All Forum Posts by: Robert Adams

Investment Info:

Single-family residence fix & flip investment in North Las Vegas.

Purchase price: $28,000
Cash invested: $1,500
Sale price: $38,500

I owned this unit for 10 days! I bought it, did minor rehab, put a tenant in place at $650 mo and then sold it to a fellow BiggerPockets member. He held it with the same tenant for 2 years with positive cashflow then sold it to another investor of ours. then that investor held it for 3 months, we put a new tenant in it at $700 mo and then we sold it for again.

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

quick buy, rehab, place tenant, and resale in only 10 days

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

on MLS

How did you finance this deal?

cash

How did you add value to the deal?

minor rehab, place tenant

What was the outcome?

sold for profit

Lessons learned? Challenges?

how to multitask and move the deal along quickly

Investment Info:

Single-family residence fix & flip investment in Las Vegas.

Purchase price: $56,000
Cash invested: $600
Sale price: $65,111

I bought this condo with a self directed IRA with a real estate focus. It had a roof leak that damaged the interior ceiling which was the responsibility of the HOA. I replaced the hardware in shower, did touch up paint, and a deep cleaning then sold it in less than 45 days for a profit to the IRA.

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

Building Retirement Capital

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

on MLS

How did you finance this deal?

Self Directed IRA Funds

How did you add value to the deal?

bought below value...Minor rehab and clean up

What was the outcome?

sold for a profit for the IRA

Lessons learned? Challenges?

Smooth deal with the IRA custodian

Investment Info:

Single-family residence fix & flip investment in North Las Vegas.

Purchase price: $28,000
Cash invested: $1,500
Sale price: $38,500

I owned this unit for 10 days! I bought it, did minor rehab, put a tenant in place at $650 mo and then sold it to a fellow BiggerPockets member. He held it with the same tenant for 2 years with positive cashflow then sold it to another investor of ours. then that investor held it for 3 months, we put a new tenant in it at $700 mo and then we sold it for again.

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

Quick flip

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

on MLS

How did you finance this deal?

cash

How did you add value to the deal?

bought below value, rehabbed, put tenant in place, and sold

What was the outcome?

sold for a profit

Lessons learned? Challenges?

Fasted deal that I have ever done with rehabbing and putting a tenant in place and closing in just a few days!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $168,000
Cash invested: $30,000
Sale price: $242,000

this was a short sale purchase. Appreciated while we were in escrow for 6 months. further appreciation while we owned it. Then remodeled and sold

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

bought it below value via short sale, rehabbed and gained value via appreciation

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

short sale on MLS. Another client back out so we bought it

How did you finance this deal?

traditional financing

How did you add value to the deal?

bought below value, rehabbed, and appreciated for 10 months between the time it was in escrow with the short sale and us rehabbing it.

What was the outcome?

we sold for a profit

Lessons learned? Challenges?

We had it in contract w an fha buyer. The fha appraisal came in $20k below contract price and stuck w the property for 6 mo. We had to cancel the deal and relist without any fha buyers being considered. Luckily we were able to find a cash buyer and sold it for $2k higher than the original fha buyer.

Investment Info:

Single-family residence buy & hold investment in Henderson.

Purchase price: $159,000
Cash invested: $10,000
Sale price: $205,000

We bought this off market property through contract of sale/AITD. the owner was behind on HOA and mortgage payments. My partner and I took over, caught them up on the payment and they agreed to the contract of sale for 18 months. We held it with a tenant in place for 6 months. They wanted to vacate so we rehabbed it and sold it.

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

very little out of pocket...no liability as we didn't get the loan

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

my partner knew the owners and we came up with a creative solution. Keep in mind I was 22 years old and my partner was 21 years old.

How did you finance this deal?

The owner did a contract of sale with use. No loan in our names

How did you add value to the deal?

held it while it appreciated, then rehabbed: paint and flooring

What was the outcome?

We sold for a profit

Lessons learned? Challenges?

How to buy off market homes. How to do creative deals with owner financing. and another rehab and flip

Investment Info:

Single-family residence buy & hold investment in Las Vegas.

Purchase price: $205,000
Sale price: $268,000

I bought this home with 2 partners. Rented it out for just over a year then sold it.

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

very little out of pocket expenses and the market was rapidly appreciating

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

on MLS

How did you finance this deal?

Partner investment loan

How did you add value to the deal?

held it while it appreciated

What was the outcome?

sold for a profit

Lessons learned? Challenges?

good tenants in a rapidly appreciating market are a good combo. Partners obtaining financing was an added bonus by limiting my liability.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $20,000
Sale price: $189,000

I had saved money from various jobs and from a couple cars that I had sold for a profit. I rehabbed it from top to bottom. Granite counters, new carpet & tile flooring with black marble borders & baseboards, new paint, new window coverings, new light fixtures, mirrored walls, new sinks & faucets, and new appliances. Amazingly I did all that for around $20k. I lived in this unit for 2 years then sold tax free.

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

It was my first deal at 21. I didn't want to rent.

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

It was on MLS

How did you finance this deal?

Owner Occ Financing

How did you add value to the deal?

Fully rehabbed

What was the outcome?

Bought for $107k, invested $20k and then sold for $189k tax free.

Lessons learned? Challenges?

I was young and it was my first time buying, first time rehabbing and I did it with no partners. It was an invaluable learning experience at a young age. I fell in love with real estate at this time and never stopped

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $107,000
Cash invested: $20,000
Sale price: $189,000

I bought my first RE property on 6/2/2002 when I was 21. I had saved money from various jobs and from a couple cars that I had sold for a profit. It was a 2 story condo with 1,424 sqft, 2 bedrooms, 2.5 bath, and a 1 car garage. I
bought it for $107k. I rehabbed it from top to bottom. Granite counters in kitchen, and bathrooms. New carpet and tile flooring with black marble borders and baseboards, new paint throughout, new window coverings, new light fixtures throughout, mirrored walls, new sinks and faucets, and new appliances throughout. Amazingly I did all that for around $20k. It was good to have good friends help with the rehab/rehab costs. I lived in this unit for a while so I wanted it to be nicely upgraded. I sold it for $189k on 9/22/2004. Funny I just looked it up andit is actually for sale again right now again for $189k lol.

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

It was my first deal at 21. I didn't want to rent.

How did you finance this deal?

Owner Occ Financing

How did you add value to the deal?

Fully rehabbed

What was the outcome?

Bought for $107k, invested $20k and then sold for $189k tax free.

Lessons learned? Challenges?

I was young and it was my first time buying, first time rehabbing and I did it with no partners. It was an invaluable learning experience at a young age. I fell in love with real estate at this time and never stopped

Investment Info:

Single-family residence fix & flip investment in Las Vegas.

Purchase price: $45,000
Cash invested: $100
Sale price: $65,000

We cleaned the carpets and relisted it. We asked $69,900 originally which was much higher than value so it too a little longer to sell but we were ok w that at the time.

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

it was an easy short sale purchase and flip with no rehab other than cleaning the carpets

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

it was a short sale I negotiated for a client that backed out so we bought it

How did you finance this deal?

cash

How did you add value to the deal?

bought below value...cleaned it and resold

What was the outcome?

sold for $20k more than purchase

@maryland the buying side of these types of deals has been pretty smooth from what we have seen. The concern is more so for sellers.