All Forum Posts by: Chris R. Gallo

Good morning BP! 

I am currently looking into the markets around Gulfport, Biloxi and the surrounding Gulf Coast suburbs of Mississippi. I am interested at finding a property manager to discuss some potential opportunities and insight! Any recommendations will help!

Thanks in advance!

Investment Info:

Condo buy & hold investment in Malden.

Purchase price: $308,500
Cash invested: $63,000

Buy & Hold (for now)

As Originally Bought:
https://www.zillow.com/homedetails/10-Linwood-St-APT-108-Malden-MA-02148/56520774_zpid/

Since then I have renovated the bathroom and the kitchen entirely. Ready to use this equity gain to sell and 1031 exchange into a Multi Family project and continue to grow my porfolio.

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

Was coming off the road to stay localized to Boston.

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

Off Market deal on the apartment that was talked down from $315k

How did you finance this deal?

$60k down from liquid cash and traditional 30 year fixed

How did you add value to the deal?

- Replace HVAC (Heat Pump and Fan Coil + Digital T-Stat) February 2021 - Total Cost: $12,350.00

Additional Rough Costs: $2k
- Updated Kitchen:
o Butcher Block Counter Tops
o Composite Granite Sink
o New Black Faucet and Garbage Disposal
o White Porcelain Large Format Tile Backsplash
o Painted urethane white cabinets
o New black hardware pulls

- Bathroom Upgrades
o New toilet
o New lighting modern fixture
o New larger modern mirror

What was the outcome?

Still living in it. Plan is to sell this and roll it into the next.

Lessons learned? Challenges?

Look more into the amount needed to put down.
Challenge was performing the renovations while living in it.

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

Andrew Realty RE/MAX

@Jose Diaz I’m in the market for the same! Did you end up finding a bank to help you out here?

Awesome Santiago! 

Thanks so much for this input! 

Going to have to run the numbers! Makes sense!

Investment Info:

Single-family residence buy & hold investment in Philadelphia. 

Purchase price: $250,000
Cash invested: $85,000

First rental property that I went in on.
Fixed up as if I would live in it - ended up renting it from the first month till now.

- Currently working on whether or not I should register it as an LLC and refi or just sell it outright and look elsewhere.
I have relocated and permanently reside in North Shore Boston.

How did you add value to the deal?

- Replaced the front facade
- Added a half bath downstairs (not typical for a bath on first floor of PHL homes)
- Complete renovation of kitchen
- Brand new HVAC throughout house
- Semi-finished basement with sealed floors and painted floor joists
- Added closets to second and third bedroom