All Forum Posts by: Ava Randelia
Ava Randelia has started 2 posts and replied 2 times.
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $215,000
Cash invested: $300,000
Sale price: $645,000
This was a duplex, which I turned into an Airbnb.
What made you interested in investing in this type of deal?
I wanted to try out the short-term thing, before getting long-term tenants in there, and that turned out to be a great decision.
How did you find this deal and how did you negotiate it?
I found this on the MLS.
How did you finance this deal?
Cash, from refinancing my primary home, combined with some savings.
How did you add value to the deal?
This duplex was in bad shape, so I invested about $75000 to fix it up.
What was the outcome?
It turned out to be a great investment.
Lessons learned? Challenges?
I kind of regret selling it, because I had great cash flow.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented myself.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $118,000
Cash invested: $118,000
This was my first deal, which I bought right when the market crashed, so I think I got really lucky.
What made you interested in investing in this type of deal?
I was determined to get a rental. I had watched my mother-in-law buy a bunch of rentals, and I thought 'I really want to do that!'.
How did you find this deal and how did you negotiate it?
I found it on the MLS.
How did you finance this deal?
This was a cash deal.
How did you add value to the deal?
Initially, I spent about $10000 on improvements, it did not need much. Over the years I've added a new AC unit, widened the driveway, had the trees trimmed , but have not had to do too much, to be honest.
What was the outcome?
Still a great rental, and my current tenant has been in there for about 8 years now. I could modernize it, but since my tenant is happy & paying every month, I'm just leaving it alone.
Lessons learned? Challenges?
I learned that it's not necessary to fix something that isn't broken... I had the bathtubs and tile replaced, even though they were ok, just ugly... I could have had them resurfaced. Sometimes, when you start a project, then it leads to a whole bunch of other stuff.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I represented myself.