All Forum Posts by: Tammy Skeath

Investment Info:

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

Purchase price: $750,000
Cash invested: $175,000

Purchased with a mix of cash and heloc funds a fixer spanish revival duplex in a suburb of Los Angeles, San Pedro. Invested an additional $175,000. Will rent it out, refinance it and then convert garage into ADU and hold for a couple of years.

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

I wanted to buy a cash deal because I had cash from a blown up 1031 to spend before the end of the year. This house had a ton of potential and charm. It had sat abandoned for several years and needed a ton of work.

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

It was on the MLS for months. My agent helped me negotiate it. I stuck to my number and eventually the seller came down to meet me.

How did you finance this deal?

cash and some heloc funds.

How did you add value to the deal?

New roof, new electric, new plumbing, new gas lines, full interior remodel.

What was the outcome?

renting out the two units and working on converting the garage to an ADU.

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

Buckingham Investments

Hello BP members! I purchased a duplex in December, that I just finished renovating. I am looking for a good property manager in the area. We worked with a company in Long Beach and were really disappointed so we are looking for a new one. Appreciate any recommendation, especially if you are currently working with them.

Thank you!!!

Looking forward to it! 

I’m out of town this weekend. Hope to catch the next one!!

@Michael Skinner Very good points. I was also wondering how the 36 check in's affect these numbers and if a pricing tool would keep this in mind. I realize this is an older thread... any new insight on this?

Are you using a PM you would recommend?

@Nicole Masters thanks! Yeah my Instagram in @tammyskeath. I will pair before and after a there. Thanks!!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $580,000
Cash invested: $241,000

Contributors:
Amanda Jacobellis

Single family home purchased through a 1031 exchange in Palm Springs, CA. Purchased to use as a short term rental after renovation including putting in a pool.

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

I was in a 1031 exchange and couldn't find a MF deal. I met a local agent that had invested in this area and she introduced me to the area and the opportunities that were available in the STR space. The cash flow was a lot higher than I was expecting to get on any of my MF deals.

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

Worked with Amanda Jacobellis to negotiate deal. We put a high offer in early and put a cap on our appraisal. We lifted all other contingencies except loan.

How did you finance this deal?

conventional 30 year second home loan 20% down.

How did you add value to the deal?

renovating the inside slightly and adding a pool.

What was the outcome?

Will be putting it up on Airbnb in May.

Lessons learned? Challenges?

If you can pick escrow and title yourself, they can make a transaction smooth or very stressful-If buying something furnished, demand a full list before you lift contingencies.-put a cap on your appraisal pay back if you have waived appraisal contingency -Ask your good contractors for their references. -Stick to the price the comps say no matter what your agent says. Trust your instincts-Find other investors that are doing well in that space and imitate them.

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

Amanda Jacobellis (realtor) Tommy Barro (lender)

Thanks @Zeona McIntyre!! I will reach out to them. Good systems are exactly what I need!

@Drew Sygit thanks for your insight. Definitely reading through the contracts carefully. 

Thanks @Stetson Miller will reach out!

Hi!

@Kyle Scelza thank you for the advice. I have thought about this option. I think you're right, it would probably be the best option, however, it would also be the most time consuming for me and I'm in the middle of getting a STR up and running out here in CA, where I live. I feel like I would have to travel to FL to get this all going and I'm not sure time allows for that right now. However, If I can't find a property management company that suits my needs I will do this maybe later this year.