All Forum Posts by: Jeff Boyle

Investment Info:

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

Purchase price: $224,000
Cash invested: $45,000

We purchased this Tri-plex with one tenant renting 2 units for the price of one. The exterior needs some work but it has a new roof and the interior's do not need much at all.

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

Simply adjusting the rent when her lease is up or renting out the 3rd unit to a separate tenant will drastically increase our cashflow. With one small adjustment our cashflow will go from $486 a month to $1308 per month. That will happen in November of 2023.

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

It was an off market deal. He gave me the price that he wanted I quickly ran the numbers and I was good with it.

How did you finance this deal?

Conventional 20 year fixed.

How did you add value to the deal?

Renting out the 3rd unit to another tenant and there is a 2 car detached garage that we can rent out for storage.

What was the outcome?

We just purchased it last week.

Lessons learned? Challenges?

Ask everyone you know if they have any properties that they want to sell.

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

I am a realtor myself. I did take a commission on this deal on the buy side.

Investment Info:

Single-family residence buy & hold investment in Hamilton.

Purchase price: $53,000
Cash invested: $11,000

A little 2 bedroom block home with a 1 car detached garage and an unfinished basement.

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

The price was right and it was a pretty easy remodel. Mostly cosmetic.

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

I met with the seller to list it and sell it and she said that she just wanted it gone and didn't want to make any money on it. I gave her a updated sale price with remodel costs and an as is sale price just cleaning it up and decluttering it. I also gave her an I'll but it for this price and you do nothing. That is what she went with.

How did you finance this deal?

Portfolio loan with 10% down. I ended up BRRRR'ing it and did really well on it.

What was the outcome?

I BRRRR's it for a $20,000 profit and it is still a fantastic rental home.

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

No. I was the only agent involved.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $172,000
Cash invested: $110,000

We purchased this house with the intent to completely remodel it and make it an STR. It was a 3200 s.f. 3 bedroom with a huge box addition on the back of the house that has the Master suite on the 2nd floor and the kitchen and family room on the first floor. We turned it into a 4 bedroom 3.5 bathroom home.

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

It was a for sale by owner that I saw driving by it and when I called I realized that they had under priced it. It is about 5 minutes away from the largest indoor sports complex in the country that brings in 10's of thousands of people every weekend.

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

It was a For Sale By Owner that I drove by and called on.

How did you finance this deal?

Convention rehab loan with 25% down.

How did you add value to the deal?

We completely remodeled the entire inside of the house and rebuild the deck on the back of the house.

What was the outcome?

It turned out fantastic and we have all 5 star reviews since we opened it up as an STR.

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

Just myself on the buying side. The homeowner was a FSBO that represented himself.

Investment Info:

Single-family residence buy & hold investment in Hamilton.

Purchase price: $85,000
Cash invested: $9,000

Bought for $85,000 with 9% down. It was off-market. We are renting it out for $1000 a month.

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

We actually bought it to do a lease purchase back to the current renter. He is someone we know. It is a 2 year Lease Purchase with a monthly payment of $1000 a month and an already agreed upon price at the end that really made this deal worth it. If they do not close on it within the 2 years we can keep it or we can extend it. It will be up to us at the time.

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

The tenant came to us and asked us to buy it and do a lease purchase back to him.

How did you finance this deal?

Portfolio loan with 10% down.

How did you add value to the deal?

The value was built in to the lease purchase in the monthly payment, the final sale price and the rest of the terms.

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

The owner is a Realtor that was looking to start getting rid of some of her rental properties and I am a Realtor myself.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $125,000
Cash invested: $62,000

This will be a long term rental that we may convert into a short term at some point. Maybe a "Mad Men" full mid century modern Short Term Rental Experience.

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

We were able to purchase it at a really good price and it is only a few minutes to the larges sports complex in the country.

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

A past client is friends with the previous owner and told me about it knowing I might be interested in purchasing it.

How did you finance this deal?

Cash

How did you add value to the deal?

We are putting in a new kitchen, refinishing the hardwood floors, paint the entire first floor, and we are finishing the basement and adding a Rec. Room, a full bathroom and a bedroom. It will now be a 3 bed / 2 bath.

Investment Info:

Single-family residence buy & hold investment in Hamilton.

Purchase price: $92,000

Purchased this 1.5 bathroom home that is next to a large (largest in the country) indoor sports complex and a hospital. We are going to completely renovate it from bottom to top while adding an additional bathroom. We are turning it into a short term rental. We should have it ready in May 2022.

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

It is only a few block from what is the largest indoor sports complex in the United States which brings in 10's of thousands of people just about every weekend.

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

I was referred to the owner by a mutual friend and told that he wanted to get rid of it. I went in with the thought of I we can buy it at the right price then great. If not, I can alway sell it for him.

How did you finance this deal?

Convention Loan with 25% down.

How did you add value to the deal?

We gutted the entire house and remodeled it back into virtually a new house.

What was the outcome?

The house turned out great and it has become a fantastic short term rental for us.

Lessons learned? Challenges?

Better self inspections. We ended up having to tear out the entire first and 2nd floor floor systems due to settling in the middle of the house. It costs us an extra $15,000 and about 30 to 45 days.

Investment Info:

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

Purchase price: $119,000
Cash invested: $35,000

Side by Side all brick Duplex.

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

It is a side by side duplex which in my opinion are the best kind. All separate utilities and no "upstairs neighbor" to make all kinds of noise.

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

This was my first piece of investment property that I purchased. I actually went on an appointment to list it and after giving the seller a sale price and looking up rents I decided to just buy it myself.

How did you finance this deal?

Conventional loan with 25% down.

How did you add value to the deal?

Nothing. It was remodeled when we purchased it in 2021.

I have multiple llc's that we own our properties in and of course we have insurance on the buildings with a large umbrella. My question is, someone mentioned that we should have a business insurance policy for each llc. This doesn't make sense to me if we already have a policy on each rental. Can anyone clarify this for me? Do I need and additional business policy for our llc's on top of the property insurance that we already have>

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000

We purchased this home to do a light remodel then we will be turning it into a short term rental. It is mostly cosmetic updates.

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

It is one block from what will be the largest indoor sports complex in the US.

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

It was and on market house for sale in our MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

New paint, New carpet, new landscaping, new kitchen and updated the bathroom.

What was the outcome?

Still under construction

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

I am a realtor.

Investment Info:

Single-family residence fix & flip investment in Hamilton.

Purchase price: $89,000
Cash invested: $35,000
Sale price: $185,000

Purchased this off market for $89,000. We completely remodeled the interior. New kitchen, updated the bathroom, all new carpet, new paint, new lighting, new concrete driveway, new retaining wall, and new landscaping. We then sold it before it hit the market for $185,000. Our profit after all carrying costs and commissions was about $44,000.

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

Building Cash Flow

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

I know the neighbor and he called me to tell me about it.

How did you finance this deal?

Cash

How did you add value to the deal?

We completely remodeled the interior. New kitchen, updated the bathroom, all new carpet, new paint, new lighting, new concrete driveway, new retaining wall, and new landscaping.

What was the outcome?

Great flip that was sold to a fantastic young couple.

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

I am a realtor. I did not pay commission on the purchase. I did pay myself a commission on the sale.