All Forum Posts by: Colby Mulry

Investment Info:

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

Purchase price: $230,000
Cash invested: $60,000

3 Unit Tri-Plex

Investment Info:

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

Purchase price: $215,000
Cash invested: $55,000
Sale price: $245,000

First investment. Buy, hold, and flip.

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

I found this deal via personal online searches using realtor.com and other tools.

How did you finance this deal?

75/25 LTV - Local Bank

How did you add value to the deal?

I repaired all the units over time as well as added curb appeal.

What was the outcome?

I sold the property two years after I bought it for an additional 30k while maintaining positive cash flow from the first month till close.

Lessons learned? Challenges?

Smaller deals are harder to manage and can consume a lot of personal time.

Investment Info:

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

Purchase price: $215,000
Cash invested: $55,000
Sale price: $245,000

@David Moore question for you....so this is my first property and closing on #2 on Friday. When I introduced Cozy to my tenants 2/3 floors replied back to me saying they refuse to use online payments and will only pay in checks. 

This tenant I started the discussion about was the first to refuse any type of online payment saying they do not trust it....however they dont a problem putting a credit card into any online store....but that's besides the point. 

Do I have leverage?

Colby

thank you all for the insight into what is clearly one of the more difficult parts of owning real estate apartments. Good luck to all! 

In Rhode island, I issue a late statement after 5 days from the Rhode Island State handbook...if the tenant reaches 14 days I can evict. The tenant typically pays around day 10-12 with a late fee included. 

The lease is up in December (1 year)

I have a tenant in my first floor unit who has been late every single payment for 11 months in a row with every excuse in the book. However, they always end up paying right before the legal timeline for eviction. Does anyone have experience with this?

@Brian M Sweeney I just formed all this a week or two ago and have all my accounts and credit cards in the first businesses name. Is doing a whole other LLC what is needed? We also already have an accepted offer on the table ready to go for our next place.

Right now I am the sole owner of an LLC that I just formed and I am going to transfer my first properties deed into it. For my second property, I have a partner who wants to go in 50/50 to help with his taxes at the end of the year. What is the correct way to make all this happen and not affect the LLC? I don’t want to make him an owner or employee...but want to make sure he benefits from a tax perspective. No one seems to know how to make it all work. Thanks.

I have acquired my first property and am looking to expand in 2018. Is an LLC worth the money?