All Forum Posts by: Rickey Rodriguez

I use Rent Redi for my out-of-state properties.

Hello Michael,

Welcome aboard. I live and invest in PSL. There is tremendous demand for rentals in this area. I think it would be a great place for you to start. 

Feel free to reach out with any questions. 
Best of luck to you. 

Rickey Rod 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $99,000

Purchased this property from a wholesaler under value.
Purchase price - $99,000
Rehab estimate - less than $20,000
Total invested - $119,000
ARV - $170,000

I will BRRRR to pull out my entire investment (purchase + rehab costs).
Instant equity from day 1.

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

The instant equity prior to renovations

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

It was brought to me by a wholesaler. We've built a relationship over the past year before I purchased from him. Relationships matter.

How did you finance this deal?

Private money for purchase and rehab then will BRRRR.

How did you add value to the deal?

Renovations. Nothing major, it needed updating and some TLC

What was the outcome?

Still in progress...

Lessons learned? Challenges?

Never stop building relationships even if you think you have enough. It's a continuous process.

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

No

Hello Haven,

Call my guy, Justin Morefield at Coldwell Banker Paradise in Fort Pierce. He manages my props. Please tell him I sent you.

Reach out if you have any more questions. I have a bunch of props in FtP.

Later

What's up, fellas.

I invest in the area as well. Check out my BP profile. I'm always available for a cup of coffee. 

Later

Hey Andreas,

Welcome to BP. 

Let’s link up. Seems like we have a lot in common. 

Hey Steve,

I’m down. Let’s do it 

Hey Dominic,

let’s meet up

Thank you both for chiming in. I appreciate your perspectives and encouragement. 

Investment Info:

Single-family residence private money loan investment.

Purchase price: $70,000
Cash invested: $20,000

This was my first investment property which I acquired via several strategies. I utilized seller finance, private money, and the BRRRR method.

Initial purchase price: $70,000
Seller note amount: $50,000 x 3.5% interest only = 145.83/mth
Down payment: $20,000
Private note: $20,000 x 7% interest only = 116.67/mth
Rehab costs: $15,000 - My own money

The Private note was used for the $20,000 down payment. BRRRR'd in 6 mth for an infinite return

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

Cash flow and the potential appreciation

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

I already had a previous relationship with the owner. I knew there was motivation to sell. We eventually worked out a deal that was a win-win for us both.

How did you finance this deal?

Initially, I used private money and seller finance. I eventually refinanced into a conventional loan.
Be sure to use a title company or lawyer to draft Promissory Notes and file the mortgage security docs with the local county to protect your investors.

How did you add value to the deal?

I updated the property to include new flooring throughout the home. Interior/exterior paint. Window treatments throughout. Updated two bathrooms. Fix a few plumbing issues. Moved one wall to open up the living room. Added landscaping, painted driveway.

What was the outcome?

The property was eventually refinanced. The initial ARV was $130,000. At a 70% LTV, I was able to get a $91k loan which allowed me to pay off the $50k seller finance note and the $20k private note plus recoup my $15k for the rehab costs and put $6K in my pockets.
$91k - $50k - $20k - $15k = $6k and an infinite return.
The property is now worth $200,000.

Lessons learned? Challenges?

Renovations always cost more than anticipated. I also learned about the Seasoning period, 6 months typically. Don't forget to factor this into your numbers and your overall plan.

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

I did not work with an agent. I did work with a great title company. Holden Title in Stuart, Fl. John and Suzanne are awesome individuals. I try to use them for all my deals --- my personal investment deals and when I'm representing my clients as a Realtor.

Holden Title & Escrow
850 NW Federal Hwy, Stuart, FL 34994
Phone: (772) 261-8565

If you do use them, please tell them that I sent you. Suzanne will get a kick out of that!