All Forum Posts by: Cory Miller

So on this deal, I used pretty much all of my own money to get it done.  It cash flows well but I'm trying to come to a solution as to what will be the most efficient way to stabilize it, and get my money back to do more deals.  Plan is to  put other properties in service that function the same way but acquire through corporate lease in opposed to owning it.  I can scale faster that way.  After a cash out refi, I still would not recoup all of what I put into it yet but after Mortgage and expense, my math says that I can still NET at least 1,200 a month on this property conservatively, using an expected interest rate at around 4.625%.  Any thoughts or suggestions.  Not using property manager as of yet.  Still managing the two investment properties I have on my own for now.  

Thank you Scott I appreciate that.

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $133,000
Cash invested: $75,000

Leverage conventional financing to acquire. Used HELOC on primary for rehab. Did cash out refinance ounce complete. Paid off HELOC and my own money put into deal after 6 months. Needed original loan to mature. Booked long term tenant after 3rd month of ownership. Same tenant still in property.

Hi Wade,

Monthly rent on this one is $1850. I'm paying $1114.48 for Mortgage, that does include the full PITI. No management fees as I manage this one myself. Thanks for asking.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $156,500
Cash invested: $210,000

Purchased for short term Rental, Focus on traveling nurses, with airbnb as a back up plan. Close proximity to 5 major medical institutions. Used a combination of savings and HELOC from primary property for acquisition and rehab. Cash flows from $2 to 2500 after expenses when its occupied by nurses on 13+ weeks contract and has a more involved income of about $4000 a month if fully occupied via airbnb after expense. Will refi soon to pull out liquid cash to purchase more Real Estate.

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

To own High income producing property with short term tenants with an option function like a long term for a period. Can also transition into long term permanently.

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

Found through MLS and negotiated with Cash to purchase, quick close and experience in industry.

How did you add value to the deal?

Knowing the numbers

Hey how's it going Tyler, hope you are well and thanks. I actually found this deal on the MLS. It was an Estate sale technically but was not advertised as such. Family was selling deceased dads home. There were a couple other offers, and I kind of won out on great rapport with Agent. Was able to negotiate standard inspection on the initial term a worked my way down in cost post ratification per inspection report items. This was maybe the second worst property in that neighborhood at the time lol. Only 4 mins from my primary as well which is a plus. This has been a great investment for my portfolio. Thanks for asking.

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $133,000
Cash invested: $75,000

Leverage conventional financing to acquire. Used HELOC on primary for rehab. Did cash out refinance ounce complete. Paid off HELOC and my own money put into deal after 6 months. Needed original loan to mature. Property appraised for 124k more than purchase price on refinance. Booked long term tenant after 3rd month of ownership. Same tenant still in property. Cash flows 736 monthly.

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

Desire for passive income

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

MLS. Built report with Agent. Represented and paid myself in transaction. Perk to being a licensee.

How did you finance this deal?

Convention loan. 15 percent down.

How did you add value to the deal?

Managing Rehab, and knowing my own numbers

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

Yes I’d recommend the lender