All Forum Posts by: Gustavo Jimenez

@Douglas Spence thank you for the advice. Yes I want to document my next property on IG to get some followers. I might try YouTube

@Douglas Spence yes I'm closing on a condo with hurricane damage for 85k ARV is about 150k. I'm hoping to brrrr this deal. I like it everyone is relaxed and layed back out there. It's hard to find labor in pcb.

Investment Info:

Single-family residence buy & hold investment in Adelanto.

Purchase price: $110,000
Cash invested: $5,000

bought when I was 22 about 4 years ago. I put $10,000 down and asked seller for closing costs. My intention was to move in but that never happened. my mortgage was only $770 but I was only making $13 an hour at the time and the property was 50 minutes away from my job in ontario ca. I ended up staying at my moms house and rented it out for $1,100. I had no idea 4 years later the house would have a value of $270,000 and a rental value of $1650 (mid 2021).

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

At the time I was looking for the Best property I could afford. I was trying to move out of my moms house. all it needed was removal of trash and items in the house and a paint job.

How did you finance this deal?

conventional $10,000 down and asked for closing costs

How did you add value to the deal?

removing belongings of last occupant and repainting the interior.

What was the outcome?

a cashflow of $330 a month and a couple years later the opportunity to use it for a HELOC of $80,000.

Lessons learned? Challenges?

I should have bought more of these deals. I haven't raised rent since I first leased it for $1100. current market rent is $1650. I should have raised $50 or $100 every year. I haven't raised it in 4 years but when I do I don't think they'll complain because I'm going to do it in increments.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $115,500
Cash invested: $35,000

Brrr strategy. cashed out what I invested into the property.

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

numbers looked great for a flip

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

found on zillow

How did you finance this deal?

cash purchase

How did you add value to the deal?

house already had some repairs from hurricane damage. I completed repairs.

What was the outcome?

had it for sale 6 months and kept getting lowball offers. decided to refinance and keep as rental.

Lessons learned? Challenges?

know the market. This was my first out of state property (Florida). Im from california so im used to houses selling fast. I learned that panama city fl is a great renters market because of the military base and it being a tourist area.