OfflineHey guys!
I'm super psych'd!!! I just got another single family home on Friday. This one is a beautiful 4/2, 2300 sq ft, 2 car garage, CAC with a 75% finished basement, in an excellent neighborhood.
I found this one after asking my agent to run "below assessed, quick sale, relocation, divorce" buzz words in some of the higher end neighborhoods. It turns out I found a regular sale that was priced 58K lower than FMV by a relocation company.
Next I sent my team in to assess the repair costs. We figured all repairs would cost around 18-20K. This includes garage repair w/ slab & roof, asbestos removal, paint trim and some updates.
After repairs are done, my property manager will market this as an executive rental. This will bring in a higher rent since it is in a beautiful neighborhood. There are homes that cost close to a million dollars on the same block.
Purchase price: 180K
Appraised value 255+
Repairs: 18K-20K
Rental income range $2250-$2500 mo
Monthly cash flow AFTER piti & managment $445-$670
Instant equity after repairs: 55K
I used my HELOC again to purchase and will re-fi when I have my tenants in. I will keep you posted as things progress.
All my best,
Angie 
This sounds like a great deal, well done. When you re-fi what kind of interest rate are you getting from the bank? Are they giving you 70 or 75% of LTV? I am shopping banks for the same thing and wanted to know what others are getting. Can't wait to read about the next one.
Cathy
I just re-fi'd my triplex last month into a commercial loan. I am in the process of doing commercial re-fi for a single family at the moment. To give you an idea the commercial rates are going to be higher than traditional. Mine were between 6.95-7.25%, one had a 20 yr amortizaion and the other 30 years, one is 5yr balloon and the other a 3yr, both with no early penalties, the LTV on both were 70%.
The last traditional re-fi was for 5.95% with 30 year amortization and an 80% LTV. Keep calling around to find the best fit. I seriously had to call 20+ when I had to get certain numbers on my first deal. Good luck, stay focused and possitive regardless of what you may hear from the lenders!
Take care,
Angie
Well I think even your commercial rate is good, considering I'm getting 7% on a 75% LTV 30yr ammortization with a 3-5yr ballon (can't remember which) Thats on a residential loan. I need to keep making more calls I guess. Are your banks in the Quad or FL?
Cathy
Congrats on number five That a great cashflow
It must be in Bettendorf? The executive rentals are a niche but, there is a demand for them because so few people buy them to rent in our area. Great job. Keep me posted on how it rents. I have been considering buying a few of them.
You've got to find your obstacles and call them out! Unsheath the sword, and do battle with whatever it is that holds you back!
Congratulations on #5! Geat deal!
Lea
SPR Property Solutions, LLC
I'm really happy for & you're another great example of what happens when you keep pushing forward.
Jason Smith
Investor
Tag Team Properties, LLC
** Tagging Real Estate Deals from the Desert to the Coast **
The banks are in the QC...like I mentioned keep looking but remember to give them "MOST" of your info w/o having to run a credit check...they can get you numbers based on what you know already. Plus, you can always tell this "this is what I have right now, I am looking for better, what can you do for me?" Good luck to you
Hey Matt,
It's actually in McClellan Heights (Davenport). I will keep you posted
Those are big, fat, kisses for all your kind words. Thank you and good luck on your investments!!!
Awesome Deal #5!!! You go girl!
~al
It is literally true that you can succeed best and quickest by helping others to succeed.—Napolean Hill
Do not wait; the time will never be ‘just right.’ Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.—Napolean Hill
People with small minds talk about other people. People with average minds talk about events. People with great minds talk about ideas.—Anonymous
great job!! way to keep taking action!! good luck on all your deals ,keep up the momentum .WAT TO GO ANGIE!!
Click Here To Buy Deans New Book!!! http://jbtoggs.bookimentioned.com/b/
all you are or ever shall become is the result of the use to which you put your mind napoleon hill
Angie - that is awesome. So happy for you, and thanks for sharing the details. That is truly an amazing deal on the buy - and great work on the refi!
Way to go! I wanna be like you when I grow up... Seriously I get all my inspiration from you guys and your testimonials. Let's keep going forward.
You did it again Angie. Congrats on your 5th deal. It goes without saying, I am so happy for you. God Bless.
Sandra
"You can never get to the top, if you are not willing to climb. Do not look at the difficulty of the climb, only anticipate the view from the top."
"Can't even walk without you holding my hand." (Song)
"Is anything too hard for the Lord ..." Genesis 19:14
"In all things, wait on the Lord."
"Think not of your own deliverance, but trust in God who will give in abundance."
Congratulations on Deal #5! Keep up the good work. Continued success and good luck on your future real estate deals. Believe and Achieve!
- Joe
THAT'S AWESOME ON YOUR 5TH DEAL! I'M NEXT!
GOD BLESS,
SERENA
Thanks again for all the kind words and encouragement. I am glad my stories help to motivate as yours motivate me. I just got the closing date on #4 this morning. It's set for Weds. Contacted the water & elec/gas to turn everything on the following day. Then my property manager and crew can get in and start the repairs.
Now I'm waiting on the closing date for #5 and the date for my re-fi from the bank on #3. Whoo hoo! Thanks again and have an awesome weekend! Best, Angie
Hey Angie,
I am genuinely so proud of your success and want you to know that folks like me, stuck in neutral, thrive on successes shared among the "family". Awesome movin' and shakin'! I want to be your kind of busy, lady!
I'll be coming out of the shadows with something positive to share before too long.
I know you will! Stick to it and keep coming on here, especially when you need some extra encouragement or advice! Everyone on here is so giving!!! Good luck and lots of success to you!
Sincerely,
Angie