All Forum Posts by: David Fox

I have a property in Taft California 93628 Duplex w/ a tenant that just gave me 30 day notice and I’m looking to we have the units and advertise for new tenants. Any suggestions or tips would be helpful thank you!

Thanks @Jeff C.. Glad you were able to share that info w/ me, what areas do you like at this time?

@Mark De sagun just finding a the right place. Which I had set out to find having a purchase price I could do, with steady and decent tenants,  separate meters on gas/water/electric, newer roof, newer plumbing, and  negotiating a lower asking price that they accepted. So once all that was in place I had to go forward with the deal,  telling myself it was now or never,  regardless of the negatives I told myself it’s now or never!

Question  The property is currently on month-to-month lease W/ one doing that for 6 years and the other for almost 3 years. Would like to make 1 year or 2 years leases with tenants but not sure on how to do it since I am the owner and manager,  I don’t want the tenants to seem pressured  also not sure how to do it 

Hey @Jeff C. agree about driving up to Taft it’s about 2 hours away, I’ve only gone up there twice in the 11 months I’ve owned the property. Not the idea road trip

Thank you @Amber Smith, a 4 plex wow ! I would have loved to find a 4 plex in my price range. I did not want to  finance any property, the property is on Philippine St. Cross street Harding st. On the west side of Taft.  Definitely agree So far things are going well, prices are what I like about Taft,  would definitely like to find a investment property  in Bakersfield CA. Just trying to learn more about  financing options.

@Ricardo Paredes this was the best deal I was able to find at the time, I visited the area and the tenants and had good vibes about property and area, even though Taft has not been so great of a town as of late, had good feelings about the property  neighborhood and tenants.

Thank you @David Avetisyan, Taft was the only place I was able to find a multi unit at a price I could afford, made a offer and they accepted. @Lenny Figueroa the rent will be $525 starting April, tenants were notified and signed agreement, I just didn’t want to have to edit the profile later. Currently collecting $1,010 total, come April will be collecting $1,050.

@Sanjeev Advani rent from ea. Tenant is $505, tenants have been there since previous owner so never did screening. Both units are occupied.  

@Account Closed the previous owner had had done foundation and structural work done prior to sell. Your right a few properties have that problem in Taft.

Investment Info:

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

Purchase price: $108,900
Cash invested: $1,050

Duplex 1 bed 1 bath each side

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

The price per door in w/ tenants already living and loving where they stayed, thought it would be a great 1st purchase

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

On realtor.com they we’re asking $124,900, offered $105,000 negotiated and closed just under $109,000

How did you finance this deal?

Cash Deal my friend!

How did you add value to the deal?

Offered to pay all of closing, cash buyer, w/ no contingencies.

What was the outcome?

Deal

Lessons learned? Challenges?

Not sure as of yet