All Forum Posts by: Michael Martinez
Michael Martinez has started 4 posts and replied 4 times.
Post: Our First Airbnb
- Posts 5
- Votes 1
Investment Info:
Single-family residence other investment.
Purchase price: $325,000
Cash invested: $25,000
Residence is an 8 bedroom home that we've made into a short-term/mid-term rental. We rent out each room individually. Home was in need of some updating when we purchased it: knob&tube, paint, newer furniture.
What made you interested in investing in this type of deal?
It was an up and running airbnb, but it was needing some updating and the owner was looking for cash to get into more expensive airbnbs.
How did you finance this deal?
30 year loan
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Jonna Janzen with the Andy Blake Group
Post: 1st (possibly only) Flip
- Posts 5
- Votes 1
Investment Info:
Single-family residence fix & flip investment in Ottawa.
Purchase price: $53,000
Cash invested: $31,000
Sale price: $115,000
Home was 110 years old and had had a renovation back in 2008. It was in need of a pretty large rehab as it had been neglected by the past owner.
How did you find this deal and how did you negotiate it?
Coworkers mother in law was buying it from her landlord so we just helped pay off what she owed and she turned around and sold it to us.
How did you finance this deal?
It was a cash purchase.
How did you add value to the deal?
New roof, siding, windows, flooring, insulation and fixtures. It was a complete overhaul on the inside.
What was the outcome?
House was sold for 115,000 which was 15,000 over what we thought we would get.
Post: [Calc Review] Help me analyze this deal
- Posts 5
- Votes 1
*This link comes directly from our calculators, based on information input by the member who posted.
Can someone explain how the COC ROI is in the 107.38%? Not sure how to go about calculating a vacancy rate? Was looking to hopefully make at least 150 a month on this property but its not looking like it.
Post: Contractor first or Property first
- Posts 5
- Votes 1
New member here and the question I have has to do with the order or process of rehabs. Do we need to make sure we have a GC first then buy a property or have a property then try to find a GC? Have a chosen GC come look at a property to tell you yea no major issues and itd be worth it? What do most do to pay the GC: credit cards, loans?