All Forum Posts by: Kayla Givens

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $660,000

This property is the third that we have ownership in for Elevate Recovery Homes. Our partners brought the cash for down payment and my fiancè and I got the loan. This property is 6 bed / 3 bath and will be a solid group home.

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

This is the third property that we have ownership in for Elevate Recovery Homes. The group home strategy is what we implement in all of our rentals and will continue to do moving forward. The strategy is a no-brainer - helping people and building wealth through real estate.

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

This property was on the MLS. Originally it was listed at $749,950 and we closed at $660k.

How did you finance this deal?

My fiance and I assumed the loan and our partners brought the cash for down payment.

How did you add value to the deal?

I was the agent on the deal and my fiance will run Elevate Recovery Homes out of the home.

What was the outcome?

We don't have anyone in the property yet as we are facing some challenges (see below)

Lessons learned? Challenges?

We did our final walk through about 5 days before closing and everything looked good. We closed the day before Thanksgiving and didn't get over to the property until that Friday. Come to find out - a pipe had burst in the basement and there was over a foot of water in the basement. It was determined that the pipe burst at some point after our final walk through and we are now working with the sellers to get the damage remedied.

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

I was the buyers agent and I 100% recommend working with me! :)

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $780,000

Our second investment property purchased with a partner. This is the third Elevate Recovery Homes house and the second that we have ownership in. This 9 bed / 5 bath MONSTER currently houses around 10 men that are in recovery from substance use disorder.

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

We found this property during a "lull" in the market. It was previously used as a group home and was perfect for our strategy. We wanted to continue to grow Elevate Recovery Homes and were fortunate to have a partner that provided the funding.

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

This property was on the MLS. It did not have any offers but we ended up offering $20k over asking. The seller paid for repairs to the foundation and the transaction closed seamlessly.

How did you finance this deal?

Our partner brought the down payment and got the loan.

How did you add value to the deal?

I was the agent on the transaction and my fiancè runs Elevate out of the home. We have an agreement for profit sharing with our business partner.

What was the outcome?

This property does VERY well - after everything, we cash flow around $5-6k per month.

Lessons learned? Challenges?

This was the first time doing an escrow holdback for repairs to be completed after closing. The seller cut a check to the title company to hold onto funds once the foundation repair was completed.

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

I was the agent on the transaction and would 100% recommend working with me! :)

Hey, @Wasim G.! Welcome to BiggerPockets! You already know this but you are definitely in the right place if you're looking to network, make moves, and learn from other real estate investors. What markets are you considering? 

@Adam Steinbach Got it. Sounds like you are on top of your strategy moving forward and will continue to see success!! I remember seeing this property on the MLS and loved it - maybe one day I can bring you a buyer! :)

Amazing! What a beautiful home and a great outcome. Did you feel any impact of the shifting market?

Hey @Christopher Young! My fiance and I did a house hack last April - although our approach was pretty unique (we started a group home for men in recovery). I've worked with a lot of clients who are house hacking - a good mix of rent by the room and separate units (STR, MTR, LTR).

With rates as high as they are right now, it's a great time to be buyer in terms of price and negotiating power. I would look for a property that doesn't necessarily cash flow while you're living there but has the potential to once you move out and on to the next property. Making your monthly housing payment smaller is still GREAT and can get you on your way to the next property in no time.

Hope that helps!

Hey, @Ann Mclean! I've got a great lender in the Denver metro area - if you're still looking shoot me a DM and I'll get you connected with him!

Hey, @Paul Pukurdpol! Echoing what Jeff Copeland said - it will be extremely difficult to get a one-off for re-zoning a property. I would highly recommend finding a property that already has the proper zoning before moving forward with anything - could be a nightmare if you end up in a property that doesn't suit your goals. 

Shoot me a DM - would be happy to chat with you about how to go about finding a property that works for you in your preferred location!

Hey, @Mason Grant! Sounds like you're in a pretty great position having a house you could rent out soon! Where is your current home located? Have you looked into the various rental strategies (STR, MTR, LTR) and what would work best for cash flow?

Moving into the multifamily space is something my fiance and I are focusing heavily on from here on out. We're currently under contract to purchase two single-family homes which will most likely be our last (the next one will likely be a home for us to live in ourselves). 

You're truly in a great place to learn about financing and just real estate investing in general. There are plenty of resources available from BiggerPockets - books, forums, connections, etc. I also echo what others have shared - get over to an REI meet-up and connect with local investors. I've fount that John Fisher's breakfast club has the most "seasoned" investors - they meet once a month on Saturday mornings. Other than that, there are plenty of meet-ups to choose from!

I'll shoot you a DM about your current property - happy to help you run analysis on different rental strategies!

Hey, @Adam Littrell! Welcome to BiggerPockets! You're in a really great place to learn from some seasoned investors and I'm positive you'll be able to find answers to almost all of your burning questions in the forums. Wishing you all the luck!!