Real Estate Projects
Here are some examples of a few strategies Lee uses regularly
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Over the years, Lee has used numerous strategies in Real Estate Investment. Here are some of the projects:
You never know what can happen!
This property is somewhat special for me.
The previous owner made numerous mistakes over the past few years –
- Poor management, didn’t keep rents at market value
- Didn’t properly make repairs (opened the way for me to really hit him harder after inspection)
- Went FSBO for $69k, I told him I was at 40k and he never replied. I made the offer when it hit the MLS for 40k, and it got accepted. Had he taken my offer when he was FSBO, he wouldn’t have needed to pay my commission. I also got the price to 35k after inspections.
- This property is now performing at $950/mo.
One thing about this property, it's actually the first home I rented when I moved to Shreveport over 20 years ago. In 2023, it became an addition to MY rental portfolio. This is just a great reminder of how your past doesn't define your future!
Flipping houses - Keep it simple!
Here is an example of why flipping a house doesn't have to be some dramatic, over the top endeavor. There is strong profit in keeping things simple!
- Sales price $199,900
- Closing costs - $6,000
- Realtor fees - $11,994
- Private investor - $40,000
- Title co fees - $100
- Home Warranty - $725
- Prorated Taxes - $610.40
- My investment - $94,500
- Net to seller - $140,470.60
This flip took 4 months and 17 days from purchase to closing escrow on the sale. Not only did a private investor receive their 40k investment back in less than 5 months, they received $8,846.93 on their investment, 22.1% and once you annualize that, they were looking at over 44% return!
Wait, were you expecting me to go into some long drawn out story about how you have to bump out walls, over rehab the home for the area and shoot for new comps? Nah, you won't find that here.
Especially when you are starting out, keep it simple! Notice that the project was strictly cosmetic; we didn't change the floorplan or anything fancy because we didn't need to.
Another takeaway on this is to be willing to take on the right partners and be generous to those that partner with you!
How about a Wholesale deal or two?
Wholesaling is often a place where new investors start their journey. It is a simple strategy that you can use and leverage time rather than money. Over the years, I've wholesaled a number of properties, and two in particular stand out which made an incredible month!
The first was in Florida; the homeowner contacted me regarding a quick cash purchase. After walking the property, I advised the homeowner that if he could wait 45 days, I could find him a buyer and net him more money than he was asking. He was thankful for the transparency, and still asked for the cash offer. I committed to purchasing the home at $330,000.00, and initially I was going to flip it. I ended up wholesaling it to another investor and made a 50k assignment (Don't worry, I paid the taxes on the income).
During the same time the 50k assignment took place, I secured a contract in another property that was going to be a rental for our portfolio. After the inspection, the repairs were going to be more than I wanted, so I contacted another investor that happens to also be a contractor; they paid me a 10k assignment to turn the contract over to them.
Wholesaling is extremely simple, just not always easy. Learn the strategies and methods that suit your needs and wants, and lean into them; then go and grow your wealth!
The Property Investment Playbook
Finding the right property and having the right guidance are pivotal factors in the success of any Real Estate project.
Selecting a property with the right bones and renovation potential is the first crucial step. Having a keen eye for properties in up-and-coming neighborhoods or those with untapped potential is where the investment journey begins.
Equally important is securing the right guidance, whether from experienced real estate professionals or renovation experts.
Expert advice can steer investors toward properties with hidden potential, guide them through the renovation process, and ultimately contribute to maximizing the investment payoff.
With the right property and informed guidance, Real Estate Investing can unlock both immediate and long-term financial rewards.
