All Forum Posts by: Rj D.

Investment Info:

Single-family residence other investment.

Purchase price: $36,900
Cash invested: $100,000
Sale price: $369,000

Just so you know this listing is still pending!! We are fighting the insane inventory boost and long market times in Florida!!!

Yikes - might get caught on this one!

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

New development with good strategy (at the time)

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

On market - vacant lot - seller credits because Gopher Tortoise

How did you finance this deal?

Hard Money

How did you add value to the deal?

New Construction

What was the outcome?

Pending!! The market is not playing nice...

Lessons learned? Challenges?

ARV's are not the only thing that can tank a deal. Since we started the market slowed to stagnant and the valuations dropped. We can still make money but we are just a dime a dozen in a buyers market with long listing times.

 Refi was the last resort. We were trying to flip the property but I was approved for a bank statement loan because we were looking to purchase a different 3 unit.

The 3 unit fell out of contract so I asked my lender if I could keep the rate lock but switch the asset. They agreed and I got a 4.85% rate locked in when rates pushed past 5%.

We did the refi approximately 5-6 months after the initial hard money loan. We kept all the equity in the deal.

Investment Info:

Single-family residence other investment.

Purchase price: $300,000
Cash invested: $33,000
Sale price: $660,000

This was originally a fix and flip but turned into a LTR when the market flipped.

We put a renter in for 2 years and cashflowed about $500+ / mo.

After approx 1-1/2 years we approached the renters to purchase.

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

Good flip opportunity

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

MLS - sat for a long time

How did you finance this deal?

Hard money

How did you add value to the deal?

Rehab

What was the outcome?

$200k+ profit

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

EJC Partners

Hey @Mike Kehoe!!!

I have a contact for you! He is deep in the trades in San Antonio. He doesn't currently invest but is a good contact for neighborhoods and boots on the ground. I'm going to link you guys up! Try to get him to invest!! Haha he runs one of the largest commercial roofing crews in San Antonio.

@Luis Sotelo everyone makes great points so I will not repeat the same information. 

What I do want you to be aware of is that not all Vinyl is created equal. Don't be lured by the cost of cheap vinyl. It will create the same problems for you, early replacement. Nucor (Floor and Decor) and Lifeproof (Home Depot) are two great brands.

Not all vinyl is waterproof. Not all vinyl has the same life expectancy. Not all vinyl has the same face thickness and forget about relying on a manufacturer's warranty for replacement. They will find any excuse in the book to not payout (similar to insurance companies).

Hey @Michael Nowakowski,

Welcome to the world of investing. It can definitely feel overwhelming. My best advice would be to start attending meetups and networking with people who are operating in the space. One large mistake is looking for support in the wrong areas, meaning your current social circles. Often times your friends and family do not understand real estate and do not have the same passion. Often times they are also not as educated in real estate so they don't have the same enthusiasm or feel as strongly as someone who understands your goals.

Start attending local meetups, networking events, and continue to network as you are on forums like bigger pockets. Reach out to me if you have questions (I am way more active on Facebook) and best of luck!

Hey @Christian Padilla,

Everyone on this thread makes a terrific point and they are all well qualified to give this advice. I am more than happy to talk through it if you'd like. I will PM you.

Hey Pedro,

My company, EJC Partners, can help. What specifically are you looking for? Do you have a property in need of rehab now?

Thanks @John Warren! Good to see you again @Ronan M., I just messaged you.

and thanks @Mark Ainley for the information you gave Nicky! Hope to see you around soon.

Are there any owners here that have buildings in the Grand Crossing area? I am looking for "boots on the ground" experience with rentals near the Dorchester Art + Housing Collaborative.

Thanks!