All Forum Posts by: William Dedelow

Heidi.  We started managing PadSplits earlier this year.  We have 3 properties and 16 rooms under management at the moment.  With 4 more properties and 24 more rooms we expect to onboard in the next few months.  We've managed the renovations of 2 of the 3 we currently manage and one of the ones coming up.  The PadSplit fee is as Josh outlined.  But PadSplit does not handle maintenance and any member communications, our management covers that.  We key each room separately, so the members have security.  One of our PMs handles all of the PadSplits we manage.  Our office is in Altamonte and we cover all the Central Florida area.  I'd be happy to get on a call with you to discuss.  

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $78,000
Cash invested: $129,846
Sale price: $180,000

Contributors:
Doug Spence, Jared Maltbie

Sold this one for $102,000 more than we purchased it for.

Purchased for $78,000 + $1441.13 cc, renovation costs $50,404.87. Sold at $180,000. Net proceeds from sale, $166,606.28. Profit, $36,760.01, plus we were on both sides of the 5% sales commission, bringing in another $9,000, so we cleared over $45k. Used crowd funding to get this done and our investors made 22.49% on their money. Went a little over budget, but there was a big gap between the nice houses selling around $155k and the best houses selling around $175k. We hit our mark!

Big bonus on this one! The house was on a double lot. We kept the vacant lot which is worth another $20-$25k, bringing our profit to over $65k! We'll be building on this in a year or so.

Doug Spence with the Electric Company of South Florida handled the electrical work on this one.

I am in the process of getting bids for three roof replacements in Orlando.  The prices in Winter Garden will be the same.  I could forward you all the proposals if you'd like.  You are roughly looking at $330/square for architectural shingles including tear off and haul away, drip edge, plumbing and exhaust vents and ventilation system.  The prices went up after Irma.  They have come down a little, but are still slightly high. 

Hi Tyler, thanks for your interest.  It is disappointing to be so far under market, but it will work out and shouldn't slow us down too much.  The guy who sold us the property owns and lives in the other half of the duplex and we rent to his mother in our half.  She was over 90 when we bought the place.  I hate being morbid, but I didn't think it would be a long term arrangement.  Anyway, we have a hand shake agreement to buy the other half when mom goes to a nursing home or passes and we'll get it for probably $30k under value. 

Investment Info:

Single-family residence buy & hold investment in Orlando.

Purchase price: $71,000
Cash invested: $79,000

Purchased this townhouse in 2011 for $71,000. It's currently worth about $130,000 and rented for $1200/month.

Investment Info:

Single-family residence buy & hold investment in Orlando.

Purchase price: $106,500
Cash invested: $115,000

Not a great price, but the terms were good. Even so, it's worth about $130,000 today, so not too bad. Needed about $9,000 worth of work. Currently rented at $1125/month.

Investment Info:

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

Purchase price: $57,000
Cash invested: $57,000

Purchased half of a duplex located next to a duplex we own and across the street from a 6 unit building we own. Great price but it came with a catch, we had to lease it back to the current occupant at a discount. She is still living there today at $675/month. Market rent at the time was about $825 and current market rent is about $1125. It will require some work when she moves out. Our duplex next door was appraised at $208,000 earlier this year, so this half duplex is worth $104,000!

Investment Info:

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

Purchase price: $57,000
Cash invested: $57,000

Purchased half of a duplex located next to a duplex we already own and across the street from a 6 unit building we own. Got a great price but it came with a catch, we had to lease it back to the current occupant at a discount. She is still living there today at $675/month. Market rent at the time was about $825 and current market rent is about $1125. It will require some work when she moves out. Our duplex next door was appraised at $208,000 earlier this year, so this half duplex is worth $104,000!

Investment Info:

Large multi-family (5+ units) buy & hold investment in Orlando.

Purchase price: $112,000
Cash invested: $115,600

Purchased the final two units in a 6 unit building given us ownership of the entire building. Units were purchased for $57,800 each in April of 2015. Both units were occupied at the time of purchase at $700 and $750. There was no initial outlay to fix and upgrade the properties, but we did upgrade both when we turned them. They are currently both rented at $1000/month.

Investment Info:

Single-family residence fix & flip investment in Winter Haven.

Purchase price: $86,000
Cash invested: $114,000
Sale price: $156,000

Purchased for $86,000+$1644.32cc, renovation costs $25,420. Sold at $156,000 with $500 seller credit. Net proceeds from sale, $146,649.48. Profit, $33,585, plus 1.5% sales commission.

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

Quick turn profit.

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

Purchased the property through a wholeseller. Was able to negotiate down $6000 from original offer price.

How did you finance this deal?

Crowd funding.

How did you add value to the deal?

Renovation.

What was the outcome?

$33k profit.

Lessons learned? Challenges?

This project went pretty smoothly.

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

My partner Jared Maltbie, who is a licensed broker. I am also a licensed broker.