All Forum Posts by: Tricia Koning

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $35,000

Purchased this SFH 2/1 house that was in good shape but still ended up spending $$ for improvements: bath tile, a/c, quartz, garage door. I was able to spec diff finishes with the GC, departing from their standard boring . Furnishing and finishing the details took 3x longer than I thought, however, I am very satisfied that I received a mid term rental inquiry for traveling nurse and subsequent booking within 1 week of posting!

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

This was my 2nd deal and I decided that I wanted to try a furnished home for the midterm rental strategy. Luckily, I was able to start a winter 3 month lease within a week of posting on Furnished Finder.

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

MLS and I acted as my own RE agent.

How did you finance this deal?

cash

What was the outcome?

mid term rental

Lessons learned? Challenges?

GC thought he didn't need a permit because we were only do surface improvements, but the city still shut us down for 2 weeks since the GC was removing the vanity. I would suggest to tape the scope of work on the walls, as the GC missed a few details. I usually have more luck finding local help and contractors/handymen on the local FB page. It's a very good idea to be kind to people/contractors and let them know you appreciate their skills and hardwork.

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

Tricia Koning, Coldwell Banker agent in IL, IN, MI

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $100,000
Cash invested: $35,000

Purchased this 2/1 house that was very well cared for, however, I still ended up spending $$ for improvements, new bath tile, a/c, quartz, garage door. I was able to spec some different finishes with the GC, departing from their standard gray walls and vinyl floors and white everything. I'm very pleased with the overall look combining new and refurbished pieces. Furnishing and finishing the details took 3x longer than I thought, and very satisfied that I received a mid term rental inquiry for traveling nurse and subsequent booking within 1 week of posting!

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

This was my 2nd deal and I decided that I wanted to try a furnished home for the midterm rental strategy. Luckily, I was able to start a winter 3 month lease within a week of posting on Furnished Finder.

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

MLS and I acted as my own RE agent.

How did you finance this deal?

cash

What was the outcome?

mid term rental

Lessons learned? Challenges?

GC thought he didn't need a permit because we were only do surface improvements, but the city still shut us down for 2 weeks since the GC was removing the vanity. I would suggest to tape the scope of work on the walls, as the GC missed a few details. I usually have more luck finding local help and contractors/handymen on the local FB page. It's a very good idea to be kind to people/contractors and let them know you appreciate their skills and hardwork.

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

Tricia Koning, Coldwell Banker agent in IL, IN, MI

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $82,000
Cash invested: $55,000

Bought a REO property that had broken water pipe evidence in basement. I acted my own RE agent. Worked with a general contractor to fix home, added a 3rd bedroom with egress window in basement to create a 3/1. Long term rental and working with property manager.

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

I wanted to start with a small, inexpensive house for my first investment property.

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

I found it on the MLS and I was my own RE agent.

How did you finance this deal?

cash

What was the outcome?

qualified long term rental

Lessons learned? Challenges?

the city building dept wants all new electrical and pluming. Contractors take 2 or 3 times longer than they estimate. I liked working with a general contractor for my first fix and hold.

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

Tricia Koning, licensed in IL, IN , MI with Coldwell Banker.

HI there!  My name is Tricia, and we are purchasing a condo near UC and also look for a general handyman referrals and contractors to lay LVT and rehab a bathroom. I'd also love some referrals.  thank you so much!

Hi Dan. Yes they did construction management for my own REO purchase and now are my PM in NWIndiana. They are totally professional and get the job done. They do like 100 rehabs per year and manage 400+. They are changing their name to one property solution. I'm also an agent in IL IN MI if you need any comps or help.

Quote from @Eric H.:

@Matthew Weiss thanks so much! Would love if you could connect me with your close friend who invested with them. Have a great weekend!

Every multi unit property I find in my Chicago/Northwest IN area, the list price with higher interest rates and pending prop tax ( in Chicago- mayor announced prop tax increase tied to inflation) increases wipes out any cash flow.