All Forum Posts by: Amanda Harding

I rehabbed a 3 family using a mix of hard money and my own credit. I have been renting it out for the last year and was hoping to cash-out refi to pay back my investors and myself but my appraisal came back too low for me to pay back myself. I am considering selling but would like to 1031 exchange-- is it possible for me to pay myself back for the rehab costs I put on credit if the money isn't tied to a loan? 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $350,000
Cash invested: $95,000

This one is a work in progress! It's a three family rehab. project. Built in 1880 with little updating, a lot of the work will be put into getting the electrical, plumbing, and mechanicals updated. But she's got gorgeous detailed woodwork and a lot original hardware that I plan to keep! She's an unassuming beauty and I can't wait to bring her back to life

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $350,000
Cash invested: $95,000

This one is a work in progress! It's a three family rehab. The building is from 1900 and has little upgrades done. Most of the work is in the mechanical and electrical for this one, but it's got gorgeous detailed woodwork and a lot original hardware that I plan to keep! She's a beauty and will hopefully make some tenants very happy while making me some good money :)

Investment Info:

Single-family residence fix & flip investment in East Greenwich.

Purchase price: $195,000
Cash invested: $70,000
Sale price: $365,000

I typically look for small multifamily properties that need rehab for buy and hold, but my realtor showed me this property and the location was amazing and I thought the work would be manageable so I threw and offer at it. Turns out it was a good offer! I was accepted (out of 23 other offers) the next day.

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

The location of this property was in a desirable, well kept neighborhood, by a nice park, close to downtown East Greenwich and the ocean. It had good bones and a big yard and the house was a manageable size.

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

Foreclosure brought to me by my realtor

How did you finance this deal?

I worked with a private money lender

How did you add value to the deal?

I did an 80% gut of the interior, 70% new electrical, 50% new plumbing, new HVAC, new septic, new roof, landscaping and an exterior facelift.

What was the outcome?

I had multiple competitive offers that were well over asking

Lessons learned? Challenges?

Doing all of the finish work myself was a great experience (and created great social media content) but it took me longer than it would've taken a team of people and likely costed about the same for that reason. Time = money. Especially at 12% interest!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Providence.

Purchase price: $245,000
Cash invested: $10,000

I found this property on the MLS. It had bad photos and appeared to have incorrect square footages, but I knew the neighborhood and decided to check it out anyway. It was summer 2020 just before the market really skyrocketed--I was the only offer and I was able to buy below the listing price.

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

I'm always looking for value add properties with cashflow.

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

I found this deal on the MLS and negotiated through my realtor

How did you finance this deal?

FHA loan

How did you add value to the deal?

I've done upgrades to the kitchens and bathrooms in both units, redid the entry stairway, and landscaping

What was the outcome?

I've held this as a long term rental

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

My agent Dave Zuller from Westcott Properties

Hi Sergio, I am a residential investor in Providence. I've lived here for 13+ years and have been investing the last 3. I am happy to chat with you and connect you to my realtor. I could also connect you with a good Providence based developer-- feel free to reach out if you're interested in chatting more!

Thank you @Stephen E.--I've got the same sentiment!

Thank you @Sharlene Mulchandani :)

Thank you @Account Closed!

Investment Info:

Single-family residence buy & hold investment in Providence.

Purchase price: $192,000
Cash invested: $6,000
Sale price: $224,000

This was my first house-- I bought it not knowing a thing about real-estate. I had a bad realtor and I over paid for the house. It was mostly move in ready but needed some cosmetic updates and TLC which I was able to do myself. I lived in the house for 1.5yrs and "house hacked" with roommates the whole time. Somewhere along the line I found bigger pockets and became OBSESSED with real-estate... consuming everything I could. I ended up selling in November 2020-- read below for how it turned out!

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

I just knew I wanted to buy a house-- I didn't know much else about real-estate at the time. I also knew that having a roommate would lower my payments so I was looking for houses that could accommodate that comfortably. ( I later found out that is called house hacking).

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

I found this house through the MLS, but I wasn't working with a realtor who had my best interest in mind. I ended up overpaying for the house at $192k when the appraisal was at $174k and my realtor sold it to me as a great deal.

How did you finance this deal?

I used conventional financing with 5% down, borrowing from my 401k for the downpayment.

How did you add value to the deal?

The house was mostly move in ready but needed some cosmetic updates and TLC which I was able to do myself. Lost of paint, ripped up old carpet and found gorgeous hardwood floors underneath, landscaping, repainted the front door and shutters, repainted the front fence, built a window box. I lived in the house for 1.5yrs and "house hacked" with roommates the whole time.

What was the outcome?

After about 1.5 years I bought a 2 family and moved into that bringing my "house hacking" renters with me to rent the second unit. I rented out the single family for a few months before deciding to sell (the market was hot and I want to be buying multi-families). My single fam tenants actually ended up buying the house from me! I may have been able to get more if I listed, but I was able to save on realtor fees and had a sure deal so I went with it.

Lessons learned? Challenges?

I started out knowing very little about real-estate. I got a bit lucky with how things worked out.With this property I learned how to prioritize projects, and biggest of all, how to be a landlord. I also learned how to analyze deals and got a realtor that was also an investor and could help me progress. I'm so grateful for Bigger Pockets and my new realtor and his team.

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

If you are in the RI, MA area, I highly recommend my current realtor, Dave Zuller at Westcott Properties.