All Forum Posts by: Jorge Morales
Jorge Morales has started 3 posts and replied 3 times.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $170,000
Cash invested: $20,000
2nd buy & hold property with slight rehab
What made you interested in investing in this type of deal?
Great property for the price. Slightly below value. Appreciation and cash flow is there.
How did you find this deal and how did you negotiate it?
Real Estate Agent Presented it to me
How did you finance this deal?
Conventional 20% down
How did you add value to the deal?
Add new flooring, rehab bathroom and add backsplash. Installed Mini Split Unit
What was the outcome?
Good
Lessons learned? Challenges?
Search for better contractors, paid $20,000 and had to repeatedly have them come back for poor job. Felt like somebodies grandparents could have done what they did for $5,000.
Post: How much value would a 2nd home with 1800sqf 4bd 2ba add to a property worth 175k?
- Posts 3
- Votes 1
I’m looking to purchase a property that has a home with 3bd 1 1/2 ba, and connected to it is a recently built 2nd home with 4bd 2 full bath and 2 half bath and is vinyl . The original home looks to be valued around 175k-195k and is all brick. Only thing is that they are connected in the basement and utilities are combined. I’m trying to get a rough estimate on how much it would be worth since i think there’s a good chance a might use a hard money lender if possible to purchase the property and keep it as a long term rental.
I am currently under contract on my first investment property. What are the first steps I should be taking? Of course once i close i will have the place clean painted and replace anything that needs to be replaced. What are the things i should be doing as a landlord? What paperwork should i have ready to go prior to listing it for rent?