All Forum Posts by: David Ross II

Did you pay your equity partner during the rehab process? If not, did he include himself throughout the deal (show up to house, ask lots of questions about the rehab, etc.)?

Thanks for the advice @Ali Boone!

Thank-you for the fast response Ben. I will drive by the property tomorrow to see what shape it's in. I've been trying to get ahold of the agent to schedule a tour but no response yet.

I completely agree that this property seems like a great BRRRR property.

Thanks for the advice!

Hello BiggerPockets forums!

My name is David Ross II and I'm 18 years old. I have been looking for a while to find the right multi-family property as a first investment. I found on neren.com for a selling price of $35,000. It is a turnkey investment property. All three units are currently occupied with tenants paying monthly rents of $640, $625, and $540. The annual gross rent ends up being around $21,660. With this in mind, my gross ROI ends up being around 62% and my net ROI is around 37% which seems abnormally high.

The only thing that worries me is that there is only one image of the tri-plex. Once I get in touch with the agent selling the home, what questions should I ask about the property? As of right now I have four main questions to ask:

3 separate boilers?

3 separate oil tanks?

Age of roof?

More pictures?

I hope someone can help me figure out if this is a steal or a bust. From what I've read, turnkey means that the property needs little to no renovations, is this correct?

Thanks to all BiggerPockets members!

All I can say is wow. This community on BiggerPockets is truly amazing, thanks to everyone for the fast replies! I believe the largest advice that I've gained was to make sure there are always more pictures on a home, especially one that has been sitting for a while and selling "as is." I've also learned that the repair budget should always be higher than expected so there is padding for any unpleasant suprises.

Thanks everyone to the amazing support and advice! I look forward to posting on BiggerPockets and I can't wait to get started as a real estate investor!

Hello, my name is David and I am new to Real Estate Investing. I've watched many of Brandon Turner's videos and I am very inspired. I am 18 years old and currently live in Vermont but I want to start investing in property in about a year. I am trying to analyze the market and see which state has the best opportunity for me at such a young age. Whichever state that is I will move there but Vermont isn't it!

 I was wondering if I properly analyzed this property listing. If I did, this looks like a steal. This property is located in Aiken, SC and is a 4 unit multifamily home (2 bed, 2 bath). The current owner is renting out each unit for $425 but I believe with $10,000 in repairs I could easily rent each unit for $500. Is this reasonable? From the Rental Property Calculator I am getting about 27.66% Cash-on-Cash ROI, which is above average. The listing didn't show the tax information from 2016 so I assumed around $2,000.

I hope someone can analyze this property and see if they too are getting the same results. If not, would you potentially be able to point out my error?

Thanks to everyone!