Have you done a deal in yet in 2014?

Berkeley, CA · Member since 2013 · 47 posts · 28 votes

If you have, I want to hear about it!

I've been talking to the guys at BP about doing a daily post with a more in depth dive of successful real estate deals. I personally find these to be incredibly helpful from a learning perspective and tremendously motivating to get out there and make something happen.

If this sounds interesting, leave some basic info below about your deal and I'll send you a PM to follow up.

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Jessica S.

Real Estate Agent · Portland, OR · Member since 2013 · 154 posts · 67 votes

12y

I spent most of December trying to find our next flip project. After lots of frustration I got a call from my agent on Christmas Eve that I had two accepted offers to pick from. We decided to buy both houses and bring some friends on as equal partners. House #1 closed yesterday and house #2 will close next Monday. We're excited to get to work.

@Adam Hofman, I grew up in Berkeley, and now own the house I grew up in. Pretty tough market...

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J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 18k+ posts · 17k+ votes
12y
2014 has started off better than 2013 ended, that's for sure. We didn't get a single deal between July 2013 and the end of the year -- part of the reason was that we moved to a new state, but things were also pretty sparse in my farm areas and deals are hard to come by.

But, since the beginning of the year, we put two properties under contract (one likely to be a rental that we're closing tomorrow and one a flip that we're closing next week) and we're currently discussing a partnership with another investor for a big waterfront rehab and up to 5 spec house builds.
Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
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Adam Hofmann
OP
Berkeley, CA · Member since 2013 · 47 posts · 28 votes
12y
Now this is a serious coincidence...or is it?!

I was talking to Brandon about this the other day and said to him, "Honestly, the first blog I found on flipping real estate was the most useful because it went into so many great details about the deals! I want to make something like that for everyone to contribute to..."

That blog was the one and only @J Scott

Thanks for chiming in and I'd love to profile some of your future investments
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Paul Jamgotch
Investor · Grand Rapids, MI · Member since 2012 · 158 posts · 49 votes
12y
I met a gent on BP. He purchases homes from HUD, rehabs, and sells. On 1/13/2014 I provided the funds for him to purchase a home that happens to be about 800 miles from me. He is covering modest rehab. I am a 1st lien holder with no payments & 6 month balloon. He will list through local agent. We will split anything left 50/50. This was my first deal other than two local buy & holds that I sold on LC a couple years ago.
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Jessica S.
Real Estate Agent · Portland, OR · Member since 2013 · 154 posts · 67 votes
12y
I spent most of December trying to find our next flip project. After lots of frustration I got a call from my agent on Christmas Eve that I had two accepted offers to pick from. We decided to buy both houses and bring some friends on as equal partners. House #1 closed yesterday and house #2 will close next Monday. We're excited to get to work.

@Adam Hofman, I grew up in Berkeley, and now own the house I grew up in. Pretty tough market...
3 Reply
Mark Ferguson
Flipper/Rehabber · Greeley, CO · Member since 2013 · 2k+ posts · 1k+ votes
12y
I bought a flip last Tuesday or 75k. Was offered 100k cash for it yesterday. I countered at 115k and I'm waiting for an offer. Random luck someone saw me putting the lockbox on and asked if I would sell the place. I got a rental under contract and I think one of our short sale offers is close to beig accepted by the bank.
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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 711 votes
12y
I did my first deal of the new year last week. 3 bedroom 1 bathroom colonial with huge parking lot! I was excited because the lot previously belonged to the apartment building adjacent, and will produce a nice income for parking. After getting it under contract the leases (parking and residential) turned out to be less than advertised, and I offered about 25% less and the deal died. The seller went though two more buyers that did not pan out over the course of the summer, and eventually came crawling back to me in November. There are the walls of a 15 x 100' block garage that are salvageable at the very back. I'm going to rebuild it and turn it into storage units for University students. I'll keep the current residential tenant as long as she stays with a slight bump in rent starting on the 1st. I won't collect a penny on the parking for 14 more years... OUCHIE! I've got a few ideas to knock it down a few years, but I'm not sure how that will pan out. This property is a stone throw from 10's of millions of dollars in new development. A brand new housing track with homes 170-240k, a new river front hotel / conference center, another new build going up now that looks mixed use, and about 6000 sq ft of new commercial.

Purchase price, 38K & I'm content as-is.
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Adam Hofmann
OP
Berkeley, CA · Member since 2013 · 47 posts · 28 votes
12y
@Paul Jamgotch I'd love to get a write up from you after things go all the way through to get the whole story. Send me a PM if you'd be interested.

@Jessica S. what a nice Christmas "present"! Berkeley is just brutal when it comes to finding deals. I did a blanket mailing my first time around for a good chunk of the Bay with plans of honing in after I saw some interest in specific areas. Needless to say, no calls yet from Berkeley. Keep me posted on how the properties pan out.

@Mark Ferguson sounds like you're off to a smoking start. Any chance you'd be interested in sharing more with me about the deals? Send me a PM if you are!

@Mark Updegraff really interesting dynamics in that deal. Good luck and keep me posted on your future plans!
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Dell Schlabach
Investor · Canton-Akron, OH · Member since 2012 · 917 posts · 477 votes
12y
We closed one in Akron on Friday (sale), Have another Portage Lakes scheduled to close Tue. (sale). One in Green with an offer at our second counter, countering the counter :-) , hopefully pull it together this weekend. Two more showing this weekend so not giving too much away yet.

We closed two on the buy side in Jan.

Had one offer accepted mid Jan, inspections showed a bad septic, working on price adjustment on that, if they wont give it to us we walk, almost 10k.

Just had an offer accepted on a "Back on Market" deal, in Hudson on Thu, that I have probably written and rewritten on six or seven times in the last three month. Interesting I bought it for 15 K less than I had offered them two month ago when I was much hungrier for a deal.

Hmmm maybe I should do a "blog?" with before and after pics and numbers on that one. 110k purchase, ARV 229,000.
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
12y
I'm currently under contract on a triplex and SFR (both will be long term rentals) were closing last the week of FEB. It's a J/V with another BP member.
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Jon Klaus
Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
12y
Contracted to sell a rental--scheduled to close in 3 weeks.

15% complete on a spec duplex build. Target May 1 completion.

50% complete on a another spec duplex build. Target March 28 completion.

Just completed new build on loft/apartment. Plumber finished top out yesterday and now it's ready. Still need to complete the first floor shop.

Made several offers, but no contracts yet.
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Steve K
Investor · Orlando, FL · Member since 2012 · 431 posts · 106 votes
12y
Started two new specs and have a few offers out there, but so far no deals in January. Will wrap up two specs in February so hopefully it will be a more productive month.

Just started a new direct mail campaign so hopefully that will throw off a few deals in a couple months.
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Pat L.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
12y
Finally relented Jan 8th & sold a great SFR to an old contractor friend who has been bugging me for a couple of years about it. He has also done most of the maintenance on it.

At 50 he realized he has little in the way of retirement & needs rental income to ensure he can in fact retire & get through the winter layoffs. I sold him one of our duplexes a couple of years ago that is paying very well.

All of his kids have purchased homes we owned & are also looking to expand into rentals with us.

2014 ... we are actively looking at several more buys. I just wish the weather would break!!!
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Account Closed
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
12y
It's been an awesome 2014 for me so far.. Put 2 spec builds under contract to sell (one should be closed in a few weeks, and the other in April). Bought a lot 2 weeks ago, closing on a new lot next week to start, and also have two more under contract to close and start soon. Also funded a small hard money loan. Also had a rental broken into ...
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Account Closed
Full-Time Investor · Charlotte, NC · Member since 2009 · 2k+ posts · 1k+ votes
12y
It's been an awesome 2014 for me so far.. Put 2 spec builds under contract to sell (one should be closed in a few weeks, and the other in April). Bought a lot 2 weeks ago, closing on a new lot next week to start, and also have two more under contract to close and start soon. Also funded a small hard money loan. Also had a rental broken into ...also got in trouble on bigger pockets for cursing.. Sorry y'all
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Jay Weaver
Real Estate Investor · Mountville, PA · Member since 2013 · 4 posts · 1 vote
12y
I am new to investing having just started in the last half of 2013. 2014 has already been infinitely better then 2013. I am closing on our first deal on Wednesday. It is a flip and should be on the market in the beginning of March. The numbers show a modest profit but this should be both a good learning experience for my wife and I moving forward.
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Ronnie Sparrow
Investor · Spring, TX · Member since 2012 · 121 posts · 26 votes
12y
No deals for me yet in 2014! But I did budget $1,600 / mos. for marketing starting in February. I hope to have my phone ringing soon. I am using Jerry Puckett for my Direct Mail Marketing.
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Randy King
Investor · Madison, AL · Member since 2013 · 93 posts · 28 votes
12y
Bought a HUD in Dec. that closed on Jan 13th for $46,000 and will spend about $5,000 to get rent ready. Plan on lease/purchase to tenant/buyer for $109,900.

Have another HUD under contract closing Feb 11th. Paid 97,000 with an ARV of $140,000. Will spend less that 2K to get rent ready. Plan on lease/purchase to tenant/buyer for $154,900.
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Shaun Reilly
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
12y
Have a carry over rehab scheduled to close next week.

Going to be signing a lease for a vacancy in a place probably Tuesday.

Going to file for possession for another rental that I bought at a tax sale to get the dirtbag residents out so I can turn it (Not conjecturing on them being dirtbags, one of them was in the paper last week for robbing someone at gunpoint for $40).

Have another rehab that I closed on the week of Christmas about halfway done despite lots of weather challenges.

Nothing new under contract but have made about 60 offers already this year.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
So far this year two properties under contract to sell and two properties sold and closed. No deals completed start to finish though and no real exciting stories.
1 Reply
David B.
Investor · Chicago, IL · Member since 2012 · 80 posts · 31 votes
12y
Currently rehabbing two SFH's that I closed on Dec. 28 and Jan. 3. One will be rented out for $1100 and the other will be a flip with an ARV of $125,000.
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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 711 votes
12y
I should close my second deal of the new year this month. A 4 unit mixed use (1 commercial space & 3 Studio apartments). Currently 100% occupied. Exterior needs repainted, but other than that pretty solid. Holds up to the 2% rule as is, but when I turnover the tenants there is room to increase rents. I'm using hard money to close because I wasn't anticipating purchasing this, and plan to cash out with a commercial product this year.
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Account Closed
Investor · Atlanta, GA · Member since 2013 · 212 posts · 107 votes
12y
Supposed to close first rehab deal of 2014 tomorrow. Been under contract for about a month. Original closing date was 10 days ago, but Bank of America has been a royal pain in the *** per usual. Put the closing "on hold" after deed was in escrow and all docs signed on my end.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
Very Cool @Mark Updegraff Are refinancing products easily available in your market?
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Mark UpdegraffBusiness Member
Real Estate Broker · Rochester, NY · Member since 2010 · 1k+ posts · 711 votes
12y
@Ned Carey Not really easily available. I've feel like I've been searching for this lender for a long time. Through my networking over the last year with, investors, property managers, and brokers I stumbled on a good Regional Bank that is able to help.
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Adam Hofmann
OP
Berkeley, CA · Member since 2013 · 47 posts · 28 votes
12y
Holy cow! Glad to see this got some action today, sorry for the delayed response.

@James Wise - good luck on the close! Keep us posted on how it turns out. I'd love to interview you to get some more details if you're willing to share.

@Jon Klaus - you're doing some work! Let me know when one of them gets completed end to end so we can do an interview/blog of what went down.

@Steve K - you got it! Don't stop the marketing, consistency is key, but I'm sure you know that.

@Pat L. - that's a really neat story actually. Send me a PM if you're interested in chatting some more about those relationships. Could make for a unique perspective.

@Account Closed - it has to be a coincidence that these last few posts have all been about spec homes! Bummer about the rental - what do you do when something like that happens?

@Jay Weaver - I think we're in similar boats in terms of starting our REI career. Good luck on Wednesday, would be sweet to profile your flip along the way. Let me know.

@Ronnie Sparrow - sounds like you're already in good hands. Keep us posted on your marketing.

@Randy King - sending you a PM about HUD properties.

@Shaun Reilly - Gotta make offers to get properties! Crappy to hear about your tenant issues as of late. I think the Christmas rehab would make for a good deal breakdown/write up if you're willing to share. Let me know!

@Ned Carey @David B. - send me a PM if you're willing to disclose the details on your recent completed transactions

@Account Closed - is this a new property, or an existing rehab you're selling?
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