All Forum Posts by: Brett McManus

@Aemon Gariety, Not sure I'd turn a blind eye on a market just because of laws that are becoming a little less landlord favorable. In my own attempt to run from laws I have discovered more and more states seem to be slowly adopting them. 

First duplex at 22! 

Big thing is I wish I knew to start building my credit while in College. Waited till later on to get a credit card and lack of credit history was an uphill battle as I began looking to get involved in REI.

Hi @Matt Whitermore, just sent you a connection request so I can forward you my resume. Thank you in advance!

The $500 sounds great as long as that is true cashflow. If you are accounting for maintenance, vacancy, CapEx, and Management costs that will be encountered while holding the property then I'd say you are in great shape to hang on.

Thank you @Zachary Johnson

Sounds good, thanks @Greg Scott

Hi BP, 

I have identified an up & coming submarket near my hometown with a clear increase in rental demand along with quite a few 2-4 unit multifamily properties with plenty of value add potential. The issue I am running into is although there are plenty of clear rental comps for fixed up properties, there are little to no fixed up sale comps to drive an ARV.

While home for the holidays I met with a few of the local investors who appear to be simply purchasing distressed duplex's, fixing them up, renting, and electing skip any refinance to maximize equity & cashflow. When looking at comps over the last 2-3 years I can clearly see the distressed purchase price, can see the rental listings that they are fixed up, but no sales comps for properties that have been rehabbed. 

Has anyone ran into this? Any advice on how to go about calculating ARV should I want to do a full BRRRR to keep my cash moving?

Hi BP, 

I've had an off-market lead roll in on a 4-plex with an interesting situation. It is currently on a single lot shared with a commercial building (separate structure) that the owner purchased a few years back. He wanted the commercial space and had to take the residential unit with it however, after a couple of years no longer wants to retain the 4 plex. At a high-level this would be a text book BRRRR. Clear as day ARV, lots of cosmetic value add potential, and mismanaged with rents way under market value. The hiccup is it sounds like the village could put up a stink about splitting the lot and overall could be a fairly long process.

Question to the group - Has anyone ever performed some sort of seller finance situation subject to the lot being split? Or do I simply need to sit tight and potentially pass should the village delay or deny the lot split? Would love to be able to bring this seller a potential solution rather than waiting for them to get to it while they can or worse, have another investor swoop in. 

Thanks!

Upstate NY  - currently seeing 8-10% and 2 points 

My father is dealing with this now on a mixed use property where he found one of his lawyer tenant's who had passed away at the desk (reinforcing why I need real-estate in my life). 

Fortunately dad was able to contact a partnering lawyer to deliver the news to the family who kicked-off proceedings which is turning out to be a 3-month long process. We are currently working through what our game plan will be going forward should this happen again. All ears to the experience you all have to share, otherwise I can circle back on what we come up with.