Jennie!

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