next project underway

its been a long time since my last multi family purchase...2 weeks ago i bought my 4th 3 family bank owned property since the start of Jan 08...i have basically been buying one every 3-4 months

the latest property is a huge 3 family with 9 bedrooms...bought for $180K, needs $30K in rehab...and will pull in $4200 in monthly income...i should cash flow around $2K per month

this is a buy and hold... i will refi out of the hard money and take back my cash i put in...i have a small bank that will write a 5 ARM at 6% and allow me to cash out 70% on the ARV...so once my rehab is done and leases are signed i need it to appraise at $300K to get my cash back...

 this one had six bullet holes in the front window but its actually located in a great area near the ocean on a dead end street...i know what your thinking but it really is a good area in a overall tough city north of boston...i spoke w/ a few neighbors and they said from the day that tenant moved in they were loud noisy and ghetto trouble, this on a street w/ most owner occupied homes

 one great lesson learned from this deal was networking...i bought this one from a realtor who sold me one last year and ive stayed in touch w/ him...he actually gave me a heads up that it was coming on the market soon so i had already done my research and was ready to go full asking price "cash" the day it came on the market

 the multi family market in my area is red hot...every multi 2 and 3 family that comes on the market and is reasonably priced draws multiple offers mostly cash offers too...this tells me we are going to see a little run up really soon and that the bottom might be in place

 good luck to all