All Forum Posts by: Robert Mahone

@Jeff Costa yes I had budgeted out the renovation in an inspection prior to purchasing. The roof cost are minimal in comparison but so is the profit margin.

@Pari Thiagasundaram thank you!

@Rachel H. I had bought a home in this park previously for my father and let the office know I renovate homes and they contacted me directly and sold me the home

Investment Info:

Single-family residence buy & hold investment in Neptune.

Purchase price: $50,000
Cash invested: $30,000

2-bed, 1-bath home, currently renting for $1,461 a month. Was purchased cash for $46k, refinanced home and used money to fund down payments for future deals.

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

Great price with significant value add potential

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

Agent / Investor brought this deal to me. Seller was about to loose home to tax sale, paid back taxes and double the amount paid via credit off sale price.

How did you finance this deal?

Used personal loans

How did you add value to the deal?

Cleaned house out, installed new floor, paint, new furnace, repaired kitchen and bath.

What was the outcome?

Home is rented out, receiving 5% increases every year.

Lessons learned? Challenges?

Home took longer than expected to get rented out, which made it difficult to refinance right-away once rented out.

Investment Info:

Mobile home fix & flip investment.

Purchase price: $12,500

Mobile home bought in a 55+ community, replaced the roof, all new flooring, brand new kitchen with granite countertops and freshly painted. Home is currently for sale in Jackson, NJ

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

Lower price point investment opportunity.

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

Property owner called me directly, business relationship created from past business deal.

How did you finance this deal?

Cash

How did you add value to the deal?

Installed new kitchen with granite countertop, new roof, new LVP flooring throughout, upgraded electric panel, and new paint.

What was the outcome?

Home is currently listed for sale on the local MLS

Lessons learned? Challenges?

Changing market has home listed longer than expected. 6 people at initial open house and 1 showing request since. Will update once sold.

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

I represented myself in this deal and listed the home after renovation.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000
Cash invested: $30,000

First deal, had to pay seller's back taxes so she would not lose the home before I could purchase it. Generated $3k in income by asking for back taxes plus additional $3k back in credit off the sale price.

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

Instant equity and cash flow

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

Real estate agent brought the deal to me

How did you finance this deal?

Personal loans for the purchase and credit cards for the repairs

How did you add value to the deal?

Renovated the home and put a tenant in to triple the appraised value.

What was the outcome?

Still renting and cash flowing

Lessons learned? Challenges?

Renovations take longer than expected, took 4 additional months to get tenant in the home