All Forum Posts by: Boone Tyson

@Ronald Rohde Definitely. We have actually purchased five or six properties since then. One was a foreclosure as well. I just have not added them to the deal diaries yet

@Justin Ross Ramirez I haven't. 

@Eli Schwartz $675 per unit

Investment Info:

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

Purchase price: $190,000
Cash invested: $15,000

Value add 4-plex. Brought to me by a fellow BP member who wholesaled it to me and a business partner.

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

I live about 5 minutes away and it was the ugly duckling in a really nice multi-family community. The price point was very good and I knew we could handle the work pretty easily.

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

It was brought to me by a BP member who assigned it to us. We didn't do much negotiating. We basically offered a specific number and then stuck to it.

How did you finance this deal?

I didn't have the funds to do the deal in the 2 weeks that were left on the assignment contract, and knew financing was not an option that quickly. I called a friend and investor who I knew would be interested in the deal and he agreed to partner on it, pay for the purchase, and then we would split what would be left in the deal after a cash out refinance.

How did you add value to the deal?

We remodeled the 2 vacant units, and about 2 months after closing, another tenant we inherited basically left overnight. We remodeled that unit as well, cleaned up the exterior, fixed the roof, replaced a couple AC units, brought in new appliances, and rented all units out.

What was the outcome?

We just celebrated our first month of full occupancy and it has been great so far. Refinancing as soon as possible

Lessons learned? Challenges?

Partnerships can be great.
Strong deals will find money. Make it happen.

Investment Info:

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

Purchase price: $190,000
Cash invested: $15,000

Value add 4-plex. Brought to me by a fellow BP member who wholesaled it to me and a business partner.

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

I live about 5 minutes away and it was the ugly duckling in a really nice multi-family community. The price point was very good and I knew we could handle the work pretty easily.

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

It was brought to me by a BP member who assigned it to us. We didn't do much negotiating. We basically offered a specific number and then stuck to it.

How did you finance this deal?

I didn't have the funds to do the deal in the 2 weeks that were left on the assignment contract, and knew financing was not an option that quickly. I called a friend and investor who I knew would be interested in the deal and he agreed to partner on it, pay for the purchase, and then we would split what would be left in the deal after a cash out refinance.

How did you add value to the deal?

We remodeled the 2 vacant units, and about 2 months after closing, another tenant we inherited basically left overnight. We remodeled that unit as well, cleaned up the exterior, fixed the roof, replaced a couple AC units, brought in new appliances, and rented all units out.

What was the outcome?

We just celebrated our first month of full occupancy and it has been great so far. Refinancing as soon as possible

Lessons learned? Challenges?

Partnerships can be great.
Strong deals will find money. Make it happen.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $16,000
Sale price: $135,000

Awesome property. Purchased as VA foreclosure. They had completely stripped the property, but had done a really clean job when they took everything out. We basically had to add an AC and hot water heater, add lighting, rebuild the kitchen, and touch up paint. Property was almost new because it was built in 2015.

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

First ever VA foreclosure deal.

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

MLS - paid full asking price. It had a 3-5 day waiting period for investors and I submitted my offer 30 minutes before the waiting period was up.

How did you finance this deal?

LOC

How did you add value to the deal?

Refinished the interior as it had been stripped of anything valuable.

What was the outcome?

Flipped. Under contract within a week on the market I believe

Lessons learned? Challenges?

My favorite flip ever. Easiest one we have ever done.

Great meeting tonight everyone! Thank you all for such solid discussion and input from everyone involved. Great seeing some new faces and return faces as well. Looking forward to seeing everyone next month!

@Erik Orozco Thanks again for helping put this on and being such a Valuable resource.

Hey @Chris H.. Welcome to BP. We are having a meetup tonight if you can make it. Happy to set up a time to connect

@Erik Orozco my office address is:

833 north ware road McAllen Texas 78501

A local lender will be providing food and we will also have some soft drinks and water available for free.

@Joseph Ryan @Erik Orozco let’s aim at either that that second or third Tuesday.