What is your best deal ever?

Question

Manuel Gonzalez · Answer

paid 12k for a 3-1-1 put about 12k into it  renting for 820 a month section 8 same tenant since 2005 . Wife found it ,she seen lady putting a homemade sign on front yard I think she thought it was a garage sale lol. Property tax is under 1 k and insurance is under 400(just fire)

Scott W. · Answer

bought a SFH for $85k all in. appraised at $115k. 30 yr fixed of $697 piti.  it's a class B- area.

rented out for $1335 a month.

i put $1800 out of pocket on this deal.

You don't typically see these deals anymore.

Wendell De Guzman · Answer

Acquired house for $71,000

Sold it to another investor for: $98,000

Property is worth $140,000 and it needed about $15K in repairs.

Investor loved the deal and bought more properties from me.

I made $17K as investor-buyer paid all the closing costs. This was a shortsale and it was surprisingly quick (just 40 days). I spent about 17 hours on this deal ($1,000 per hour!)

This is not my most profitable deal but I love how the seller was happy, the buyer was happy and the bank has one less bad loan on their books (and of course I profited). It was win-win-win-win. And it started an avalanche of deals because my buyer loved this deal so much he bought 90% of my deals!

Chris K. · Answer

Can't wait till I have a "best deal" to share!!! Still working on my first actual investment purchase. I'm inspired by the stories so far.

Jassem A. · Answer

They shouldn't be too hard to get with good credit and a good job. USAA pays for the appraisal as well and it was pretty quick.

Jassem A. · Answer

I bank with USAA and I was able to get 2 HELOCs from them.  I did my first HELOC for 41k with the duplex that I bought for 10k and spent about 5k or so in repairs. The loan is for 41k @ 4.49% variable. They only were able to lend me 25k the 2nd time around for the house I bought for 20k.  I then bought 3 more houses for 10k, 17k, and 13k.  Then I bought another house to live in and rented out the house I was staying in.  This last house I purchased was with owner financing 18k @ 9.9% apr and it's now rented  for 900/mo after about 2-3 months fixing it on the weekends (my DTI is now too high to get conventional financing).

Graham Mink · Answer

@Jassem Those are two great deals! I am thinking about doing the same thing, buy a fixer upper with cash, renovate, rent and then get a HELOC. Where did you get the HELOCs from? Were they difficult to get? Did you need to wait a certain amount of time before getting them?

Jassem A. · Answer

My first rental property bought in D neighborhood for 20k cash, insurance is 265/yr, taxes 500/yr. It is a 5 bed, 2 bath, did all the work myself for a couple thousand.  I've rented it to the same tenant for 780/mo with little problems.  Next property was a duplex that was about the same size for 10k cash.  It needed a new roof which I hired out for about 3600. Did the rest of the work myself for cheap.  Turn-over rate has been higher but I'm optimistic.  Took out lines of credit on these 2 houses in amount of 66k to buy some more houses.  Maintenance usually isn't too much of a problem if you make time on the weekends to do the work yourself.  I wouldn't recommend it to someone that cannot make their own repairs or is scared of people asking for change or a cigarette.  I also do the court paperwork myself.  Not really much money to be made unless you go cheap and do most everything yourself.  Sometimes you have to lower your screening criteria to get people to live there and then the house will be a little trashed a couple months later which is pretty much to be expected.

Manuel Gonzalez · Answer

yes sir being at the right place at the right time I did most the work my self so I saved a lot on labor.  I found A deal about 2 years ago a 3-1-2 from a old highschool classmate  he had gone thru a divorce  or was seperated something like that so he sold it for 14k  I was going out of the country for an extended amount of time so I  gave it to my older brother  best thing I could have done he has about 5 rentals as we speak it got him excited about Real estate

Graham Mink · Answer

Wow! So if I read that right you are pulling out $8k a year on a $24k investment, that is a great deal! Govt money too...

Thanks for the post @Manuel Gonzalez

What is your best deal ever?

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