All Forum Posts by: Denny Le

Hi BP,

I’m researching to find out more about multifamily investing and some of the difficulties that come with it.

1. Out of everything you're working on, what's the one thing you need the most help with?

2. What are you spending the most time on?

3. What do you hate doing?

4. What do you spend your day doing?

5. What would make that process quicker?

6. Why do you love the things you do?

Thank you ahead of time for answers!

Denny Le

My gf at the time, now my wife, purchased a single family home a year later in 2016. In 2019 we moved again into a longer term home. Right now, the plan is to sell our single family home and roll it into a multifamily home located somewhere in the United States. I'm currently searching in Albuquerque, NM because of its steady market, it may not appreciate as quickly as other areas, but the market does not fluctuate as greatly as other markets.

How about yourself? @Austin Youmans

Investment Info:

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

Purchase price: $275,000
Cash invested: $10,000

I searched for duplexes in my area using Zillow in 2015. At the time, new duplex listings came up often. I sent in offers for approximately 5 duplexes until an offer was accepted.

Some information about the duplex:
Purchase Price: $275,000.00
Down Payment: 3.25% FHA loan
Mortgage Payment: $1,750.00
Bed/Bath: 2Bd/2Ba per unit
SF: 1,000 sf per unit
Total Rent once fully rented: $2,155.00
Cash Flow before expenses: $405/month

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

Living in one unit and renting out the other unit made this deal really interesting. I wanted to invest in a property while buying a primary home.

What was the outcome?

I analyzed the duplex and found that if I rent out one of the units, I would be paying 1/3 of the mortgage payment out of pocket. I was paying off my school loans, so decreasing the mortgage payment was great. I rotated through roommates while living in my unit, which helped for 75% of the mortgage payment.

Lessons learned? Challenges?

Purchasing a duplex while renting out the other unit and any spare bedrooms helped me save money for future investments. This is the best route for any newbie investor who wants to get started on a small scale.

Investment Info:

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

Purchase price: $275,000
Cash invested: $10,000

I searched for duplexes in my area using Zillow in 2015. At the time, new duplex listings came up often. I sent in offers for approximately 5 duplexes until an offer was accepted.

Some information about the duplex:
Purchase Price: $275,000.00
Down Payment: 3.25% FHA loan
Mortgage Payment: $1,750.00
Bed/Bath: 2Bd/2Ba per unit
SF: 1,000 sf per unit
Total Rent once fully rented: $2,155.00
Cash Flow before expenses: $405/month

I analyzed the duplex and found that if I rent out one of the units, I would be paying 1/3 of the mortgage payment out of pocket. I was paying off my school loans, so decreasing the mortgage payment was great. I rotated through roommates while living in my unit, which helped for 75% of the mortgage payment.

Lesson Learned: Purchasing a duplex while renting out the other unit and any spare bedrooms helped me save money for future investments. This is the best route for any newbie investor who wants to get started on a small scale.

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

Living in one unit and renting out the other unit made this deal really interesting. I wanted to invest in a property while buying a primary home.

Hi BiggerPockets group,

I’m planning to purchase an apartment building through syndication and I was wondering if anyone who has invested in 5+ transactions would have time for a 10-15 minute conversation. I would like to learn more about your growing pains and your experience.

If you have time available, please send me a direct message with your email, available time frames throughout the week, your current transaction volume, and I’ll confirm a time.

I appreciate your time and I look forward to hearing from you.

Thank you,

Denny Le

Logic REI

@Steve Morris It gave me those choices when I was creating the topic, I need some customized updates to this post for my profile. I'll update now, thanks for noticing that 

@Dayyan Misaghian This is in Vancouver, Washington

Investment Info:

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

Purchase price: $275,000
Cash invested: $10,000

Each unit is 1,000 sf and rented out to long term tenants.

Hello Group!

I have a seller who is interested in selling their property. I am thinking of ways to wholesale the property at similar to market value. Can I get the property under contract at a discount (to account for my fee, closing costs, etc.) and then sell the contract to a buyer (owner occupied)? 

Also, what do you say to sellers when they have renters and you can't look at the inside of the property?

Thank you for your help!
Denny

Hi BP!

An owner called about a property. He wants to sell both of his duplexes and take advantage of the 1031 exchange. The information that I received:

Two Duplexes

Purchase Price: $295,000.00 each

Monthly Rent: $1,800.00

Lease: Month to Month

What things do I need to consider and how much should I offer to make this a deal?

Thanks!