All Forum Posts by: Chantz Ireland

Investment Info:

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

Purchase price: $305,000
Cash invested: $40,000
Sale price: $585,000

Bought a house with a duplex behind it and did an airspace condo divison and sold the house for what I owed on the entire property. I then had the rental income of the duplex ($2,000/m). I recently listed the duplex for 285k and will make a profit on the entire deal of over 200k. A lot of it is due to market growth and being in the right place at the right time

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

MLS

How did you finance this deal?

FHA 3.5

How did you add value to the deal?

Total remodel on all three units

What was the outcome?

200k In profit

Lessons learned? Challenges?

Things take timeeeeee

Hey Craig,

My Triplex is doing awesome. Currently cash flowing at $800 a month and has an appraised value of 50k more then what I bought it for. The market has done nothing but go up so its hard to find deals like the one I got.. But its still possible

I put an offer in on a house in my town that I really want to get. 

I am the first backup offer..

The first offer is an all cash close in 7 days.

My question - Is there any way to beat out this offer or make my offer stand out..? Is it possible to pay the guys with the all cash offer to drop out? 

Any tips would be much appreciated 

Thanks @Michael Randle for your reply, I have tried calling the bank multiple times and have got now answers in return. I will reach out to my broker today and see if he has any ideas.

@Natalie Kolodij  I've been looking at multiple properties in the Everett / Marysville / Lake Stevens areas. I found a really good deal for a 3 unit building in Everett yesterday, I called on it and it already had an accepted offer.. So the hunt continues 

There is an off-market duplex right down the street from me that I am really interested in. It has been vacant for the past 3 years and doesn't look like anything is going to change. I have done some research on the property and found that "DEUTSCHE BANK NATIONAL TRUST CO TTEE" is the current owner of the property.

So my question is, What would my next steps be to get me closer to ultimate goal of buying this property? 

Hi everybody, Im currently in a position to buy my 2nd house. I live in Seattle and will not be able to buy anything here or in the surrounding areas due to the market and high prices.

This leads me down the path of out of state investing. I am wondering what some good places are to start looking for rentals that are out of state and maybe someone who has done it them self's to let me know the ins and outs of it.

Where do you recommend looking for property's?

What are some things I should take into consideration?

How should I move forward now that I know what i want to do?

I'm looking for a single family or Duplex/Triplex that cashflows at a minimum of $500 a month with a purchase price under 100k (more cashflow for Du/Triplex)

Ill call them tomorrow, Thanks for your reply @Jay Barndt

There is a duplex in my area that is owned by a bank and has been for 2 years now. the house is over grown and empty... I am wondering why a bank would not try and sell it and how I could reach out and try to buy it? 

Any advice would be appreciated 

Thanks

 - Chantz

Hey guys, I'm looking to attend some local Realestate meetings in the Everett areas. I have looked online and can only find REI meetings down in Seattle. My question, does anyone know of some local, big or small meet ups? I'd love to meet and discuss our local market and what current investors strategies are. Any input is appreciated Everett Lake Stevens Marysville Smokey point Snohomish

Hi there Bigger pockets users, Its been a while since Iv posted on here but I seem to be in a battle with myself over what to do in my current situation.

I have a Triplex that is in the processes of getting all the windows replaced ($8,500) The payment is roughly $200 a month for five years. The building currently cash flows at $400 a month ( was $600 before windows) The windows needed to be done and now look great. Now that summer is approaching it is time to get the roof done, I've been quoted on the roof at $9000 which I would have to get another loan for and would then again eat into my cash flow. My question is.. does It make sense to go out and get another loan to replace the roof and then bring my cash flow down to $200 or even less depending on the payment. This is a buy and hold type of situation with promising out look for the rental market.

I am a brand new real estate investor and already have learned multiple things not to do on my next deal.

Thank you for your time

- Chantz