All Forum Posts by: Alex Bock

Investment Info:

Small multi-family (2-4 units) wholesale investment.

Purchase price: $21,000
Cash invested: $100
Sale price: $25,000

This one was a real gem, that's about all I have to say about that! It is slated to make the owner about a 19% COCR.

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

A wholesaler who I had been mentoring found it driving for dollars. Interestingly enough, it was the same owner as the second wholesale deal I did. I reached out and a deal was made because of our close relationship.

Lessons learned? Challenges?

I was out of town when I orchestrated most of this deal. I paid another wholesaler I was also mentoring to go grab pictures. I learned that I could do deals from wherever I want.

Investment Info:

Small multi-family (2-4 units) wholesale investment in Davenport.

Purchase price: $103,000
Cash invested: $100
Sale price: $104,100

Turn-key duplex with great tenants still in place to this day.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $15,000
Cash invested: $10
Sale price: $17,000

First wholesale deal sold to local investor and rented for $725 a month AS-IS!

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

A facebook swap page, I worked with the owner to determine the fair market value and negotiated the purchase price based off of the work the prospective investor told me he would be planning to perform.

What was the outcome?

A great investment for the investor who purchased it and the seller was able to relocate to somewhere in a pinch where there was warmer weather!

I love seeing all of this interest in the Quad Cities! I wrote a brief blog post I would recommend anyone looking for a property manager to check out. It is a quick synopsis of what to look for based off of my experience both managing properties and talking to other investors which have hired management firms. Click here to check it out!

Thanks for the shoutout @Tara Kinney! I'm glad to hear everything worked out. :)

Hi @AJ Smith!

Here's my 2 cents on this one:

Your monthly expenditures look pretty realistic to me, good job there. The 9.57% CCR sounds fair to me, average around the QC is anywhere from 8-15%. The utilities not being metered separately is going to be the deal breaker here. I saw you are planning to have the tenants take over the utilities. If I were you, I would budget having a plumber / electrician and the energy/water company meter everything separately. I've heard of landlords charging utilities with rent or having one tenant pay the other. From what I've seen, this opens you up to all kinds of issues. In the event the tenants do not agree to take over their utilities, you simply raise rents to cover it and they will either leave allowing you to do this w/ the next tenant or you will make some extra income each month. Tenants typically take care of lawns as well, I think you could probably still have them do exterior maintenance. It looks like this deal has been on the MLS for a long time, these issues are probably what has scared everyone else away. I think there could be some major value-add potential for you at the right price. Good luck!

Thanks @Account Closed posts the meetings. There are a few other meetings in the QC as well: QC RPA (Quad Cities Rental Properties Association) and Pat Wilder posts one on meetup.com as well. We hope to see you at our next meeting! 

I am going to be doing a presentation and discussion on property management. Hope to see you there!

Buy and build on these lots! Zoned with the city for two 4 plex units, utilities are all ready to go, driveway installed and curb is cut. Property abuts an elementary school and other new multiplexes and houses surrounding. This area will only increase in demand with the new Sterilite plant being built a short distance away. See the projected financials below and click here for more details and pictures:

INVESTORS - If getting 16% (Cash on cash) with room for more on your investment sounds good to you, look no further. This is an off market 4 plex in a nice part of town with great tenants in place and the potential to raise rents. This building is fully rented, and no dire repairs are needed at this time. See financial breakdown below:

Reach out today to lock this deal up. We can also refer you to a reputable property manager!