All Forum Posts by: Trey Williams

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Sale price: $135,000

Full Gut & Rehabbed Duplex
-Unit 1
*1bed 1 bath
*700 sf
*LVT Flooring
*

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

BRRRR

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

Wholesaler

How did you finance this deal?

Hard Money

How did you add value to the deal?

Rehab top to bottom

What was the outcome?

Sale not BRRRR

Lessons learned? Challenges?

Permit office

@Matt Hassler I invest inside Hagerstown city limits and just finished a 4plex full gut rehab and selling 2 of the units. Investing here can be stressful if you don't know the area or work with a local investor or realtor well versed in the area. The main areas of concern should be the tenant class, which is difficult to deal with and the city permit office also less than stellar to deal with. I have worked with the permit office on commercial projects and their systems are just way behind and slow but I would still invest here with the correct team and reserves of course. 

@Matt Hassler

@Julius L Evans I can assist with your contractor needs in Hagerstown. Sending you a msg to connect. 

@Ebony Brown I would find an experienced investor to partner with and bring half the cash and the property. This will cut down on mistakes made if you were going solo and you will only need half the down payment. Experienced investors only deal with newbies if they bring  present and future value My 2 cents good luck

@Matthew Amabile  Here are some progress photos of the 4 unit im rehabbing. The color is boisterous blue no lie. My business partner picked it out. Shutter will be light gray thinking of doing the steps and risers to match.

@Michael Cross It was my first deal. Im very lucky to get this deal with my business partner. The west end is definitely one of the nicer areas of the city.   

I completely agree with @Michael Cross. I am finishing a 4 unit rehab that cost around $90k and it did need almost everything Michael included above. The knob and tube being the major issue because you need to remove the walls. I am vary wary of the low cost homes. Partnering with an experienced investor in this area is your best bet I would say. This area has to many nuances you can only learn by doing a deal.Not being local may be difficult . You will need a team of contractors in this town for sure. Message me and i can give more info on the area and my experiences. 

@Matthew Amabile Im not an architect or claim to be. I would suggest walking the neighborhood and just opening your eyes up to all the homes you pass during the day. Inspiration does wonders. I am actually painting a 4 unit this week. We went with a darker shade of blue with gray shutter. I will post before and after pictures when completed this weekend.

@Crystal Smith Thanks for your input. Its great we can see what each other is going through in each of our regions.