All Forum Posts by: Alana Reynolds

Should I send a demand letter for payment to evicted tenants? They were evicted September 30th and owe more then what the security deposit covers. I will send a breakdown of what the security deposit was used for and how much they still owe but should I accompany this with a demand for payment and inform them of the legal proceedings if they do not resolve this matter? Thanks.  

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Pittsville.

Purchase price: $410,000

Used my VA loan to purchase this 4 unit building, closed April 30, 2021. I have been planning on moving into one of the units but dealing with difficult inherited tenants. I want to build my rental portfolio rather aggressively so my plan is to live in a 3 bd unit and have two roommates. In addition, rent out the other 3 bd unit by the room since the need for housing is prevalent.

Investment Info:

Single-family residence fix & flip investment in Northfield.

Purchase price: $180,000
Cash invested: $50,000

Currently my husband and I are fixing up this home while living in it. We hope to have the spare rooms rented out on airbnb to cover the mortgage before the end of the summer.

What made you interested in investing in this type of deal?

We wanted to stop wasting money on rent and get into real estate investing. We were in a rush to find a property because my husband transferred units and needed a place to live. He jumped on this property as soon as it hit Zillow because of the great location.

How did you find this deal and how did you negotiate it?

He found it on Zillow and it needed a new roof so my husband negotiated the price from $190,000 to $180,000 and received 5k at closing.

How did you finance this deal?

The VA loan covered the down payment and purchase price. We paid 1,000 in earnest money and only 1,000 at closing.

How did you add value to the deal?

We are adding the enclosed back porch to the square footage of the house by converting it into the dining room. We are also adding a third bedroom, updating the kitchen, pluming, new roof, new windows and more.

Lessons learned? Challenges?

We have done some of the work ourselves, YouTube has taught us a lot!