All Forum Posts by: Walker Coggeshall

I have an out of state client in need of a contractor contact to do a walkthrough on a deal in progress to give a guesstimate on what it would cost to get the property ready to have renters or flip it. I am happy to pay for an hour of their time. Thank you all in advance for your recommendations! 

Investment Info:

Single-family residence buy & hold investment in Sewickley.

Purchase price: $545,000
Cash invested: $545,000

Single Family Home in the heart of Sewickley Village that is used as a short term rental. It is fully furnished has been a great income producer.

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

Great cashflow and close to my home which makes managing the property much easier.

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

I used the MLS and waited a while before making an offer to make going under asking easier.

How did you finance this deal?

I worked with partners and were able to offer cash.

How did you add value to the deal?

We have yet to add any significant value to it.

What was the outcome?

It has been a great income producer and is easily rented.

Lessons learned? Challenges?

We allowed for work to get done after closing and it has become very difficult to get the sellers to organize the work to be completed.

Investment Info:

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

Purchase price: $165,000
Cash invested: $10,000

This Tri-plex had existing long term tenants with a history of paying rent. It was on a solid foundation and did not require too much work. I added HVAC to the two end units and fixed the water heater in the other. Each unit is a two bedroom 1 bath and they rent for $600 dollars a month.

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

I was interested in getting started on a property that did not require an intense amount of work but that would still cash flow nicely.

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

Being a real estate agent myself I used the MLS to find the property and offered to pay cash at a lower than asking value. After inspections I was able to get another $8,000 off the selling price to account for extra labor that would be needed to fix the place up.

How did you finance this deal?

I paid cash for the deal but will soon be refinancing the deal to buy other properties.

How did you add value to the deal?

I added value by installing HVAC units and updating the furnace systems.

What was the outcome?

So far everything is running smoothly. The tenants all pay on time and let me know when things are not working as they should.

Lessons learned? Challenges?

I learned that getting a second opinion about a quote can really save you a lot of money. A company told me I needed a new water heater and were going to charge $3,000. I got another company to come in and they told me the heater had tripped and all they needed to do was hit the reset button. If something doesn't feel right about a quote, trust your gut and get another.

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

I will be using Clear Mountain Bank out of West Virginia to refinance my deal. I have also had great experiences with local plumbers from City Plumbing in Ambridge.

Hey Matt,

This sounds great, thanks for setting it up! 

Hey Nick, do you have a specific area you’d like to start investing in? My main focus is on Allegheny and Beaver Counties but am familiar with most of Western PA and would be happy to help you.

 I have just started the investment process myself and should hopefully be closing on my second and third properties within the next month so I would by no means call myself an experienced investor but would be happy to talk and see how I can of assistance!

Good luck!