All Forum Posts by: Yelena Utin

@Peter O. ^

@peter o.

No leaks but roof should be replaced. 

Lower unit kitchen floor needs to be replaced.

Needs updates in both units: kitchens, bath, remove partitions separating formal living and dining rooms. 

Some windows need to be updated or replaced.

Sewer line is good, but sinks need to be snaked (grease).

Upper unit has a working furnace. 

Lower unit furnace and both water heaters need to be installed. All connections are present. 

Doors should be replaced. 

Building is empty save for debris in 2 rooms. Floors and walls need to be cleaned and painted.

Photos posted on the investment, additional 2 of the current electrical panels below.

@Michael S. Thanks! Happy to be on here. 

Only making roof repairs as needed ($6,000 thus far, not much needed beyond the initial wood replacement), doing all the abatement demo and hauling ourselves (my partner and I), cleaned out one area that can be zoned separately for heat. Further renovation will be negotiated if we find a tenant interested said portion as an art studio (option to convert to live/work mixed use space) to pay the land contract for the next 2yrs. 

3-5yr plan: potentially keep previously mentioned small portion as a rental for income/ reno budget. The main body of the building is being for private events and will continue being used for such as it is slowly remodeled. 

10-30yr hold: convert to residential condo using private funds or lender, or sell. of course if high offers come in before then we will consider cashing out.

Hi All,

I've been building my portfolio for only a few years but have a great passion not only for real estate but also conservation, architecture and sustainability. My long term goal is to gain knowledge and practice in development and new construction. 

-Yelena

Investment Info:

Other commercial investment investment.

Purchase price: $57,000
Cash invested: $6,000

church building, being used seasonally as a Buddhist temple currently, will be a long term hold, possible development.

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

church buildings are awesome. wanted to host non-profit events and meditations, exit strategy is either private sale or development in collaboration with an experienced religious building developer, conversion into upscale residential condos.

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

craigslist, but this time used the seller (dual agent) and went through a title company

How did you finance this deal?

savings for downpayment, 3yr land contract.

How did you add value to the deal?

slowly cleaning and doing massive amounts of abatement and roof repair constantly.

What was the outcome?

we'll find out

Lessons learned? Challenges?

massive cleanouts are massive. massive roofs are expensive. patch it yourself.

Investment Info:

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

Purchase price: $20,000
Cash invested: $6,000

2family residential

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

parents and i wanted to pick up a second income producing property for us to split

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

online listing. was listed at 30k, went into contract with someone else, came back on the market a week later at 25k, i offered 20k. was fully occupied at 3250/mo as a rooming house (potential rent roll was 4500/mo). kept the old owner as a property manager, since the old manager was unavailable after the sale. eventually the property manager was subbing out the collection and thus costing 40% while losing tentants (non-payment, evictions) so we fired the manager.

How did you finance this deal?

parents financed 100%

What was the outcome?

evicted all tenants, don't have capital to make improvements so I am putting it on the market and scaling down to a single fam.

Lessons learned? Challenges?

don't purchase a rooming house.

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

none good

Investment Info:

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

Purchase price: $30,000

2family residential on the west side of detroit

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

my parents and I discussed purchasing an income producing property as I had done for myself with my partner, but for them as well. once they retire, we are to split the cash flow in exchange for me managing it.

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

though the same agent I last used as a buyer

How did you finance this deal?

parents invested 100%

What was the outcome?

fairly steady income. one eviction.

Lessons learned? Challenges?

don't jump on a tenant occupied investment property, even if it cuts down the vacancy loss. your screening process is likely to be different from the last owner, which will guarantee a difference in style of management and will ultimately cause friction and then eviction.

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

Deblon Jackson. see previous investment for her contact info or DM for her email.

Investment Info:

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

Purchase price: $2,000
Cash invested: $196,032

converting 4fam residential into large single fam private luxury residence for owners. expanded grounds by purchasing 3 surrounding lots.

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

to have a place to "retire to"

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

craigslist. was listed for 5k, I saw the roof needed to be replaced so I submitted an offer for 2k.

How did you finance this deal?

savings and the profit form a sale of an out of state property.

How did you add value to the deal?

by installing custom/upscale features and expanding the grounds.

What was the outcome?

still renovating, in litigation against a former contractor

Lessons learned? Challenges?

never pay a contractor/company anything up front even if it takes you years to find someone to do the work.
live somewhere for a couple of years before trying to get into a total gut.

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

no, and I don't recommend buying off cg. i was lucky.

Investment Info:

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

Purchase price: $480,000
Cash invested: $120,000
Sale price: $925,000

Did not need to hold it for long. Bushwick hit the ceiling within 3 years.
Refinancing to update didn't make sense for a <10yr hold so I put it on the market.
Several offers, sale took 6mo due to violations the previous owners didn't take care of, had some expedited, did not end up mattering much in the end; final 2 violations the expediter couldn't remove in time, so 1k was put in escrow.

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

bushwick, where I had lived for 6yrs was about to start developing

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

it took 2yrs to find a multi-fam under 600k that I thought would generate an income. this property was my 3rd contract and first purchase. other 2 fell through. the first agent I worked with had come back around after the 2nd property fell through, with this property, which had been on the market for a day. I made an offer immediately and luckily for me it was a divorce situation fire sale.

How did you finance this deal?

small local union or bank, loan got sold to Chase within 3mo

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

I got licensed in nyc after my purchase, so I acted as my own agent under a broker and saved 9k in commission.