All Forum Posts by: Christina Hennessy

Oh my why don't buyer's understand our value?  Navigating in this current crazy "multiple offer" market how can they buy without a Realtor is the question.  Let them know we are there to Educate, Guide and Protect their best interests.  We want them to make a great investment as much as they do.  There is no direct fee for our services.  We get paid at the closing via the commission paid by the seller.  

Write off everything you can think of!  From pens to paper to a calculator to your office space etc.  Keep receipts or use an app called Simply Wise it's very helpful.  Keep good records for your accountant.  

Best piece of advise...save at least 30% of each commission check you get to pay your TAXES!  Take it out right away and put it in a separate account.  Best of luck!

In my neck of the woods ie:  Albany NY home purchasing is still very competitive.  Save as much money as you can to put yourself in a better position when up against other offers on the table.  A conventional loan product stands out more so.  Contact a Local well known lender with a good reputation to get a "pre-approval" not a pre-qualification.  Then, find yourself a well known reputable "full-time" Realtor.  Ask the Realtor...what would they do to try and win you the bid if a multiple offer situation was at hand.  Super important in this market.  Best of Luck! 

How do I find one with long term demonstrated success?  I live in NY and I know many Attorneys in my area due to selling Real Estate.  

Holy crow Wayne you have a LOT of Votes!!  You go! 

Equity Advantage 1031 Exchange? I am planning to sell me 3 family and do an exchange for an STR in Florida. Any better suggestions on who to contact for this?

Thank you yes it was!  Thankfully it did not have a septic to deal with.  Public Sewer 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Cash invested: $75,000
Sale price: $250,000

Bought the house and 4 Acres next door for a New Construction project. The house was on 8 Acres. Sold for Cash

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

I know the area of town very well and knew it could make money

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

On my MLS

How did you finance this deal?

Cash

How did you add value to the deal?

I made an offer on the house and the land next door combined

What was the outcome?

The project took longer than anticipated. Covid was not helpful. Overall it worked out well in the end.

Lessons learned? Challenges?

Be careful when buying an old farm type of investment. There was a LOT of old farm stuff to get rid of all over the property even under the earth.

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

I was my own Realtor :)

Modular homes have come a long way but still do your research on the "quality" of the build.  Don't forget you will have to pay for things like well/septic or just the privilege of hooking up to the public water/sewer.  Ask them what your "extra" costs are going to be besides buying the land outright in advance.  Ask the mod company for referrals from past clients.  I have no idea how the modular is high quality storm protected.  It sounds like a plus but I'd investigate that promise as well.  Also, call an insurance professional to ask what that cost would be.  Best of luck to you!   No risk, no reward my friend! 

I did 25% because I had the money and wanted to put as much down as I could to get the mortgage payment down some 

Investment Info:

Condo buy & hold investment.

Purchase price: $590,000

This is my first STR and it's doing very well so far thankfully

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

I visited Key West since 2009 and loved it. Met an awesome Realtor at an open house in 2016 then made my dream come true in 2019.

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

My Realtor found it off market for me

How did you finance this deal?

Conventional second home

Lessons learned? Challenges?

I allowed the previous owner to manage the condo for me in the first year. We did not see eye to eye. Fired her when Covid hit. I had the time to teach myself how to do it and made my own contacts. I would advise against doing this.

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

Yes, my Realtor in Key West Mike Caron was fantastic! He knew exactly what my needs were and delivered.