Deal Profiles were the lead topics this month. We shared breakdowns of deals from Single Family, Multi-Family, and a mobile home.

Below is a breakdown of details from each of the deal profile topics we had discussed.

At the start of each Meetup, we offer a "Have's and Want's" for attendees. Please check your email recap for a downloadable list of what attendees offered.

Single Family Investment - Deal Profile

The home was one of our first purchases in 2010 after the crash of 2007 / 2008 years. This home is located in Crestline, California.

  • 3 bedroom and 2 bathroom
  • 850 square feet
  • $50,000 cash purchase price ($25k each - two partners)
  • $5,000 in materials
  • $5,000 in labor, most of which was done by the investors (us)
  • We began renting for $850.00 per the property management but realized this was a low figure at that time and should've rented for more.
  • After renting for 7 years, and increasing annually, we decided to try converting this home into an Airbnb. The numbers are too early to tell, but we are making at least if not slightly more than our rental was bring in.
  • Currently, the home can rent for $1,700+ per month.
  • A recent discovery showed that Section 8 would pay $1,700 a month, which we're considering after a full year with Airbnb.

Multi-Family Investment - Deal Profile

The home was one of our first purchases in 2010 after the crash of 2007 / 2008 years. This home is located in Crestline, California.

  • 4 units
  • Each unit is 875 square feet
  • Each unit has 2 bedrooms and one bathroom
  • $720,000 purchase price with FHA loan and moving into one of the units to house-hack.
  • The home was 1031 exchange from a two bedroom apartment that was sold and house-hacking.
  • $10,000 in materials
  • $10,000.00 in labor
  • The agent did not initially want to close with the stipulation of having a tenant moved out prior to close. We had to make sure that was a part of the deal prior to closing. This could have gone bad had one of the renters not moved out.
  • When making the deal for this home, we went straight to the listing agent and offered them to double-end the commission on the deal. That strategy has resulted in better service for investors working with agents.
  • The two units that are made up of original tenants pay $1,200 a month and the one unit available for newer tenants is $1,900 a month.
  • We're currently working on getting the rents up with new tenants once we're able to offer "cash-for-keys" or another option.
  • The househack on this home is currently costing $500 a month to live there with all costs factored into the multi-family.

Mobile Home - Deal Profile

The deal profile we shared was from one of our homes at Hiformer, a company that we own and operate.

  • $32,000 for the cost of acquisition and upgrades
  • $52,667 sold price
  • $3,900 down payment
  • $48,767 seller financing at 9.89% over 180 payments (15 years).
  • Total of payments and downpayment $97,640

We're offering the Performing Note on this home to passive investors for $44,000 at a 10% return over 177 payments. Contact us if interested.

Book Review "Finding and Funding Great Deals"

We didn't get to discuss this book at this months Meetup, but the book is a great read for those who are looking to learn.

Who this book is for: Newer investors and those looking to expand their "mental toolbox" when it comes to real estate investing.

Who this book may not be for: Experienced investors who have a track record with multiple buy and hold, fix and flip, and wholesaling.

If you've listened to all if not most Bigger Pockets podcasts, you've already heard most of what this book has to offer. If you have not, then this book can act as a go-to for your booking marking of details to be of great help!

Please Do Your Due Diligence Disclaimer

We recommend to always do your due diligence on those you may want to work with. We have created this Meetup to share knowledge and opportunities, we are do not endorse anyone attendee and as such use your best judgment and look into the background of those you are considering working with.

Next Months Meetup Agenda

We will be going through these topics;

  • Property Management
  • Getting Into Wholesale

You can see more on Meetup.

We look forward to seeing you all there!