Deal 2, 3, & 4, in El Paso, TX

[Sharika L.]

If you read my background my husband and I started seriously looking into investing back in March, and since then things have taken off. I'm overly excited & nervous about the entire process, but after listening to the first 102 podcast I thought I should write about my experience:

#Deal 1: Owner financed 5 unit buy and hold, 100% occupied

#Deal 2: Duplex (I thought it was a foreclosure due to outdated zillow and proceeded with knocking on the door only to find out the owner was indeed selling). Renters moved out in June and I proceeded to find contractors to upgrade the entire 1920's stone building. Currently being rehabbed with plans to "house hack" and rent out our current house.  We got a commercial loan, expecting a construction loan to be implemented once we got to that part, but low and behold things happen and now we are funding the rehab 100%.

#Deal 3: Put an offer on a 7 unit buy and hold, and was told a cash-buyer put in an offer as well. I told the agent to call me if it doesn't work out, because I was sticking to my numbers. Agent called the next day and we got it for exactly what we wanted to pay for it. Commercial loan again with the same bank as #2, but he went on vacation and we need to close this Friday (I think he was uncomfortable with the fact we use or HELOC & PLOC as bank accounts due to the very low interest from Bank of Hawaii and Hawaii State Fed). So went to 2 different hard money lenders who are ping-ponging some decent rates, but both are very interested in the property. Like I often hear, "good deals will find money". Hopefully all goes well and the place will be ours on Friday. 6/7 units are currently rented.

#Deal 4: I have been dying to do a fix and flip to get the experience and start building that portfolio as well as make some cash to pay our HELOC, since we have been putting in 20-30% down on our properties. I put in another offer to a HUD home I had placed a bid on a month before and didn't win. Well I won this time around. Currently in the paper phase, waiting on the seller to accept the contract. I originally went to the hard money lender for this deal since we have depleted our liquid cash for now, and again they were interested with 11% and no down payment or prepayment penalties.

The plan is once the contractor starts the rehab on the HUD if the inspection doesn't come back to crazy, than we will start the process for looking for another fix and flip.

[Jason Chambers]

@Royce Talbo@Royce Talbo

If I remember correctly, it cost us about $1500 to get into the HELOC. It was really affordable and you make it back right away. If you have any other questions, please don't hesitate to ask. By no means am I an expert but I'm always willing to share what has worked for us.