All Forum Posts by: Josh Goldstein

Investment Info:

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

Purchase price: $199,000

Purchased from wholesaler. This purchase included a single family house and duplex. Fixed up one unit when a renter left and refinanced. The appraisal came back at 336k, so I was able to pull out 230k and use the profits towards renovations.

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

A lot of potential equity and would still cash flow well after refinance.

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

Purchased this deal through a local wholesaler.

How did you finance this deal?

Cash

How did you add value to the deal?

Yes, renovating one unit at a time as existing tenants moved out. 2 of the 3 have been renovated and the 3 tenant was okay with rent increase.

What was the outcome?

Refinanced and pulled 230k which paid back my capital and a renovations.

Lessons learned? Challenges?

It was my first wholesale deal which seemed scary, but worked out very well.

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

Formed a great relationship with this wholesaler.

Investment Info:

Single-family residence buy & hold investment in Pigeon Forge.

Purchase price: $635,000
Cash invested: $140,000

This deal was 2 log cabins on one large piece of land. I am self managing by listing them both on AirBnB and HomeAway/VRBO.

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

After I listened to Avery Carl on BiggerPockets episode 364 I reached out to her to start looking for my own short term rentals.

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

The properties were listed on the MLS and Avery advised which areas were good for short term rentals and which were not.

How did you finance this deal?

Conventional loan with about 20% down.

How did you add value to the deal?

Replaced some furniture, ordered new linens, towels, and any lingering repairs.

What was the outcome?

I was braced for no guests since COVID and lockdowns were just starting to happen. So instead I focused on getting the cabins ready from a distance (I had planned on going out for closing, but couldn't travel because of lockdowns). I discounted during April and people started booking, some rented for a full month to get away and others for a weekend/week. Was able to get enough to cover costs for the month and now if seems to really be getting back to normal, in May I am starting to cash flow

Lessons learned? Challenges?

Even if a place comes fully furnished for STR's still plan on a decent amount for replacing some furniture that looks too worn down and replacing all linens/towels, etc. Even though I had a chance to back out because of COVID I felt like if I stuck with it that it would turnaround and still make sense.

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

Avery Carl was my realtor.

Investment Info:

Single-family residence buy & hold investment in Raytown.

Purchase price: $70,000
Cash invested: $1,000

1st Investment property! Wound up going turnkey. Its rented for $850/month. And then I turned around, got it appraised for $118k and pulled almost all of my investment out.

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

I had really wanted a BRRRR for my first deal, but after hearing episode 340 with Whitney Hutten I started looking into turnkey, and ultimately it wound up being great BRRRR deal.

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

After networking and trying to find a good turnkey provider one of them sent me a deal that seemed to make sense. The turnkey provider is a property management company that was referred to me. I pulled the trigger.

How did you finance this deal?

Part cash and part HELOC.

How did you add value to the deal?

It was turnkey, so I didn't have to do anything. I did ask for multiple repairs during the inspection period though.

What was the outcome?

After I closed I got it appraised for 118k and then did a cashout refinance to pull out $73,800. After all closing costs and inspection I have about $1000 left in the deal.

Lessons learned? Challenges?

Incentivized the tenant with a gift card to clean up right before appraisal so I could get the maximum amount.

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

Corey Pogue at REIS brought me the deal and Jim Carlson at One Stop Property Management is still the property manager on the property.

Investment Info:

Single-family residence buy & hold investment in Raytown.

Purchase price: $70,000
Cash invested: $70,000

1st Investment property! Wound up going turnkey. Its rented for $850/month.

Investment Info:

Single-family residence buy & hold investment in Raytown.

Purchase price: $70,000
Cash invested: $70,000

1st Investment property! Wound up going turnkey. Its rented for $850/month.

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

I wanted to get the train moving with a smaller stable deal so I can start a working relationship with people to grow.

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

I found this deal through a property management company/turnkey provider.

How did you finance this deal?

Cash

How did you add value to the deal?

The purchase price is already below market value.

What was the outcome?

I should cashflow about $450/month before I pull any money out.

Lessons learned? Challenges?

Next deals I would like to more value add so that I can start working with contractors to grow my portfolio quicker.

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

I am working with a company called REIS in KCMO.

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