All Forum Posts by: Alan Cole

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $165,000
Cash invested: $32,000

1820 Leland is a triplex built in 1900. It has 3, one bedroom/one bath apartments.
1822 Leland is a triplex built in 1960. It has 2, three bedroom/2 bath apartments and a detached 3/1 unit in the back. Both properties sit next door to each other and were purchased with 100% occupancy.
Both properties have been heavily neglected and need work. Renovation is in process.

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

Passive income/cash flow

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

Found on MLS. Negotiated it personally.

How did you finance this deal?

Through Bank of South Carolina. Highly recommend. (Hugh Lane III)

How did you add value to the deal?

Renovation

What was the outcome?

In process. Will BRRRR property.

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

My wife acted as my agent.

Thanks, and, Holy smoke, yes on the lessons learned part.  We're obviously very near each other.  How long have you been investing?  What are you focusing on?

New to BP and interested in the next Meet Up.  I'll look out for the next one.  If there is one scheduled, could someone let me know?  Thanks!

Investment Info:

Single-family residence fix & flip investment in Summerville.

Purchase price: $141,000
Cash invested: $40,000
Sale price: $238,000

Single family home. Very run down, heavy smokers.

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

Profit margin, proximity to home, and the fact that it was mainly just cosmetic renovation.

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

Wholesalers list. Contacted the wholesaler and made an offer.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

I used an analysis formula I learned from Renatus education.

What was the outcome?

Very good profit and a smooth experience.

Lessons learned? Challenges?

Understand the loan numbers better next time. First deal and I didn't understand well enough about LTV and what I would need to bring to the closing table (cash) to close the purchase.

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

My wife was my real estate agent.