All Forum Posts by: Andy Giles

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $34,000
Cash invested: $5,000

Closed Sept 21 2022 rehabbed about 15k. We will Cashout refi in April hopeful for ARV of 60k so we will have minimal out of pocket

What made you interested in investing in this type of deal?

The BRRRR method

How did you find this deal and how did you negotiate it?

Brought to me by a friend. We offer $500 finders fee so hopefully we get more off Market deals

How did you finance this deal?

Cash from HELOC and already have a tenant moving in Nov 5th

How did you add value to the deal?

Gutted 2 bedrooms and bathroom, added AC unit and few windows doors etc

What was the outcome?

TBD in April

Lessons learned? Challenges?

Plan to go over budget

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just the contractor

@Dominique Greer

@Tracy Morris uses a PM for management for her 11 doors. She is very happy with them and she also is a realtor. Reach out to her

@Adam Soyak that’s the company Tracy uses too

@Adam Soyak

I own 2 SFH

One in Peoria

Tracy Morris is my realtor in Peoria and she uses PM company for her 14 units and speaks highly of them

Look her up she’s on BP and is with Keller Williams she is amazing

Also feel free to reach out to me I’m not too far and willing to help out and make connections as well

@Adam Soyak Any luck on property management in peoria area?

@Jennifer Donley

I will DM you

Thanks

@Denise Evans what are some reasons to be disqualified?

I close January 4th on a home that has a tenant. This is a section 8 tenant and will be staying at least another year. To make it a smooth transition for payment I’ve been in contact with housing authority and was given information. Well one of the forms is form 1199a Direct deposit sign-up form. I’m completely dumbfounded by it. I’m normally not this easily confused. 

I’m in need of referrals for a home inspector for Peoria Illinois area. One that is very thorough

Any help would be appreciated.

I’m so new to this and trying to get an understanding.

If I approach a private lender with

Needing $15000 and paying back lump sum $16125 in 8 months. Is that a good deal for both parties? That’s 7.5% interest.

Plan: offer cash for home that owner wants out of bad

Cash out Refi in 7 months and pay lender the money. I believe they would take a LOW cash offer.