All Forum Posts by: Blake Woodham

Ro, I agree with the others. Same amount of work has to go into each tenant, even if you vouch for them. 

I have a 3/2 SFH with an in-ground pool out the west side of the base that will be available sept 15th. Pm if you are interested in details.

Wow, that's pretty crappy. Thank you for sharing your wisdom. 

Oh ok, thanks for the clarification. Yes, this deal will rely solely on the financing. Finding the right lender and negotiating the price will be key. 

@Brandon Hopkins How did you get 1% return? From my calculations, the first year return on cash is 2.3%, and it increases from there. 

@Bill Jacobsen how do you find the cap rates for your area? Is there a set way, or just word of mouth/knowing the local market?

 @Tim Cooper I plan on using the current property manager who charges 8%. However, I have not met with them personally but they have been managing the property for some time now and it appears to be in good shape. 

Do you have any tips for how to tell if a PM will fit your needs, or any tell tale signs of a negligent PM? 

Also, any wisdom on getting funding for a deal like this?

Hahaa, well I guess I cant copy/paste a spreadsheet in here. lol. Another lesson learned! 

Hello all, 

I have been eyeballing this fourplex close to where I currently live and would like to hear your thoughts on it. I am in the military so I cant move into it because I will be leaving town in the next few months. I would like to buy this property and hold it for passive income. 

Property is in a B neighborhood and was recently renovated with new granite counter tops, tile through-out, fresh paint and new appliances. Turn key property just outside a military base. Each unit is 2br/2ba, 1400 sf, fenced in backyard, 2 parking spaces each. 

Fourplex Listed at $298,000  (%5 down, 30yr fixed at 5%) 

Currently rented for 800 in all four units ($3200/month) (7ish months left). Listing says it has a great rental history but I haven't seen the numbers/contracts. 

This nifty spreadsheet is broken down by the first month returns, and each year after...

                                                                   1st Month               Year 1               Year 2 

Now, for the creative finance part... I only have the cash reserves for a 5% down on this property. How would you experienced guys go about getting this financed? I have heard of hard money lenders, but do they traditionally finance a a buy and hold? What kind of down payments do they usually require, and what are the average interest rates? Have you worked with or recommend any hard money lenders? Are there any other routes? Homepath, etc?

All in all, what do y'all think? I think this will be a cash flowing property and a wise investment at a young age. 

Are there any major cost that I may be overlooking?

@Derrick R. Thank you for the warm welcome. What are you driving out at Cannon? I am trying to avoid that place like the plaque! Drop night is coming and AC/MC's are in my top 3!!!! My buddy is an ammo troop out there and he said the real estate market is jacked! I am going to try my best to get to hurby, but we know how AFPC works...lol

I plan on going to the next REIA meeting here in pensacola and I will be sure to let yall know how it goes!

Thank you! Do you currently own any property here in Pensacola? I am primarily looking at multi-family units, as I think this is where I will get the most bang for my buck.

I am currently looking at a fourplex that was recently renovated near the NAS, I will post details once I gather them all!

Thank you all! @Bryan Otto Thats awesome man! Are you primarily looking at foreclosures, or just buying off the MLS?

I am currently looking at a fourplex just outside of Pensacola NAS. I am waiting to hear back from the realtor on some details and I will be posting it for member analysis soon!