All Forum Posts by: Cassandra Barr

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $42,500
Cash invested: $42,500
Sale price: $100,000

Foreclosure home

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

The right place at the right time. Everything just fell into place perfectly.

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

Auction.com

How did you finance this deal?

Cash

How did you add value to the deal?

We did nothing to this property prior to selling.

What was the outcome?

Sold as is with a net of $50k

Lessons learned? Challenges?

We have learned that not all deals will be this easy!

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

No

This past year I started investing in rental properties. I currently have 2 BRRRR (1 is a triplex and 1 is a single family) I am working on in Northern California and 2 flips houses in Northern New York. My business plan is to buy rentals and BRRRR them. However, my lender just informed me that it will be much harder and more expensive to refi now due to Freddie and Fannie's new rule as of April 1st. I am just wondering what everyone else out there plans to do? Anyone know of lenders that are creating their own financing for investors that will be left out by these new rules? I know a lot of you out there either have hard money loans or Seller finance that will need to be refinanced within the next few years. If I can not find conventional financing my only option may be to sell while the market is high and just invest in fix and flips for awhile. Any thoughts or suggestions are welcome. Thank you.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $42,500
Cash invested: $42,500

Foreclosure home

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

Was inexpensive and resale would be good.

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

Auction.com

How did you finance this deal?

CASH

How did you add value to the deal?

Have not done anything to the property at this time. Just listed the house "as is" for $85,000

What was the outcome?

Nothing yet

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

No

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $20,000

Single family home

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

Needed a place to rent to father-in-law

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

Next door to me. My broker was the property manager and I asked him to see if the owner would be interested selling the house.

How did you finance this deal?

Seller Finance. $20000 down, 5% interest, amortized over 30 years, payoff in 5 years.

How did you add value to the deal?

Haven't done anything yet.

What was the outcome?

Holding for now

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $66,000
Cash invested: $10,000
Sale price: $117,000

Bought as a personal home. Ended up sailing 6 years later and doubling my money.

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

Looking for a personal home I can put my own touches on.

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

Used an agent. The asking price was $80,000

How did you finance this deal?

Conventional loan. 5% down

How did you add value to the deal?

Painted exterior, Opened up kitchen and added tile,...

What was the outcome?

Sold and made $51000

Lessons learned? Challenges?

Keep doing this!!

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

Myself to sell

Investment Info:

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

Purchase price: $125,000
Cash invested: $20,000

Unit A 3/2
Unit B 1/1
Unit C 2/1

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

Wanted to move into multi-family.

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

I am a real estate agent. The Seller called and wanted me to list the property. I gave her 2 options. 1) I can list 2) I can buy.
Thankfully she went with option 2!

How did you finance this deal?

Seller finance. $20,000 down 5% interest, amortized over 30 years, payoff in 5 years.

How did you add value to the deal?

Soooo much!!! New exterior paint, cleaned up exterior, Remodeled all units, new windows.

What was the outcome?

In the process of refinancing. All 3 units are occupied by great tenants.

Lessons learned? Challenges?

I put a lot into this property to make a very nice place for my tenants to live. So far that has worked out for me.

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

Just myself!

Investment Info:

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

Purchase price: $125,000
Cash invested: $20,000

Unit A 3/2
Unit B 1/1
Unit C 2/1

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

Wanted to move into multi-family.

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

I am a real estate agent. The Seller called and wanted me to list the property. I gave her 2 options. 1) I can list 2) I can buy.
Thankfully she went with option 2!

How did you finance this deal?

Seller finance. $20,000 down 5% interest, amortized over 30 years, payoff in 5 years.

How did you add value to the deal?

Soooo much!!! New exterior paint, cleaned up exterior, Remodeled all units, new windows.

What was the outcome?

In the process of refinancing. All 3 units are occupied by great tenants.

Lessons learned? Challenges?

I put a lot into this property to make a very nice place for my tenants to live. So far that has worked out for me.

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

Just myself!

Investment Info:

Single-family residence fix & flip investment in Depauville.

Purchase price: $75,000
Cash invested: $30,000

Was a 4/2. Converting to a 5/3. Replaced old knob and tube wiring, removed plaster and added drywall, new kitchen and bathrooms. Will be on the market by may. Plan to list for $200k

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

When we first purchased this home our plan was to use the BRRRR method and rent to our daughter. Turns out they are moving out of the area so, now we will sale! If we can't get what we want then we will use as an Airbnb.

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

Driving around all of the communities in this area we came across this property.

How did you finance this deal?

Seller finance! Put $8000 down, 4.5% interest amortized over 30 years. Payoff in 5 years.

How did you add value to the deal?

Added bath and bed, new kitchen, new drywall, updated electrical, new paint....

What was the outcome?

Still working on it.

Lessons learned? Challenges?

Plan change so make sure you have a backup. Also, nothing is as inexpensive as you think it should be. Overbudget!!!

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

Yes, used an agent.

Investment Info:

Single-family residence fix & flip investment in Depauville.

Purchase price: $75,000
Cash invested: $30,000

Was a 4/2. Converting to a 5/3. Replaced old knob and tube wiring, removed plaster and added drywall, new kitchen and bathrooms. Will be on the market by may. Plan to list for $200k

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

When we first purchased this home our plan was to use the BRRRR method and rent to our daughter. Turns out they are moving out of the area so, now we will sale! If we can't get what we want then we will use as an Airbnb.

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

Driving around all of the communities in this area we came across this property.

How did you finance this deal?

Seller finance! Put $8000 down, 4.5% interest amortized over 30 years. Payoff in 5 years.

How did you add value to the deal?

Added bath and bed, new kitchen, new drywall, updated electrical, new paint....

What was the outcome?

Still working on it.

Lessons learned? Challenges?

Plan change so make sure you have a backup. Also, nothing is as inexpensive as you think it should be. Overbudget!!!

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

Yes, used an agent.