All Forum Posts by: Cristina Mineo

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $225,000
Cash invested: $101,000
Sale price: $402,000

Purchased a foreclosure, opened up and updated kitchen, changed layout of master bathroom, fixed up bathrooms, refinished floors and sold property in 3 months.

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

This home had been sitting on the market for a year. There was mold growing on the walls because ATL is very humid and no one had been in the home. It smelled awful but I know the structure was good. It was labeled as a 2:2 but we changed the upstairs area into a master suite and sold it as a 3:2.

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

My agent was showing it to a friend of mine. My friend wasn't interested in doing a long distance flip so I took it.

How did you add value to the deal?

1. Opened up the kitchen lay out and upgraded the kitchen.
2. Added a closet in the upstairs area in order to call it a master suite. We also changed the layout of the master bathroom to update it.
3. refinished floors, fresh paint, new kitchen cabinets, new shower, new tub, new tile work, new washer and dryer, reworked the layout.

What was the outcome?

invested $326K and sold for $402K

Lessons learned? Challenges?

1. Doing a rehab for a buy & hold is VERY different from doing a flip.
2. There is a constant balancing act between design and budget.
3. There are always ways to make a space look modern an updated even on a tight budget
4. Amazon, Wayfair and Ikea are your allies.

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

Jonathan Rich from JRich Atlanta is my agent!

Investment Info:

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

Purchase price: $450,000
Cash invested: $30,000

We purchased the house for $350,000 and got a renovation loan for $100,000.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $450,000

Purchased the home for $303,000. It was a trap house but the lot was too small for larger investors to build new. I put $150,000 into renovation through a renovation loan. Current estimated value of $700,000.

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

It was next door to my first rental/ house hack and had been causing trouble on the street. Our niche is large rehabs ($100-$150K in rehab costs).

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

This deal was next door to our first deal/ house hack.

How did you finance this deal?

Renovation loan.

How did you add value to the deal?

We redid all major systems, demoed and rebuilt an extension, all new kitchen, bathrooms, floors, walls etc. We also added a "airbnb" suite with it's own exterior entrance, kitchenette and bathroom.
We also raised the value of the homes around it by removing the drug dealers and users from the street. We often had to kick people out of the property during the year of waiting for permits and construction.

What was the outcome?

The home is now estimated to be at $700,000

Lessons learned? Challenges?

Rehabbing a home during the pandemic taught me to:
1. be prepared for longer than expected holding costs.
2. Don't order appliances from Lowes during a pandemic (your stove range delivery will hold up inspections and delay the project).
3. Porta Potties attract homeless people on a construction site.
4. If you do have to board up a property, free hand a mural to lessen the effects of the broken window theory.
5. Keep up lawn care - an unkept lawn makes ppl think it's abandoned

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

Absolutely. Jonathan Rich of JRich Atlanta is phenomenal real estate agent and investor!

Thank you!

@Allan Smith

Hello! 

My husband and I just bought an airbnb property in Atlanta earlier this year. It's going so well we are looking for our next investment. 

The home next door to us was put up for sale and we currently have it under contract! The purchase price is $330,000 and needs an estimated $130,000 worth of work. The estimated ARV is $515,000 (conservatively). I'm interested in this property not only for the cash flow but also because the current tenants living in the home sell drugs and I want them out - so I want to buy it. I plan on taking down the dividing fence between the properties to create a communal space (fire pit, outdoor dining area) for the guest to enjoy which will also raise my airbnb price per night in all units.

I can get a conventional loan to cover the renovation and the purchase price for 20% down (just over $110,000). I'm doing more research into finding a way to BRRRR this property using private money lending so we can put less money down upfront. My husband and I both have excellent credit.

 I already have a third potential property on the horizon. It feels like I can't grab them all fast enough! 

What are some creative options for financing this deal? 

I'd so appreciate your time and advice for me! Thank you!

Investment Info:

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

Purchase price: $450,000
Cash invested: $30,000

This is my first investment property! Thank you to BiggerPockets for inspiring and teaching me! We purchased this two family house for $350,000 and got a renovation loan from the bank for $100,000. The ARV came back from the bank at $503,000! I am excited and grateful! I hope to airbnb both units. All recommendations are welcome!

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

I had a goal of only using $50K cash on this deal in total (including downpayment, furnishing, and renovation)

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

My real estate agent, Jonathan Rich, was INCREDIBLY helpful during this process. As an experienced investor himself he understood my goals and my boundaries. If anyone is looking for an agent in ATL I cannot recommend him more.

How did you finance this deal?

We got a renovation loan from the bank. We only put down 5%. The bank was very flexible with us as this was our first time buying any property and we don't have any other debt.

How did you add value to the deal?

We raised the value of the home from $350K to $503K after putting $100K of work into it. The home was not attractive to the average homeowner from the outside.

Lessons learned? Challenges?

So many lessons learned! I have a note that I keep on my laptop pf things I will do differently next time. one of the main things being to cage my HVAC units as soon as I close on the house. Both of our units were stolen during construction! That was a hard lesson learned.

Hello!

I am considering buying a turnkey property in Orlando, Fl to use as an Airbnb. Does anyone have any recommendations for a property manager? Thank you!

Hi @Raymond J. Rodrigues! I'm hoping to house hack on a multifamily property in Miami, as close to the airport as possible. My husband and I are first time home buyers so I'm also looking to take advantage of the loan incentives as well.. 

Hello! 

My name is Cristina and I am new to the real estate world! I was introduced to BP by a friend and have been obsessed ever since. I currently live in the NYC area but am looking to start my real estate journey in the Miami area. Does anyone have a real estate agent they'd recommend?