All Forum Posts by: Troy Deverill

Ah ok! 

You could always network with other realtors in your area and see if they know any General Contractor's or are willing to it themselves.

I would talk with an experienced realtor first and work with them on finding a property and lm sure they will be more than happy to help, especially if you pay.

Thanks Joe!

I'm still trying to learn how to play with the numbers, at this point that's my next main goal!

Investment Info:

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

Purchase price: $388,500
Cash invested: $36,700

In process of screening tenant prospects still. Rent is expected to be 1700 for main floor and 1550 for basement, utilities included.

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

It was my first investment and I wanted a low stress property to get my foot wet.

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

I used a realtor and it was an MLS lead, started off at 365k and ended at 388.5k

How did you finance this deal?

Conventional financing through a bank

How did you add value to the deal?

Added a bedroom in the basement, adding appliances on the main floor(not sure if this added value or not, but definitely made it more rent-able)

What was the outcome?

Still waiting to see.

Lessons learned? Challenges?

Do your homework ahead of time! I wish I would have vetted contractors ahead, and vetted some GC's. I used my realtor as a GC and his communication with me is awful.

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

The only person who I worked with that I would recommend, is Grant Burslow, via Jencor Mortgage. He is fantastic to work with, and I am continuing to work with him.

Yes, BRRRR is my goal for this one. Purchase closing is close to what I paid for my last property in March, I'm in Canada, so that might be why the numbers are different. The asking price of the property is 290k but I figured I can get it down to 275k. I am guessing that 10% is what the interest is going to be to give to the lender, and the 3.2% is a conservative number for what my mortgage interest is going to be when I refi at it. It was 2.54% for me 2 months ago, and has probably dropped some more since. Does that make more sense? I was told by a couple other experienced investors in my area that the avg cost to rehab a basement is around 80k, and 40k for the main floor. Would you double the 80k or the timeline? Does that make a bit more sense?

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Fantastic! That was the comparable I was looking for, my apologies for any confusion.  Thanks Jaysen!

I have a private lender willing to provide capital to pay for the purchase

Hey everyone! I'm a brand new investor and I purchased my first property about a month ago,which is a suited house, and we are just finishing up the renovations and are in the process of getting it rented out. I'm looking for my next deal, but I don't have any capital of my own since it's tied up in my last property still, and I won't be able to get any out until I refi in 5 years, because I didn't use the BRRRR method for this one, so I managed to get my hands on a private lender who is willing to fund my entire project, with that being said, I'm trying to determine if it is better to use them to purchase the property and pay for rehab, etc. OR if I should just use them for the down payment & rehab instead, because obviously interest @ 10-15% on 50k - 80k, is a lot lower than 10-15% on 250 - 350k. Thanks everyone!