All Forum Posts by: Brian Wolf

Investment Info:

Condo buy & hold investment.

Purchase price: $96,000
Cash invested: $21,000

A good solid double on this one! This association required traditional financing so I utilized a HM loan to provide cash offers and then refinanced to traditional financing after. While I didn't like tying up this much capital in a deal, the solid cashflow made this one a win, offering an anticipated ROI of 20%.

Hello All,

I am looking for an attorney with experience doing subject-to and creative financing deals. I am located in South Jersey so anyone who services this area and comes with a good reputation I am interested in working with. Thank you!

- Brian Wolf 

@Adrien Salvador @Louie Dichoso @Rick DiAgostino @Jerome Adams Hey guys if it’s not to late I’d love to connect as well! Young investor in the SJ area with what seems like very similar goals. Let me know, would love to help each other develop as investors!

@Tyler Holzer Hey Tyler, I’m a new investor in the SJ area as well! Pitman to be exact. I’ve struggled with this also, though more education would definitely do me well. One tip I have, not for estimating, but for getting better prices on work and materials is to look at places in Philly. A good friend of mine has 50 units in the city and he’s started referring me more of his guys and go-to places. Small sample size but thus far Philly labor and material has come back cheaper! Never had an issue with them coming over to Jersey either. Hope this helps a little. We should also connect since were both local! Goodluck 👍🏽

@Derek Dombeck @Tom S. Thank you both so much! That is incredibly valuable information and I will research these strategies and resources further. Looking forward to adding these to my toolbelt as I grow my skillset.

Hello BP Gang! Question for you all. I am still a newbie investor with only one deal under my belt thus far. I am looking to break the mindset hurdle of "My savings account dictates what/how often I buy." I know that if I want to scale I have to learn the skillset of acquiring properties without using my own cash or by recycling my own cash. The ideas and drive is there to find the deals...im ready to start letter writing campaigns, sign campaigns and searching hard to "buy right" with the ultimate goal of performing BRRRs. Here's my hurdle...and I know this is probably a silly one...but I wouldn't know what to do once I found a deal. I understand every situation can be different and require different or creative financing approaches. I want to have an arsenal going into it thought. 

So, I'm looking for some of your favorites or options you know you have going into a campaign knowing you wont be able to buy with your own cash. I do have the luxury of having some family and friends with cash willing to invest with me but I want to be rock solid on my education and approach before taking on something like that with good acquaintances especially family. If I did utilize these people to invest what's your recommended approach to structuring something like that. I bring the deal they bring down payment and rehab, perform a cash out refi then split equity and cash flow? Is it better for them to just get interest on their money and I keep the property solely? How would you structure it if they also wanted equity? 

Lastly, what are good book recommendations on this topic? I already ordered the BP Low or No money down book. Anything else you guys suggest? Thank you!

@Andrew Powers Thanks Andrew! I actually wouldn't say I've had a ton of issues just yet everything considered but I see the potential for issues down the road. It boils down to countless poor or incorrect homeowner and DIY repairs layered on top of each other for 110 years. Pealing back the layers can be scary at times. The other thing that's been tricky is the "character" for lack of a better year that's developed over time. Slopped floors, doors that cant open fully because of it and the fairly common wet basement. All in all these are minor headaches that I'm only encountering by being so hands-on. It has shown me though why its so important to not work IN your business but ON it. Learn early you don't want to be the guy swinging the hammer. 

As for insulation....now that the units are split I'm not as concerned with spending extra money insulating since I'm not footing the bill. Obviously that would only add to their living experience, however right now I'm prioritizing. In your opinion how valuable is it to provide this added insulation for a tenant and bring down there bills. Do high utility bills tend to drive tenants out quicker where it warrants the investment? Thanks!

Investment Info:

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

Purchase price: $190,000
Cash invested: $13,500

First investment property! An over under duplex consisting of a 2B1B main unit and a 1B1B top unit. House-hacking my way into the investor world with this one and learning the ropes as I go.

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

I wanted a way limited risk opportunity to get my foot in the door with real-estate. I knew I had so much to learn and ax sharpening to do but couldn't bare signing onto another lease where I was paying someone's mortgage. Without wanting to wait I knew house hacking would be a secure way to start.

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

Used an agent and it was found on the MLS.

How did you finance this deal?

3.5% FHA loan

How did you add value to the deal?

I did a substantial bathroom and kitchen remodel as well as removing the old singular oil furnace (Which I footed the bill on since it wasn't a split system) and added central air and a separate upstairs unit so the tenant now pays their own heat.

What was the outcome?

Still currently house hacking.

Lessons learned? Challenges?

Doing my own rehab was a valuable experience but showed me I don't want to be the guy with the hammer. Buy right, Buy right, Buy right. Do I want to own another 110 year old home and the headaches that come with?

I am the landlord of a duplex where I also reside and have been looking for information on my rights as a landlord of a owner occupied duplex. It being my primary residence I want to know if I have the rights to more strictly dictate how my house appears and is presented. For instance, the property has a front porch. In no part of the lease does it say she has access to the porch however when I bought it she had furniture and her bike stored out there. I want to use the porch for myself and also dont want a rusty bike sitting out there. Can i request these be removed and then enjoy the porch being its my primary home? How about the back yard, again nothing in the lease spelling out whos entitled to what outside spaces. Lastly, her old lease I inherited from the old owner doesn't speak to weather it is smoking or non-smoking. Inside or out....do I have a say on this? Thank you!

@Bjorn Ahlblad Thanks for the response! This of course could also differ from state to state but are you aware of any say the landlord has in the exterior of the home given its owner occupied? Say if she was keeping her bike on the porch but I didn’t want that clutter.