Deal #2; 4 Family Rehab through SYNDICATION

Multi-Family and Apartment Investing
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Deal #2; 4 Family Rehab through SYNDICATION

Geoffrey Murphy
Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes

Hey Everyone,

First and foremost, I want to say it works! IF you guys are willing to put the time in! The advice/leadership that I have received through the forums, and even on a personal level with someone of you has really made a huge difference!

Here goes!

So the last 4 months have been an absolutely up hill battle! However, we have finally prevailed. I will be closing on another deal this week.The great thing about this deal, was that it is all PRIVATE money.

Long story short, We are going to purchase/Rehab this 4 family home. We will either sell/hold the entity.

I will upload all the specific shortly. (currently at my day job lol)

Fell free to chime in, and critique. It will only make us better!

Stay tuned!

Geoff

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  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    congrats @Geoffrey Murphy

    Keep us posted on this project

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    Jenkins - thanks a lot. I'm getting the details as we speak. I'll have them uploaded shortly.

    I will keep you posted!

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    Here are the numbers

    4 family home

    purchase price $130k Cash Offer (2bd 1bath 800 per unit) $3200 a month

    Taxes: $4638

    Insurance: $2460

    Water: $1292

    Investor wants 6% return per year on his money.

    rehab: 40k (5500 per unit)

    Purchase + Rehab $170k + Closing cost = 175k

    Retail; 230k-250k

    Guys, this market is really hot. This deal could go as a flip, or even a hold!

    I managed to raise 180k from a local investor that owns a huge portfolio in the area, and also in other states. He's been syndicating for over 20 years!

    I did exactly what was taught, I offered a SERVICE. I was willing to help, in return for learning!

    We should break ground sometime this week, or next week.

    THANKS BP!!

    0Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    @Geoffrey Murphy

    @Geoffrey Murphy

    @Geoffrey Murphy


    @Geoffrey Murphy

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    @Raymond B. : the property is located in Manchester, CT

    Market is pretty hot. My previous bid there were 40 offers!

    Geoff

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y
    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y
    0Reply
  • Raymond B.
    FL · Member since 2009 · 2k+ posts · 357 votes
    13y

    @Geoffrey Murphy,

    Very nice looking house.

    I hope the best for you and your Investor(s)

    Raymond

    0Reply
  • Anthony Aguillard
    Investor · Las Vegas, NV · Member since 2012 · 289 posts · 74 votes
    13y

    Congratulations on your success.

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    @Raymond B. thanks a lot. I will keep you Oates along the way.

    @Anthony Aguillard - thanks a lot for the support! Welcome to BP as well. It works if you follow the recipe.

    Geoff

    0Reply
  • Tyson Cross
    Investor · Portland, OR · Member since 2013 · 133 posts · 88 votes
    13y
    Congrats. What service did you offer?
    0Reply
  • Wendell De Guzman
    Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    13y

    Congrats Geoff!

    0Reply
  • George Paiva
    Investor · Milford, CT · Member since 2012 · 592 posts · 285 votes
    13y

    Congrats Geoffrey!!! Great to hear your getting it done in CT as well.

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    13y

    @Tyson Cross - Thanks a lot! Opportunity is the service I offered! lol, but on a serious note. This is going to be my 2nd deal with these group of guys.

    My very first deal was a 3 unit that we purchased, and sold, and haven't been looking back since. My job in this deal is going to operate this thing from start to finish.

    Facilitate/Manage rehab, lease, rent/sell...That's how I carved out my percentage.

    @Wendell De Guzman - Thanks for the support. Boy this business is stressful. Now I have to perform!

    @George Paiva - Thanks G! We have to get together. I know last time we spoke you were getting involved in emerging markets.

    thanks for the support guys! I wish there was a way to upload a video of the actual renovation for all to use.

    0Reply
  • George Paiva
    Investor · Milford, CT · Member since 2012 · 592 posts · 285 votes
    13y

    Just use youtube. I actually create youtube videos of the end result which I link to my craigslists, postlets, facebook ads.

    0Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    congrats

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y

    So...BP

    We are finally starting getting ready to break ground, and began construction. My deal was pushed back almost 5 months!! Have to love short sales!

    I will also re-post numbers as we had to sharpen our pencils a few additional times.

    Question though, My contractor that I have is a very well know, and reputable business man. He is doing a considerable amount of work for the town of Manchester, and so forth.

    However, he has been very reluctant on providing a "written time-line". Any idea on why?

    is this normal?

    0Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    12y

    The contractor might be good but how do you know they have time for your project??

    They might want to load the extra work for business but you might not be the top job for them. You do not want to be a side project that they get around to while doing everything else unless they are giving you a below market rehab estimate.

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  • Henry R.Pro Member
    Rental Property Investor · Saratoga County, NY · Member since 2013 · 178 posts · 73 votes
    12y

    Congrats Geoffery!

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y

    @Joel Owens - Great point. Everything has been verbal. We finally closed on the building, and things are starting to push along.

    The job site has certainly been busy, as we gt underway. BUT he states he is unable to prepare one for me at the moment.

    Granted, I know we were suppose to close months ago, but he's been pretty updated along the process...

    Thoughts/Advice?

    @Henry R. - thanks a lot. Welcome to BP, if we haven't met. Believe me this site has LITERALLY changed my life. Stick with it!

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y

    I will uploading additional pictures today. Siding & windows are going in this week. I will have pictures uploaded today!

    Thanks for everything BP

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y

    We are coming along. Take a look...More Pics coming!!!!

    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y
    0Reply
  • Geoffrey Murphy
    OP
    Real Estate Investor · Hartford, CT · Member since 2011 · 222 posts · 17 votes
    12y

    Everything is coming along. Siding has been completed, along with porch repair. Due to the inclament weather we are facing, exterior paint has been delayed slightly. But were looking to have this completed early next week,

    More pics, and info coming. Feel free to ask away. Let me know if their is an easier way to do these. lol

    0Reply
  • Christian CarsonPro Member
    Cleveland, OH · Member since 2011 · 400 posts · 223 votes
    12y

    Wow! Nice work! Kudos for getting an investor to accept 6%. In my market, I can't get investors to commit without offering double digit returns.

    0Reply
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