All Forum Posts by: Aaron Stoddard

@Basit Siddiqi I appreciate the notice! I'll respond to your message.

@George Mastrosavas I will discuss it with the CPA and Lawyer before we get to that point, I worded my response poorly.

@George Mastrosavas we may do it that way in the end, however it will still be a family "business". They could be a private lender and we would be the real estate investment company. It may be the best way to create safety, however it will essentially be to the same end goal. I do hear what you are saying and recognize the experience.

In major cities, agreed it is difficult. I have found several in each market over the past month that meet most if not all of my criteria.

Matt, I appreciate it brother. I am definitely wanting to end the day to day struggle. Hit my point of desperation over the past year. Hopefully with some hard work and careful planning I can be conservatively aggressive, as odd as that sounds.

Howdy Y'all,

I have purchased one small house converted into a small triplex in Conroe, TX. Currently out of need myself (wife and two kids), parents, and two of my special needs brothers are doing a light remodel to the house (mostly due to age or poor construction). We are doing this in order to be better off financially as a family and start an investment portfolio. Combining four incomes and several credit scores, all while house hacking our first multi-family. Eventually that house will be refinanced and become a rental property. My wife also used to work for a property management company as the account manager, father has a MBA, and I have experience as a mechanic and technician.

My parents will be selling their previous home next year with the intent to invest the equity. I will be reaching out to a Lawyer and CPA to best set things up as a protection for our family interests going forward to big goals.

I've been watching several markets in preparation for a purchase next year. I have started the conversation with locals I know in those cities to help me target good areas and avoid bad ones. The strategy I am considering is to search for a quad-plex no older than early eighties. Preferably within 150-300k depending on the location and potential cashflow. The plan is to search for one that needs some rehab or updating, but not a full gut and replace. We will attempt to purchase with as little money in the deal as possible in order to have 3-9months of expenses saved. I plan on looking into a line of credit (potentially) for remodel funds as we go through one unit at a time. 

I have been looking at several college town markets in Texas and one in Oklahoma. I have direct experience and family friends in all the markets I have been looking at. I am intending on getting a poorly managed quad-plex in the right area to redo and raise the rents a little if the market supports it. The exit strategies are a BRRRR after 1-3 years and then hold, or sell and take the earned equity to purchase an additional two quad-plexes and repeat. Long term goal is to get into large multi-family projects with time, capital, and experience.

Any recommendations on this plan?

Good morning, I was looking forward to meeting y'all today. However, I woke up with a sore throat and slight cough. Due to that I'll be missing out on the event. Wish I could be there, I will have to catch the next one.

@Ryan Copeland you are going to want to get a quote for the plumbing and electrical. If it is original it is very old and outdated, making repairs impossible. Not to mention older plumbing was typically galvanized pipe which will rust out causing pinhole leaks. With the age of the unit I would not pay anywhere near asking price unless it has the major electrical, plumbing, and foundation repair that is likely needed. Regardless of the other aspects of the rehab. I think he knows this and is trying to get out. If you work him down on price using estimates from an electrician, plumber, carpenter, and roofer you will get your best deal.

@Henry Clements I appreciate the direction, I'll look into what the county has to offer!

@Tracy Schultz that is exciting my friend, best of luck! Take your time and don't settle for less than what your strategy requires.