All Forum Posts by: Eamon M. Keane

Investment Info:

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

Purchase price: $550,000

Duplex multifamily with full basement in Boston MA. The property is fully rented and cash flowing extremely well. We are going to use the BRRRR strategy to fix up this property, continue renting, and increase its value from $750,000 to nearly $1.1 Million and refinance to either pay down other property loans or reinvest into a short term rental Airbnb property. Estimated rehab is estimated to be around $175,000.00.

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

I want to invest in flips and rehabs in the future as I grow my wholesaling business.

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

I have been managing this property for my family for a couple of years. They are not real estate investors or in the industry. I offered to take lead on the project and we are partnering to maximize its value, increase the rental rates and eventually leverage the equity. The goal is to help my mother build her portfolio so she can retire early and have a lot more income in the next 5 years.

How did you finance this deal?

Financing in place under existing loans, will eventually refinance the deal and lower the interest by nearly 2 years. Partnered with family so we didn't need to modify anything.

How did you add value to the deal?

Increased rent roll and will eventually fix up the place

Lessons learned? Challenges?

Working with family is very difficult but also has been rewarding to share my knowledge and insight and help them build a lot of equity and help grow a portfolio.

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

Yes, working with a solid GC that has been referred over but yet to see how the project will turn out. Confident in his work based on my partner's recommendation.

Investment Info:

Single-family residence wholesale investment in Hingham.

Purchase price: $460,000
Cash invested: $100
Sale price: $497,000

Single Family property that was listed on facebook market place for months. New Properties in Hingham, MA go for double the price per square footage so I saw plenty of meat on the bone. I brought in an experienced investor to JV this deal because it needed an extensive rehab and expansion. She helped with the project planning, guiding the buyers (new investors) set up with financing and guiding my team through the city approval process.

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

The opportunity to gain experience under a veteran investor, builder, wholesaler and execute a wholesale assignment deal in a A class suburb. Learned invaluable skills on creative disposition and more effective negotiation skills on acquisition.

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

I found this deal on facebook market place, I negotiated with the seller offering him just $5,000.00 more than another buyer but I helped him understand that he had no obligation to the other buyer and that $5000.00 would help them cover all his closing costs and a large portion of his probate attorney fees.

How did you finance this deal?

The overseas buyers financed this deal with hard money

How did you add value to the deal?

The project plans are to gut the property, completely rehab and expand it from 1400 sq ft to 2,300 sq ft

What was the outcome?

$37,000.00 Assignment Fee after closing costs JV

Lessons learned? Challenges?

Working with individuals in probate (and lawyers) can be burdensome on the seller. I could have provided more value and made the process more fluid had I gotten on calls with his lawyer immediately to guide them through the closing process.

Hey guys, I am a wholesaler. I have been focusing on Plymouth County, MA a lot recently because of Covid-19 and a increase of home buyers in this area, only 45 minutes from the city in a lot of places makes it an interesting part of the state. I really enjoy the south shore of MA so it makes it easy to research and trying to find deals. Just assigned a single family in Hingham for under $500k. Let's connect and if anything pops up on my radar, i'd be happy to help. 

Agreed with everyone above on this thread. It is highly unlikely that this $7k course will provide you any information you cannot find on Bigger Pockets. Brandon wrote a book on this which you could find for under $20! 

Not ready to take on the BRRRR? find some one in the community to work with a flip on if you have the money and you will be ready for your next project and you will likely have learned enough to tackle a cosmetic BRRRR.