All Forum Posts by: David H.

I'm 39, technically I started at 27 doing a full Reno on my first house and also I did a flip and rental but both were a struggle as it was during the 08 fallout so I got spooked and focused on climbing the ladder at work and a big home remodel. I started getting the itch again about 2 years ago. I do kind of wish I had stayed with it but its helped me finish other things and build up Capital as I pretty much always knew I would get back into it. Fixing to close on my 2nd BRRRR Single family and hope to get to atleast 10 by age 45.

Just an update, I inspected the house thoroughly and dont see severe damage. Nothing in the attic or opposing walls that I could find and appears to be limited to 1-2 walls. And im not sure there is even any damage there, just assuming since that's where they are entering. Looks like it's been an issue in the past as there are a couple trees cut down that had damage. Anyway, I got the bank to knock off $5k which will cover treating the termites and am moving forward with the deal. Thanks for the input the info was really helpful!

The easiest thing is to refinance your houses and get your cash back to roll into the next deals you find. Sounds like you will get back more than you put in if you got them at half of asking price so are probably in great shape.

@Charlie MacPherson I would bet most people dont complain about paying for a good realtor, I know I wouldnt. But most really arent that good. Most I have dealt with know far less than I do and really are a hindrance to the deal. Good ones are a great tool they are just hard to come by. That being said the good ones get a bad wrap because of the ones out there that really arent putting in that much effort. On a positive side for the good ones there is alot of room to separate themselves from the crowd for sure

If I find the right realtor I would sign a contract but not until then. Most simply arent that good so odds are not in my favor of getting the right one for me. I'm looking for the person I can be that but until then I will freelance it

@Jonathan Soto Its 195k per quad, so that is 50k per unit, not 100k right?? I was thinking the opposite in that the numbers seem really good per unit I dont know hardly anything about multi families but if I had a deal like this in my area I think I would jump on it unless it was in a totally awful area. The numbers look pretty darn good

I dont know a whole lot about multi family but that doesn't seem like a very good ROI on that kind of money. I like the buy and hold strategy but this one looks like it makes more sense to flip. It all depends on the market there though so it may be the norm. I'm still learning about multi family so could be totally off

@Russell Brazil That's good to know, I appreciate the info. Thanks again!

@Russell Brazil Thanks, that's where I'm leaning too! Another question, this is a foreclosure that had multiple bids which I won. In these scenarios will banks consider the termites as unforeseen and re-negotiate on the price since they will now probably have to disclose it or would they just rather re-shop it. I'm sure it's an answer that depends but thought I'd ask.

Thanks guys, I'm going to dig around in the attic tomorrow to try and get a better feel for it. Will give an update