All Forum Posts by: Adam Portman

Happy Turkey Day!

So I made my 1st attempt on a real estate investment deal. I felt like it was a little soon for a try but I got a lead from a very experienced investor near by who recommended it.

Here are the stats:

two 6-unit apartments, asking $190,000 each, $500/mo rents, seller said that the buildings cash flow about $1000/mo for each building. I would call them c+ units (thats a guess, I dont know how you guys figure that rating, i've looked).

One big issue, they backup to a large drainage ditch, they flood. The seller says the buildings breakeven on rents, even with the bottom 2 units out of commission.

We talked about the seller financing the deal. He's reluctant, considering my experience. I asked for the p&l's. I still havent seen them. Im gonna pass. The flooding thing scares me.

I just wanted to share. Im making attempts and getting out of my shell on the forums. Please give me feedback, ask questions.

Thank you for the warm welcome!

Hello Everyone!

My name is Adam Portman. I'm brand new to Bigger Pockets and the real estate investing world. I found this site by a Google search of the realtor who just sold me my private residence. Im very excited to be here. I've been listening to the podcast and wow is it an awesome source of information. I found the episodes that featured Ben Leybovich and Jeff Brown particularly suited toward my goals.

I have a lots of respect for the members here. I'm looking forward to meeting some local investors and start a membership with the local reia. I say kudos to everyone who is not willing to settle for someone else's plan and charge the battlefield.

Buy and hold multifamily and small apartments are what I'm after. Financial independence through real estate investing is the name of the game. I have some very specific goals.

Lastly, I am currently a maintenance manager for a full service hotel in Louisville, KY. I am happily married and have a beautiful wife and two year old daughter. Funny, I think this reads like a speech from a game show contestant.