All Forum Posts by: Nadia Chase

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $320,000
Cash invested: $24,000

This home is a STR, we started it in November of 2022 and is doing better every month, April 2023 is looking on gross income about $4700 :D

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

Bigger cash flow

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

Realtor

How did you finance this deal?

10% down vacation home

How did you add value to the deal?

Smart home upgrades, privacy fence.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $42,000
Cash invested: $50,000
Sale price: $144,900

I found this house on social media! the seller was in a hurry to sell for cash and we were able to work with that.

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

The price and comparables.

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

Social media, did not negociated, the seller wanted a number I was ok with.

How did you finance this deal?

Cash.

How did you add value to the deal?

New floor, Painted counter tops, New paint, new deck, lots of cleaning, new cealings, new appliances, new countertops. reglaced bathtub, painted vanity.

What was the outcome?

We made profit of around 35k after all expenses.

Lessons learned? Challenges?

Find better contractors that won't subcontract others.

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

I am a real estate agent. We did not use a lender, we did cash.

Investment Info:

Single-family residence other investment in Jackson.

Purchase price: $72,500
Cash invested: $13000
Sale price: $115,000

This was our first home, we look for a long time until we were able to find a house that was: one of the smallest and ugliest in the decent neighborhood. Once we did we moved in and started a very slow renovation process, we spend about 13k, mostly did all the work ourselves.

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

We were originally looking to buy a duplex, but we did not find any that was good enough for us to want to live in. So we settled for a small house just outside of the city limits. We new we wanted to make the best use of our money and the best use of the FHA loan. So we found a home that was livable but had room for improvement.

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

MLS listing

How did you finance this deal?

FHA loan with 3.5 down.

How did you add value to the deal?

We change carpet floor for laminate planks, moved the washer/dryer close to bathroom and created mudroom space. Added insulation, added some cabinets and a dishwasher in kitchen, change counter top and painted.

What was the outcome?

We were able to made a nice profit that we re-invested in our second home that we are currently flipping.

Lessons learned? Challenges?

Patience, it took a while to find one that was good enough to live in and that would make sense financially. Also to get a good real estate agent. I wasn't very happy with ours and I ended up becoming one.

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

Yes I did, unless you have experience in the area ( I am an agent now for 4 years) I would always recommend to get an agent, especially when buying (is free!). Also don't be afraid to fire the ones you don't like even if you are under contract with one, there are ways to get out of those.

Hello there! I have a very close non-citizen family member that lives in a different country looking to invest in real estate in my hometown here in Jackson County, Michigan. My question is, what would be the best business model/ structure when working with this partner. We would use my credit and her cash to be able to start getting properties, I would be in charge of doing all the work, how should we divide profits and would it be a good idea to make her a member of my LLC? She is not a citizen and I am afraid she will be heavily taxed. Are there any other ways to go about this? Should I talk to a lawyer or a CPA?

Thank you!

Welcome to the boat! Prospecting FSBO and Expired listings are good part of the business, FSBO can be approached knocking doors, or just calling them and scheduling appointments to check the house for potential buyers. While in the appointment, you can start building the relationship from there and eventually get the listing.

On expired listings is all about finding the phone number to call and then explaining why your strategy will work better than the previous one. Explain everything you are willing to do for them and how fast could you sell their home.

Let me know if this helps!

Depending on where you live you can try to get in to the GIS website for example I get owner's names, only with the address in Jackson, MI from http://www.co.jackson.mi.us/countygis/index.htm. 

Hope this helps!

Welcome on board! 

I am an investor-friendly realtor in Jackson County, let me know if there is anything I can help you with around this area.

I didn't know that, thank you, in that case we would move there after the rehab is done. any other advice?

Hello! we have being looking to get in our first deal for a while now, and we just found a potential deal, it is a foreclosure, bank owned for $60 000, estimating the ARV with 4 comps we have 97 000$ After the two years we would sale it. A rough estimate of rehab would be around $10 000. The plan is to move in for 2 years in order to avoid to pay capital gain taxes, and rehab it while we are there. My questions are:

1-How would moving in affect the holding costs in this particular case, should I even consider those, when I am gonna be living there until it sales? 

2- Is it a good idea to include contingencies in the offer when working with bank owned properties? if yes, Which ones?

3- We are thinking to offer around $50 000 to $55 000, is that to much? to little? 

Any advice would be greatly appreciated 

Thank you