All Forum Posts by: Dalton Adams

Hoping to get some recommendations om a local CPA who will work with someone with a small portfolio and is savvy when it comes to real estate! Any help would be greatly appreciated! Also any local investors looking for partners...lets talk!

Investment Info:

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

Purchase price: $138,000
Cash invested: $18,000
Sale price: $206,000

3 unit multi family. Was a house hack from 2017-2019 where we lived rent free. From 2019 until sale date we cashflowed $200 per door. Net profit on sale of house was over 60k

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

At the time i didn't want to pay someone else rent

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

MLS. Was on the market for over 300 days so we gave them a low ball offer

How did you finance this deal?

Fha 3% down

How did you add value to the deal?

Complete remodel of unit 3 and gradually increasing rents

What was the outcome?

Lived rent free for 2 years and a net profit of over 60k on resale

Lessons learned? Challenges?

Living next to your tenants can be difficult. Learn to do minor repairs yourself and contrary to popular belief, you rarely get called at 2am for a toliet issue!

Investment Info:

Townhouse buy & hold investment in Lancaster.

Purchase price: $147,000
Cash invested: $14,000

3bd/1bath row home on the west side of lancaster

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

Appreciating market with solid cashflow of 602 a month.

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

Family friend. No negotiations, the numbers worked for both parties

How did you finance this deal?

Conventional loan 5% down

How did you add value to the deal?

Marketed unit well maximumed rent

What was the outcome?

Net 602 per month

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

Phil riai with Lancliving

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $55,000
Cash invested: $1

Duplex (one side) that was turn key with pretty good cash flow. Room to raise rent.

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

Good tenants already in place and met my +300 a door cashflow criteria

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

MLS. Found minor repairs to lower purchases price by 10%

How did you finance this deal?

Conventional 20% down.

How did you add value to the deal?

Haven't yet. It had tenants in place. Rent will be raised at first of year

What was the outcome?

Cashflowing 360 a month.

@Miles Fabishak only limited time during pandemic....always take advantage!

@Alan Lafontaine....Now is the time to pull from your 401k. Speaking from experience i just pulled 16k from mine with ZERO penalty. The CARES act allows you to pull up to 100k out without normal penalties if you or a family member was impacted by covid-19. The only catch is if you have to claim it as income over a 3 year period....they will hold taxes ahead of time if you do not want to deal with it!

Hope this helps

@Eric Ruiz

I love this! I currently own 3 properties, 8 doors and I am looking at a duplex today! I am in a small area, central PA and i am finding it difficult to find meetups in my area! I have been throwing around the idea if setting up a zoom conference with BP users! Keep me in the loop if you do a virtual meet up!

Tips and tricks for investing in central PA? Who has properties for sale/contract!!

@J. Mitchell Bernier

Good information thanks!! I just closed on a deal 20% down and hated it. Leaving all that money in the deal was not fun!

@J. Mitchell Bernier

What type of financing are you doing through them.....like loan type. I want to meet with my local banks but i want to walk in with some ammunition for conversation. I have only used "big bank" financing (fha va conventional)