Ladera Ranch, CA · Member since 2019 · 11 posts · 8 votes
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $135,000
Wow! My first deal is underway....I spent too long vetting and realized that I need a full-service and trustworthy turnkey provider to get started. Looking forward to learning now what I don't yet know!
What made you interested in investing in this type of deal?
I trust the provider & team more than my own judgement at this point.
How did you find this deal and how did you negotiate it?
BiggerPockets, reached out directly to the provider
How did you finance this deal?
Traditional bank
How did you add value to the deal?
provider is adding value, I enjoy the lift in revenue
What was the outcome?
under contract now....
Lessons learned? Challenges?
TBD
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Wow! My first deal is underway....I spent too long vetting and realized that I need a full-service and trustworthy turnkey provider to get started. Looking forward to learning now what I don't yet know!
What made you interested in investing in this type of deal?
I trust the provider & team more than my own judgement at this point.
How did you find this deal and how did you negotiate it?
BiggerPockets, reached out directly to the provider
How did you finance this deal?
Traditional bank
How did you add value to the deal?
provider is adding value, I enjoy the lift in revenue
What was the outcome?
under contract now....
Lessons learned? Challenges?
TBD
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
New to Real Estate · Brooklyn, NY · Member since 2019 · 3 posts · 1 vote
7y
@Kevin Sander huge congrats on this. I am also a newbie and have been educating myself on running the numbers, looking for deals and other aspects of REI through the BP website. Hopefully I can make my first deal soon too. Keep it up!!
Ladera Ranch, CA · Member since 2019 · 11 posts · 8 votes
7y
@Theresa Harris yes, part of the contract is exactly this so I have little concern it will become and issue
@Jonathan Sitorus thanks! yes, definitely use the resources. This deal will certainly not be podcast-worthy but will at the least give more % return on the cash than where is is today (2% savings acct) in addition to learning how this REI thing works! haha
Rental Property Investor · Washington, DC · Member since 2018 · 30 posts · 38 votes
7y
Congrats on your first deal! I hope you update us in a few months on your turnkey experience. Would love to know more about the property, cash flow, and other details when you have that info.
Ladera Ranch, CA · Member since 2019 · 11 posts · 8 votes
6y
So I'm coming back 6 months after-the-fact to note my experience thus far:
I believe that I overpaid for this place, but assumed that was likely the case when I was buying. It also took the provider 5 months to place a tenant (mind you this was during the dead of winter). These have been the two major negatives thus far.... Also, when it came to finally placing a tenant, the provider decided not to honor a "mistake" in my contract stating that they were to pay the leasing fee (1/2 of first month's rent).
However, on the positive, the provider did payout to cover my "rent" as they promised (although late several months). This helped subsidize the vacancy for sure. What made it a break even deal during this period was that I was paying for utilities since there was no tenant.
In spite of these issues, I am still making good return on my cash invested so I can't complain about that. I have meet with some other investors who invest in KC as well and they made out way worse than me on their first deal so in that sense I'd say this is going on the okay-well side of things. I'm now looking elsewhere to get better returns and try different providers in different areas.