All Forum Posts by: Frank Godfrey

Investment Info:

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

This was a house hack me and my brother did. Renovated 3 of the 4 units before selling for a profit. Lived free for the two years owned.

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

Owner occupant financing, multi unit so move in one and renovate the rest to rent and live virtually free. This one was not managed well and we took the very low price property with it's non performing tenants. Within one month 2 of the 3 tenants were under 12 month leases at market rent.

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

I am a Realtor and it was brought to me as a pre-foreclosure.

How did you finance this deal?

Conventional owner occupant financing

How did you add value to the deal?

Negotiated better lease terms with 2 of the 3 tenants and evicted the other. Then we renovated one vacant unit at a time. The existing tenants moved to the newly renovated units for market rent.

What was the outcome?

A performing 4 unit, owner living virtually free and a 100% increase in market value.

Lessons learned? Challenges?

I wish I would have done a condo conversion and held the property another year as the market would have paid me 200% in the next 2 years. I would have done a better job negotiating the tenants removal prior to possession. That could have cost us the deal. It was a very tough situation.

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

I am the Realtor I use an recommend.

@Trevor Imlay Great job explaining the market.

@Jessica Bobo - Prince Georges county has long been the affordable option compared to DC.  Although not appreciating at the same rate, due to the affordability of the initial investment, investors are realizing cash flow at a better rate than in DC.  As far as Oxon Hill, due to it's close proximity to NoVA, DC and it's shared land of the National Harbor,, yes, Oxon Hill has already seen and is still destined for growth economically and the real estate values and rents will follow.  Oxon Hill is just one of several cities located in Prince George's County that will benefit from the lack of affordability across the river and billions in current and future development.  Get your doors today and profit tomorrow.  If you need an expert on the ground, I am here to assist.

I can assist.  As a local investor friendly Realtor I have assisted many investor in locating multi family properties.  The market is on fire so there are few good rental properties available, where the numbers make sense, however, if you are open to searching a wide area you can invest.  We are seeing opportunities at wide price points.  Contact me 

I lead a large meetup in the DMV focused around investing.  This may meet your needs.  Let me know.  GRID Investor Network

My experience in the Maryland varies greatly from county to county as each has their own specific forms and procedures.  I currently outsource all of my eviction processing to 3rd party eviction attorneys and management companies.

Once the eviction is set up I then hire All Seasons Eviction to handle the job of the hands on eviction.

Note, from beginning to end this will take no less than 60 days and could extend to 120 days depending on the situation.

I will provide a few companies that have proven to be worth the money.

The process is simple, it's just timely and every step must be followed to the letter or the law or you waste another month.

I advise all to have them evicted prior to possession to remove the headache prior to ownership.

Conveyed free and clear of all tenants and lease agreements.

I hope this helps.