All Forum Posts by: William L.

Investment Info:

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

This is a four unit I purchased long distance. I have never stepped foot onto this property and still to this day haven't been to the property once. So it is possible to buy properties long distance without ever physically being there to buy the property and still be positive cash flow.

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

I was tired of single family homes as rentals and I wanted to dive into multi-family properties. I started small with a house and then moved up to a duplex. Decided it was time to get something bigger but not too big where it was too much too handle. This four-plex came in at the right time.

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

I found this property through Zillow.

How did you finance this deal?

I used a conventional loan.

How did you add value to the deal?

I improved cosmetics and increased rent.

What was the outcome?

Haven't had a vacancy since owning the property. Even through the pandemic I didn't have any major issues with rent.

Lessons learned? Challenges?

Building a team for a system in purchasing long distance is a must. Especially, a team that you can trust.

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

Yes, I did and I definitely will recommend them.

I bought rental properties out of state. I live in Washington state. I bought a couple houses and a duplex long distance. I sold them and bought a four-plex in a different state. I bought the four-plex sight unseen. I did not go out there to look at it. I have a system for due diligence in finding out about the property. An example is an independent inspector, real estate agent, other investors in that area, and call the police station for that area.  I hope this helps some people but understand as with anything there are risks but you can mitigate risk with having a system and using common sense. Hope this helps people with their fear of buying out of state. Oh and yes I am making a positive cash flow every month.

Hello Rick,

  Thank you for your response and and reply. I invest nationwide and have a network across various states. I am always on the look out for new private lenders. This one was not found on the internet but referred to me. Just curious if anyone used them. Thank you for your time and wish you well during these unique times.

Was wondering if anyone has heard of or dealt with a private lender, Finance Associates, LLC? They are out of Texas and have some unique terms as far as lending. Let me know. Thanks.

Hello Waise,

That is a great plan. VA benefits are a great resource for house hacking. I have used my VA benefits numerous times. If you have any questions please don't hesitate to ask.

Are these still available? I would like pics as well, please. Send to 9047077553. 

Hello Mike,

I am interested in the property. Can you send me the info? Thanks

Bill

Looking at 32 unit apartment building that needs full rehab. Currently empty. Calculated roughly 20K per unit. What are the do's and dont's for completely rehabbing an apartment building? Any tips or suggestions from anyone who has done anything like this would be appreciated.

Hello Katie,

I know it might be too late but never know. Is this property available? If so send me info please. Thank you.

Sorry, just noticed the date is over a year ago. If you don't mind I would like to be added to your email list for deals. thanks.

Bill