All Forum Posts by: Anthony Marin

@Devin Monroe You gotta find better deals.  You will never make money with $200/month cashflow.  If you're using a realtor, that is the first problem.  Find some good wholesalers and buy off market deals.  If that's an off market deal then you may have to look at another market.

@Theresa Harris

Yes that is a good one. Thanks

As buy and hold investors and property managers we’ve turned over hundreds of apartments over the past 10 years. Our goal is to get the apartment rent ready in a manner that is going to attract a quality renter as soon as possible, and of course as inexpensive as possible. We’ve compiled a list of 5 things that can be done on every apartment you turn over and these items will give you the best bang for your buck. One thing that is not on this list is painting, painting the apartment after EVERY tenant vacates must be done if you want to attract quality tenants. Here is the list in no particular order.

1. New range vent hood - $40-$100
2. New toilet seat - $20-$40
3. Reglaze tub - $300
4. New outlet and switch covers - $.99 each
5. New baseboard heater covers - $25-$40

QUICK TIP: Leave the stickers or plastic on the items you are replacing (such as the range hood and toilet seat). Potential residents love seeing new things and once the apartment is rented will really enjoy ripping off the tape and taking off the plastic on new items.

Do you guys have any others?  Thanks

@Wes Anderson @Jay Hinrichs Thank you.  I really got lucky with this as my first deal.  Property and tenants are great and we still own it.

@Aubrey Tatarowicz Thanks for stating that about the stats and thats consistent with what we saw in our portfolio and clients portfolio's.  We've been collecting 90%-95% monthly and its that last 5-10% that we are having this conversation about.  Those numbers prove the vast majority of tenants are doing the right thing.

@Reece Iovine @Joe Splitrock I think we are all saying the same thing just differently.  I am by no means suggesting that we should give anyone a break that hasn't paid since March and is taking advantage of the situation.  My point is that we should be empathetic to the people that are really struggling.  The tough part for us in my market is that courts are still closed so if a tenant is not answering our calls or the door then we have no choice but to wait this out.

@Joe Splitrock Thanks for the idea of asking for the proof of unemployment funds being rejected because we've heard the excuse of the benefits being rejected.

@Dan Barli

Hi Dan, yes we closed on this property in 2014 and still own it now.  We are getting $4400 a month and rents are below market.  Those tenants have been there since we bought and we increase every year but they are great tenants and we cash flow well.  

@Steve Bullock @Tasia Burroughs @Joseph Gordon

I own a real estate company in Newark that focuses on investors.  Would love to network with you to see if we can help in any way.  Thanks and good luck in your investing.

@JD Martin If you're renting apartments long enough and you're willing to help tenants you think are good you will get burned once in a while, BUT I know through experience that I have received much more goodwill and turned good tenants into great tenants because we were there for them.  To be clear, I don't mean we help tenants who are habitually late or ruin our apartments.  We help tenants who pay on time and take care of our property and have come into some tough momentary luck.

@Lee Ripma Thanks but I actually have to give credit to the agent I was working with.  This was my first deal and it was the agents idea to do that and we have used this strategy many times to get deals done.  They are hard to find but an investor friendly agent is a huge benefit.

Investment Info:

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

Purchase price: $340,000
Cash invested: $60,000

This was a turn key 3 family property to get my investing career started. I wanted something that would be cash flowing immediately.

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

I wanted a deal with no renovation and that would cash flow right away to get my investing career started.

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

I was looking at a property with an agent that I didn't like and then they showed me another property they were about to put on the market. I put in an offer that same day.

How did you finance this deal?

20% down with conventional financing. I needed $80K to close and I only had $60K, the seller gave me a note for the final $20K that I paid back in a year.

What was the outcome?

Great cash flowing property that I still own today

Lessons learned? Challenges?

I learned that I have to figure out how to do deals without using all my cash.