Huge Shoutout to my BP Colleagues that helped with my latest deal

[Matt Motil]

I wanted to give some details of my latest deal for everyone. 

I found a FSBO ad on zillow on a duplex in a great part of Cleveland for about 45% of market value. I asked my Aussie real estate agent @Federico Gutierrez to check it out for me. We met yesterday at the property and found a solid duplex in great shape that only needed minor cosmetic upgrades. The down unit is vacant and the upstairs has a tenant that has lived in the unit for 8 years. She has acted as the pseudo property manager because the previous landlord was pretty absent so she has handled a lot of her own repairs, mows the grass, shovels snow, etc. Upon checking out the attic space, we realized it had already been framed out and could easily be converted to a 1-bed, 1-bath third unit. 

We went back to the office and Federico and I worked with @James Wise to put the offer together and get it submitted to the owner. We had the deal done last night for a cash offer to close in 10 days. 

Understanding the value of using other people's money to leverage your position, I didn't want to drain my account with the cash purchase and rehab costs so I contacted @Sean Richway with Coronado Bay Capital who is going to fund the project and get it done by the 10-day timeline. 

I highly recommend these three guys, and couldn't have made this deal come together so quickly and easily in such a short period of time without their help... and of course, all of these relationships happened here at BiggerPockets so thanks to @Joshua Dorkin for this awesome site and @Brandon Turner, who's book "The Book on Investing in Real Estate with No or Low Money Down" is what introduced me to BP and the creative way to make deals happen. 

At the end of the day, I'm looking at a 71.8% COC ROI. Cheers Guys!

[Terry Fealy]

It does not surprise me at all to hear that Federico Gutierrez was named the #1 Realtor at Holton Wise Property Group. He assisted me in the purchase of my first out of state rental property.

Before I left California to take a tour of Holton - Wise territory, Federico suggested places to stay and put me in touch with Lending Officer Isaac Quijano at Nations Lending. 

The three day tour of the area was hugely informative. Besides touring available properties, the ride along included stops at locations  where he had pending sales to meet with property inspectors, and some of his own properties to meet with contractors. It gave me a greater appreciation of the Cleveland area, as well Federico's knowledge in all things related to rental real estate.

The Holton-Wise Property Group office is a model of efficiency. Here they offer many in house services like property insurance form Kevin Hoag, and of course properly management. I met James Wise as well as other highly motivated agents that like Federico, were building and managing their own real estate portfolios. 

He was patient with my learning curve. The first two offers we made weren't accepted. The third, did not get financing. I ended up buying a house with cash, listed here on Bigger Pockets by James Wise, with Federico's help, sight unseen. The house had a tenant in it before the first month was over after closing.

After seeing the area, and meeting Federico I can honestly say I am quite comfortable having him as my eyes on the ground. No buyers remorse here.

I will definitely use Federico in my next real estate transaction, and I would recommend him to anyone interested in income property. 

Talk to Federico Gutierrez, real estate is not just his day job, it's his passion.

Happy Coustomer, 

Terry Fealy