All Forum Posts by: Ian C.

Welcome to BP @Eric Popp

@Shane W. Chapin congrats on the flip and hopefully it sells quick! Did you look into refi for the BRRRR and the numbers didn't work our or was it too hard to pass up cashing in now and potentially investing in a multi family?

@Andrew Gingerich, @Matthew Irish-Jones Thanks for the encouragement! 

@Bishwash Aryal I replied to your message, good luck!

Investment Info:

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

Duplex in Beechwood

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

I was interested in investing in a buy and hold property with good cash flow in an area with lower property values.

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

I used a local agent and found the deal on the MLS

How did you finance this deal?

conventional mortgage with 30 year fixed rate, 75% LTV.

How did you add value to the deal?

The rents were below market value at the time of purchase. I turned over and renovated one side of the unit to make cosmetic improvements and add value. Renovations included full kitchen renovation, full bathroom renovation, paint, new flooring throughout.

What was the outcome?

Following renovation the unit was rented out at a price that is at or near the top of the market rent for the area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

yes

@Mike Hanneman, @Rosston Smith, and @Kuba F. thanks for the overview/info. I do have a rental personally held with an umbrella, not sure how much I trust insurance companies on that, they like to duck responsibility. Obviously I'll be taking the advise of my lawyer on the LLC (or even S Corp) but especially with a flip I feel that may be the way to go, lots can go wrong on a project with several contractors. 

I'm looking at options for funding my first fix/flip or BRRR, and wanted to see what experience the forum has with some of these private money lending companies that finance purchase and rehab costs. I'm most likely going into this as an LLC so also wondering how that affects things.

Thanks Aquil, what's the best way to connect with you? 

Unfortunately I can’t make this one. I am looking to connect with people who know the Rochester multifamily market and learn from people doing buy and hold here. I have a condo I rent out in MA, but am looking to purchase a multifamily in Rochester.