All Forum Posts by: Thierry Lemercier

Investment Info:

Other buy & hold investment in Lexington.

Purchase price: $78,000
Cash invested: $11,700

Same as the previous post and investment! This is a 2nd unit which is identical...

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

Cash flow

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

MLS! real estate agent negotiated the contract on my behlaf

How did you finance this deal?

15% down the rest with local bank

How did you add value to the deal?

renovation in a town where no one renovates

What was the outcome?

20 % increase in rent

Lessons learned? Challenges?

rehab is always the challenge! Trying to build a relationship with local GC

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

Yes! PM me

Investment Info:

Other buy & hold investment in Lexington.

Purchase price: $78,000
Cash invested: $11,700

Nice little rental apartment in a charming college town! After some renovation will increase rent, increase ROI. This is a long term buy. Local bank helped with the financing... small deal, but building the real estate empire one piece at a time...

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

cash flow

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

MLS! Negotiate with the real estate agents for this transaction.

How did you finance this deal?

15% down and local bank for the rest

How did you add value to the deal?

Full renovation in a town where people do not renovate! Tenants looking for something clean and newer.

What was the outcome?

I was able to raise the rent by 20 percent

Lessons learned? Challenges?

Pretty easy deal, but reno is always the tricky part! Trying to build a relationship with local contractors to save some money in the future.

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

Yes! PM me

Hi @Melissa Ward would your software be similar to Avail? I am using this one right now for my properties in Hawaii (2 condos).  The tenants haven't really been onboard and I haven't really paid much attention to it.  It was recommended to me by a realtor friend so I used it and now paying the cost of it without any real benefit.  Could also be user error, llollllll let me know if I should keep this one or switch to something else.  Since then I have also hired a property management company in Maui to run 1 of the condos.  If they do a good job I will give them the second one and call it a day since I am east coast and more practical to use them.  They themselves have a software they use, but I find it very simple.  All it does is show me uploaded documents from them, statement and the monies that have been disbursed to me.  There has to be something better!  I am also playing around with Stessa!  found it through bigger pockets.  Coo software and something I like since it gives you more visual and could probably be good for the accountant?  Thoughts or could we give each other a call?

Sincerely,

thierry 

Hi @Melissa Ward thank you for the encouragement.  So far a few people have replied and it has been very helpful.  I am weighting the cost/benefit options at this point.  Want to make sure I don't get ahead of myself and spend when I don't too.  From your experience what is a must have list?

@Matthew Irish-Jones thanks!  I have been on the website and will research a little more.  When you first started did you go straight into using this software of you build up to it now that you have more units.  trying to gage the cost to usefulness ratio...  

Good morning Biggerpockets community,

May I ask for your opinion!  what is the best property management software you would recommend?  Slowly but surely closing on deal small condos and building up on my small Empire, llolllllll... I have partnered with a broker and we plan on starting a little company for us.  The plan is to manage my own units and build a portfolio of managed properties.  Any information or advise would be greatly appreciated.

Regards,

T

Good morning Biggerpockets community,

May I ask for your opinion!  what is the best property management software you would recommend?  Slowly but surely closing on deal small condos and building up on my small Empire, llolllllll... I have partnered with a broker and we plan on starting a little company for us.  The plan is to manage my own units and build a portfolio of managed properties.  Any information or advise would be greatly appreciated.

Regards,

T

HI @Caleb Landis nice to make your acquaintance and sorry for the late post! llolllll only reason this investment worked out great is because it was an all cash deal and not loan. numbers would be the same if it was a loan deal maybe... Regretfully, I am not planning on coming back to Hawaii in the forceable future, but would great enjoy staying in contact in sharing experiences. I have 5 deals and please don't hesitate to contact me directly by PM if you have any questions. I can share my do's and don'ts so you don't have to make the same mistakes granted our experiences are only that and should be taken for what they are worth as every deal will be different. That being said I believe in helping so let him know. Right now focusing my investments in VA...

Hey to all,

Sorry for not responding! Maui is a great market for rental! Rents are strong and market for rental as well. Or at least I find it to be.... Deals may be harder to find, but not impossible. I was lucky on this one and the power of cash is the power of cash! Great ROI on this one which is above 5%. @loren

@Loren Clive llollllll I know right!  Crazy, our return would be that much better but we wanted to redo everything.  Changed all windows, tile floor through out the house with, built in closet and accent wall.  Even tile on the lanai, llolllll we wanted to live there so the now to be tenants are enjoying a nicer unit than what is currently in the kihei village option.  People walk in and they are like YES we are renting this one.  Wine fridge, marble counter tops, brand new appliances.  The whole deal llolllll We would not do it again from an investment perspective.  Cheers to all and keep Hawaii on your investor list.  Land is scarce....

@Stephanie P. thanks for the input I will research the landlord/tenants aspect of it as I am not familiar with that at the moment. That is why I am asking and thank you for sharing.  This is all very invaluable information and will certainly help me in making an educated decision when I purchase. Cheers to all and thanks for sharing and caring!