All Forum Posts by: George Duchatelier

Investment Info:

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

Purchase price: $60,000
Cash invested: $17,000

A duplex which has 3 bedrooms and 2 baths.

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

This being our 1st ever purchase of a duplex, we didn't know what to expect. We know we needed a property that was a duplex or higher so that we didn’t need to worry about coming out of pocket incase the tenant decided to move. The mortgage was super cheap and the rents we were going to collect was pretty much triple the amount of the mortgage and taxes etc.

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

I was searching through zillow and found many duplexes that was cheap in price. I found this particular one and contacted the agent on the website. We went through the process of having a virtual walk through and also an inspection.

Due to the many things that needed to be fixed, we arranged that the price be lowered by 8k as well as find a tenant to agree to a 1 year lease. After those things were done, we signed the papers and boom! First time rental property owners

How did you finance this deal?

We went through a regular 30 yr conventional loan. We each put up about $3100 each for the down payment and closing costs.

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

I worked with Rochelle from Berkshire and Casey that was our lender.

My partners and I are interested in purchasing our 2nd rental property somewhere in OHIO. Due to the fact that i have 2 rental properties already in MY name, I know going the traditional route wont work. (I bought a duplex with my partners and a SFH with my wife) I found a post on IG where you can get a DSCR loan. I'm interested in finding a lender that I can contact to see about qualifying and possibly purchasing another rental property some time in 2023. Any information would be helpful and grateful. Thanks!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $25,000

Great single family home thats a 2 bd 1 bath and large yard.

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

I was interested in this deal because it was a tenant occupied house. The rent compared to the mortgage was attractive because i know i wouldn't have to pay for any of the utilities at all. So the cashflow was a good amount where i know i can stack my money quicker with this purchase and refinance later on down the line.

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

My realtor's associate found me this off listed house for sale. The negotiation was pretty much straight forward. There was no real negotiation to buying this house. I bought it as is and at the listing price. The owner didn't want to budge on the price. I figured using the 1% rule, it was a great deal either way.

How did you finance this deal?

I went the conventional route with a 30 year fixed mortgage. I paid 2 points to lower my rate down to a flat 5%. I put 25% down as well just so my mortgage payment would be lower as well.

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

Yes i worked with Rochelle and Valeria as the real estate agents with Berkshire out of OHIO and Matt Steinke with FIrst Ohio Home. I would definitely recommend them.