All Forum Posts by: Terri-Leigh H.
Terri-Leigh H. has started 14 posts and replied 116 times.
Post: Deal of a Lifetime!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $60,000
2/2 across from canal in desirable neighborhood - Bought from health failing elderly neighbor
What made you interested in investing in this type of deal?
Our elderly neighbor was struggling post Hurricane with financial and health issues… the one way we could help her afford her medications and repairs was by owning the home, making repairs and giving her a lifetime lease for $1.00!
How did you find this deal and how did you negotiate it?
It took almost 6 months to build enough trust and for her to realize she needed serious help! We had a lawyer draw up a purchase agreement and corresponding lease that all tied into each other, guaranteeing she’d stay safely in the house once we purchased.
How did you finance this deal?
Cash.
How did you add value to the deal?
So far we’ve made about $2k in repairs and had the home valued. What added value have we got so far? An adopted grandma…
What was the outcome?
The property was valued at $290k… leaving us with massive equity overnight. We are able to pull out with a line of credit come June.
Lessons learned? Challenges?
Not everyone will see good deeds as good deeds!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rebecca Frey of SmartRealty Fl
Post: FL Buy and Hold - Bought from criminal:)
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $390,000
Cash invested: $80,000
Bought under market value, 6 weeks full remodel, turned into a successful vacation rental!
What made you interested in investing in this type of deal?
We had friends who had been investing in the area, this was our 5th offer in the area…
How did you find this deal and how did you negotiate it?
I saw this drop out of contract at $469,000… I did some Google research… I’m known for Google research… and found out the seller was going to jail. We took a wild swing and offered $390,000
How did you finance this deal?
HELOC and investment property loan
How did you add value to the deal?
We moved our family cross country for 6 weeks and did a full cosmetic remodel with roof replacement.
What was the outcome?
The property is a cash flowing vacation rental! Mid term technically with two 4 month leases under our belt. We just launched on AirBnB.
Lessons learned? Challenges?
Hurricane happen…. Ha ha…
But we came out on top with insurance.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Rebecca Frey Smart Realty of FL!
Post: Sioux City, IA Multifamily
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Nathan H.:
@Todd Plummer I appreciate the offer! I was actually there last weekend, I should really check my BP notifications more often!
I love the market. I was really impressed by everything I saw. The neighborhood the apartment is in is way better than I thought it would be. Super excited about the deal and planning on moving forward so far.
Hey Nathan,
I too am in CO, Conifer area though. We have an SFR in Cape Coral FL and are looking for multi-family in our budget. Came across one in Sioux City and I like what it is looking like, also that it is drivable to. Please share more of your experience so far! How did it turn out? The one we are looking at his not far from you, just closer to the river.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Connor Cornell:
Hi, Terri-Leigh -
I'm so sorry to hear. If you haven't gotten to see the property yet, I would be willing to drive by and hop on facetime/Zoom to show you the condition. If there is any way I can be a resource for you I would love to help out! Hoping for the best!
Hi Connor,
That is kind thank you! We have our contractor down there working on it. Luckily! And our tenants moved in last week.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jeff Cody:
My pleasure @Terri-Leigh H., glad you found a renter and gave them a place to live at the same time. Mine is middle of the market, will probably list at about $725k or so. There hasn't been much inventory prior to Ian and prices had held fairly steady over the last few months, even with rising rates.
{I say this as a data point, while having complete empathy for the amount of devastation and human loss we just endured}. I do think that there is less inventory and there will likely be more demand now for homes while many rebuild in the area. That won't help buyers who have been waiting unfortunately, but it may help sellers who need to sell their homes now. It will help those displaced to find a home to live in while they rebuild their lives. I feel guilty thinking about these options while others are going through such a difficult experience, but I'm hoping for the best for my neighbors and the area.
Absolutely, I totally agree. I hope our next tenant will be one looking for a home while they rebuild. We are definitely open to listing again once this lease is up but I didn't really think there would be sales. Perhaps you are right! We are very new to investing in this way. We have done lots of house hacking. This is our first sole investment property. Our appraisal sits around $546k, be purchased for $390k prior to an almost complete reno.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jeff Cody:
I was finally able to get out to a flip I'm working on in the Southwest Cape last week. It wasn't too bad, shingles, lanai, etc, but I'm fortunate compared to the damage in the area. We were just about done with the rehab and this will just add a few weeks to a month and we can list it for sale. I'm a local investor @Terri-Leigh H., if you need anything - don't hesitate to reach out.
Also, THANK YOU for the kind offer! Any advice appreciated.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jeff Cody:
I was finally able to get out to a flip I'm working on in the Southwest Cape last week. It wasn't too bad, shingles, lanai, etc, but I'm fortunate compared to the damage in the area. We were just about done with the rehab and this will just add a few weeks to a month and we can list it for sale. I'm a local investor @Terri-Leigh H., if you need anything - don't hesitate to reach out.
Jeff, I am so glad yours faired well, ours did too relatively! We were able to find tenants who are paying over market rent as they are there for 6 months to help get everything back together. We have 6 months to pivot and streamline:) We had the house on the market for sale (testing) just a few weeks before Ian. Are you hopeful there is still a market for sale? I think ours is in a tough bracket to sell in this climate... Not quite luxury and not quite your average.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Peter Davis:
@Terri-Leigh Huleis
I’m so sorry Terri-Leigh. Having rehabbed a bunch of homes, I know all the hard work you must’ve put into your property. Hang in there.
Post: Hurricane devastated our rehab!
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @John Mocker:
Terri-Leigh
If you have not reported the loss to your insurance company do so. In these type of catastrophe situations many companies will assign adjusters in the order the claim was received. Even if you do not know the full damage, get the claim started. Check your policies to see what coverage would be applicable (flood from the flood policy, wind damage from the property policy or wind pool policy, etc.). You may or may not have loss of rents depending on the type of policy for the property and the causes of loss.
Glad no one was injured at your location and hope for the best for your project.
Thank you, we opened a claim the morning after, just waiting on an adjuster. I am open to a private adjuster too should there be any issues. The only excluded loss would be flood but we didn't get flooded thank goodness and we have flood insurance too.
Post: Hurricane Ian slated to hit Cape Coral
- Interior Decorator
- Denver
- Posts 119
- Votes 47
Quote from @Jonathan Newswanger:
If anyone happens to get down SE 26th terrace right by veterans and Santa Barbara I would be much obliged to know what damage there was. I have not been able to get any updates as of yet on my property there.
No flood, pool cage completely ripped off, crack in wall and all trees gone. But the inside is immaculate!