All Forum Posts by: Beau Matlock

Thanks KiKi!    It was a good one!  Wish more came along like that:)

Investment Info:

Single-family residence fix & flip investment in Malmstrom A F B.

Purchase price: $212,000
Cash invested: $46,000
Sale price: $325,000

Found a great 2013 SFR in an A class suburb that was mostly interior cosmetic.....IE smelled like cat urine or smells like money!! Trash out was hired to remove all belongings left behind Hired Off Leash Construction to rehab the interior. Full interior rehab was performed. Flooring, kitchen, baths, drywall, trim, doors, flooring, lighting. Project was completed and home was marketed and sold within 30 days of rehab completion. Netting a profit of $36,000.

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

Great purchase price and ARV in an A class area that is growing rapidly

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

Brought by an agent who I have done several cross deals with....NETWORKING!!!

How did you finance this deal?

Used a HELOC for the downpayment and Hard Money Lender for purchase and rehab

How did you add value to the deal?

Rehabbing and updating the property

What was the outcome?

Sold fast and at the price point we wanted

Lessons learned? Challenges?

Cutting down timelines to not extend carrying costs

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

Off Leash Construction, I was the agent on the deal!

Love it!  Such a fun niche in RE!!

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $290,000
Cash invested: $80,000

We took a dated Colonial style home with a detached 2 car garage and converted it into 2 cash flowing units (STR'S)
Location was paramount as its next to Grand Park ( Largest amateur sports complex in the midwest) and in an A+ area In terms of growth and average sales price. We over paid for the property, but the reward was to good enough to justify this move.

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

Initial purchase price was really nowhere close to what we look to do, however, Westfield is growing at a substantial rate. Coupled with the fact that Grand Park (Largest amateur rec center in Midwest) is 200 yards away, it made our decision much easier. It was the perfect set up as we converted the garage to a 2BR/1BA rental and the main home is a 4BR/2.5BA, Each can be rented independently or together for a larger "TEAM STAY"

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

Closed in 24 days, price reduction was 17k from list price. they knew what they were sitting on

How did you finance this deal?

Conv Mort

How did you add value to the deal?

Sourced the property, finalized the deal, project manage to finish

What was the outcome?

A fantastic dual income STR

Lessons learned? Challenges?

None so far

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

myself

Hey Justin...Thanks!  

The main body of the house was pretty much set.  Renovation on the studio took about 2.5 months.  It's certainly not business as usual...we were killing it for the past 2 years.  However, we've found other ways to fill our properties..traveling health care workers, longer term stays and a lot of people fleeing larger cities to "get away"

We are currently at full capacity until the end of June on 6 properties...so Happy camper here!!

Investment Info:

Small multi-family (2-4 units) other investment.

3 story home converted to 2 functioning Airbnb units. A 2BR/1BA Studio apt on the ground floor next to the garage with its own Side private entrance. Also, a 4BR/3.5BA 3500 sq ft unit above on floors 2 and 3. Very luxurious with contemporary design and high end features and appliances. Units can be rented sep. or combined for a much larger space

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

Really liked the idea of short term rental and having multiple revenue streams off of one property. SO far so good!

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

I partnered on this deal with home owner and investor. He originally wanted to sell the property, but with a small cash investment we converted this into two rental spaces.

How did you finance this deal?

Cash

How did you add value to the deal?

Basically knowing the ropes of the short term rental game and my portion of investment and current management.

What was the outcome?

Solid cash flowing double --short term rental

Lessons learned? Challenges?

Lots of learning curves with short term rental, happy to chat about it anytime!

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

I'm and agent locally and now manage several short term rentals with my team.