All Forum Posts by: Vince Leydet

@Pablo Ottenwalder Jr. The contract expired with a female wholesaler who couldn't make the numbers work.   She passed along the contact info for a referral fee once her contract expired.   Yes I looked at the property with you but numbers weren't working out.  Hope that clears it up for you. 

Investment Info:

Single-family residence buy & hold investment in Pittsfield.

Purchase price: $23,000
Cash invested: $25,500

Purchased, rehabbed and refinanced cashing out $26k to account and adding $585/ month net to income.

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

Easy quick exit and adding to cashflow

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

wholesaler, contract with owner expired and i was able to deal directly with owner.

How did you finance this deal?

Private Lender

How did you add value to the deal?

completely remodel, rented top of market

What was the outcome?

Cashed out $26k into account and added $585/ month net to income

Lessons learned? Challenges?

appraisals can slow process down dramatically. Set back refi just over 2 weeks.

Looking to see if anyone has used Lima one Capital in the last 12 months. Wondering how smooth the transaction was and how their communication is. Any insight is appreciated! 

Hey guys I’m not sure if Pittsfield Ma is to far out for you, but I do have 2 multi I’m selling out here. One is right around 18% cap and the other is at 20%. Both are 4 family.  Only selling to free up cash to do a couple flips.  

@Kevin Rampat  I own a property management company in Pittsfield and own a couple buildings in Pittsfield . Feel free to reach out to me anytime

I second @Joel Cummings, it's absolutely worth it for the exact reasons you mentioned why you're doing it. You will see the listings as soon as they hit the market and be able to analyze them before most agents get around to contacting their clients. Youll have all the tools and information at your finger tips to figure ARV if it's a flip. It's really a no brainier.

Roberto,

How did everything go? Did you guys close and everything go smooth? If so good luck on the flip!

take a look at the market if you were to sell it. Do you have any equity to cash out?  If not will you have any positive cash flow after taking out all your expenses including insurance, taxes, etc?  If you do then rent it out. 

I don't know the laws in Washington and I'm certainly not an attorney,  wish I could be more help.  I don't put in the leases when rent is considered late. Any day not the 1st is late ( unless a holiday) .

If I was in your position I would not allow the tenant in and contact my attorney to advise me.

If you're only interested in rented properties take a stab at the 2 that are rented. There is a lot to consider prior to advising. Are you paying cash? Using HML? I don't know about that market, but any house that sells for $16k I would imagine needs a good amount of $$ put into it.