All Forum Posts by: Annie Johnson

Grew up in Edmonds. Great job!

You can buy waterfront property in Edmonds for $725,000?!

Investment Info:

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

Purchase price: $630,000
Cash invested: $110,000

Finished a new build House Hack. Our family lives in the top unit and the MIL will be a MTR in the winter and a STR in the summer. This will cover 100% of the mortgage.

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

Save on our biggest expense

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

Applied for a loan and found a vacant parcel that allowed nightly rentals.

How did you finance this deal?

Our money and loan

How did you add value to the deal?

My husband did all the finish work in the home.

What was the outcome?

Beautiful home in a great tourist market. Travel nurse is moving in and we are ready to short term rental the property in a few months.

Lessons learned? Challenges?

Our builder did not make our home top priority. He built 3 4-flexes for himself before finishing out home. We almost lost our interest rate of 2.875. Time is important to building. Everything costs more and takes longer

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

Residential Mortgage.

 Not this time. We were closing on our New build and needed the money ASAP before losing our rate lock! Never want to be in that situation again. 

 Thank you!

Hey! Appraised at 60K, 48k back. Appraiser sucked, they missed the comparable house around the corner that sold for 90k. cash flow is $300 and the house came with 4 vacant lots

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $43,000
Cash invested: $63,000

Bought this Cape Cod Style single family home in November with Cash. Paid out of pocket for the rehab. Was hoping it would be a quick and cheap BRRRR. But learning there is no such thing. To rehab we repaired the roof, added a bedroom, painted, remodeled a bathroom and kitchen, had foundation and electrical work done and fixed a back deck! This home came with 4 extra vacant lots we don't have plans for now but hope to sell in the future. Thanks for reading!

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

Easy Rehab

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

Cash and put in first offer

How did you finance this deal?

Cash on hand

How did you add value to the deal?

New flooring, lights, paint and remodeled bathroom and kitchens. We were also able to add a bedroom.

What was the outcome?

higher rent than expected but also longer and more expensive rehab than expected too.

Lessons learned? Challenges?

Stop out of state investing and find local deals

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

Rick McMahon Realtor

Hello. My husband and I have experience with buy and hold, flips, BRRRRs and OOS rentals. We see an opportunity to develop a subdivision but know very little about the process. We are willing to work hard and educate as much as we can. Would appreciate any insight and anyone willing to talk with us about the subject. Thank you in advance. 

Annie and Trey

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $80,000

This was our 3rd BRRRR. Rehab went way over budget and time-line doubled. Appraisal came in 40,000 lower than expected ($80,000). Going to get $60,000 back out in the Refi. Basically our worst BRRRR but we are moving on!

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

Nice home in a nice neighborhood.

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

Found on Redfin and made an offer on day 1. We put in all cash offer.

How did you finance this deal?

Our pockets

How did you add value to the deal?

New paint, roof, windows, flooring, redid kitchen and bath, repaired garage and added new door.

What was the outcome?

Way too low appraisal. Tried to challenge it and provide recent comps but appraiser refused to speak with us.

Lessons learned? Challenges?

Sometimes you get crappy appraisals. Maybe we can request not to have that one next time. Be on top of Property manager and projects manager. Fired people if you need to.

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

Rick McMahon Real Estate Agent

Hey! Looking to connect with other investors. We live in Alaska and invest near Buffalo, NY. This meet up is up for anyone! Please reach out with any questions.