All Forum Posts by: Colin Ford

I want to first say thanks to everyone who responded with great advice and mentorship. It’s very welcoming and helpful. I will do my due diligence and extensive research before making any moves. Thanks again for everyone who responded. Looking forward to growing my portfolio and connecting with the BiggerPockets community through out my journey!!

Quote from @Raymond J. Rodrigues:

Hi @Colin Ford, welcome to the forums and to St Pete! It's my favorite city in Florida! The BRRR is a great strategy, but you will have to search hard to find a distressed duplex that you're able to force appreciation on in this neck of the woods. Multi family isn't as common as you'd find in other parts of the United States, but there are some good properties here to be had! I recommend connecting with @Josh Green and his wife who are also investors/investor focused agents that can help you strategize a plan! 

Thanks for the advice and the welcoming! I’ve notice on Redfin right now there are a few 2 families that have been on the market for more than 60-100+ days. Some need work as well. I will definitely reach out to Josh. I want to get some info on those properties maybe a good BRRR. 

Happy Saturday BiggerPockets nation, 

My fiancé and I have been vacationing in ST. Petersburg now for a few years. We absolutely love it and are very interested in buying a multifamily investment property in the area specifically a duplex. MY goal is to do the BRRR strategy to finance and buy the property. Unfortunately we live out of state in RI. We are reaching out to this amazing platform for some help and direction to get things rolling. We are very new to this world so we need great guidance. Currently are closing on our first duplex In RI with the VA loan.

Investment Info:

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

Purchase price: $635,000
Cash invested: $10,000

In the process of closing. Will be first investment property. We will owner occupy for a minimum of 1 year.

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

I see potential in investing in Multi families. This particular property is in a great location. The current owner updated TLC so its move i ready.

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

Zillow and local real estate agent

How did you finance this deal?

VA home loan