All Forum Posts by: Jabari Brooks

@Jeremy Tillotson thanks for the response.  I believe I heard of a due diligence checklist on BP from one of the podcast.  Looking it up right now!

I'm interested in purchasing a multi-family unit that already has occupants.  I would like to see the insides of these units to see the upkeep as the property was built in the 50's.   Barring knocking on the door and asking each tenant, does anyone have some suggested approaches to doing so legally and maintaining professionalism?

Thank you!

@Jim P.

Thanks for the welcome.  @Jonna Weber was the first to welcome me here and from her willingness to give I can only assume she's good people in person as well.  I look forward to making it to some of the meet ups ASAP.  I really enjoy meeting new people and building solid connections.   I work in Mt Home and have been looking at a few multi-family properties in that area as well as Boise and surrounding areas.  Nerves are all over the place with this being my first rental purchase but I'm mentally ready to make moves. 

@Dmitriy Fomichenko

Thanks for the welcome and the advice.  I have set up some keywords and will have to do some updating.  I may have been too general in my subject and now my email is filling up quickly. 

@Tom C.

Thanks for the welcome.  I enjoy the podcast as well.  Thankfully my long commutes allow for good listening time.  It's great having real experiences to listen to.  I'm really enjoying BP thus far.  

@William Allen 

Thank you for the welcome, being as seasoned as you are did you find BP to be a bit overwhelming when you first got on.  As you said, there is so much information!

@Jessica Skupien 

Sounds like you are doing it the right way.  My lack of knowledge cost me an opportunity to take advantage of a great situation and keep my first home as a rental.  Sounds like you have a great drive that will lead to an equally great future.   Thanks for the welcome

@Andrew Cordle 

Thank you very much for the welcome Sir.

Thanks for the read.  As a newbie, I appreciate experience and the advice. 

I am brand new to BP and just as new to REI. I've been on here reading as much as possible and listening to podcast over the past few days. Honestly, it all seems to be a bit much but only because I haven't really figured out the flow yet. I'll get there. Anyway, like I said earlier, I'm brand spanking new with this investing, and I've found a place that I am interested in and have no clue as to how to move forward.

My only experience with selling and buying real estate comes from buying 2 homes that my family and I have lived in and the sale of one of those.  I've been listening to Brandon Turner's "The Book on Investing in Real Estate with No (and low) Money Down", and I'd like make some moves.  Only thing is, I have no earthly idea what I am doing.

I have come across a place that has 5 units all of which are currently occupied which in itself was enticing enough for me to take a look.  The asking price on this $135K and the rents paid total $1800/mo.  I took a look at the property today and besides a few cosmetics, it looked pretty decent the only downside is I was unable to get a look at the inside of any of the units.  Listing agent stated that a couple of units need paint and one may need new carpet and that current owner had updated bathrooms and windows throughout.  I believe I asked some good questions but still have a feeling that there is a lot left untold because I didn't know everything to ask.

The agent says that the seller is motivated which I believe would give me some room for negotiating.  The seller may also be open to Seller Financing with 10% down (still waiting to hear back on that)  But my goal is to come out of pocket as little as possible.  Besides, I don't have the $13.5K anyway, so I really want to get creative.  So what to do? 

My initial thought to get in on this deal was to free up my VA and use it to purchase the property. However because of that 5th unit, that idea is shot. So I have come to BP for a little advice.

1st and foremost, am I even looking at a good deal?

What are some important things I should know about this place to ensure its worth investing in?

What are some additional options to get the cash to make a move without having to come out of pocket? 

Once I have secured the cash/funding to make a move, what next?

Thank you for reading! 

-Jabari

@Bob E. Thank you for the advice. The VA loan is a huge benefit to us military folk. There is something to be said about being able to buy a home with $0 down. I've done it twice already. Had I been a bit more experienced I would have found a way to keep my 1st property to use as a rental or at least reinvested the profits from the sale into another property. But that's why I'm here on BP to learn and make more sound decisions in regards to real estate.

@Bob E. , good question and thank you for the welcome.  I manage to do it because I'm not satisfied with the ceiling that is set from being in the military alone.  My family and I have a residential cleaning business and we specialize in move in/move out cleans.  We spend a lot of nights and weekends in other peoples houses so shifting to investing feels like a great transition for me to be able to get some of our time back. 

@Dustin Rose, Thanks for the welcome.  I appreciate your advice and support.

@Jonna Webber thank you for the information.  I will save the dates and the link.   I look forward to meeting you as well.  I appreciate your gracious welcome!