All Forum Posts by: Ian Stromski

Investment Info:

Small multi-family (2-4 units) wholesale investment.

Purchased my first wholesale deal! Got a three unit in livable condition, but needs modernizing and a few repairs. Purchased for 355k, and budgeted 20k/unit Reno and some extra for other Capex.

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

House Hack, getting started on first property.

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

Found through agent after 8 months of searching while doing Air Force pilot training duties "on the side" xD. No contingencies. Got 5k off after the walkthrough because the deck was unsafe and needed to be redone AS SOON AS POSSIBLE.

How did you finance this deal?

Did a "hard money loan" with family using gift tax exemption and trust as collateral (despite what Dave Ramsey says, my father and I have an incredibly strong investing and personal relationship). I am getting this loan at 5% int and paying down principal and interest on each payment. If I Refi, I will pay him back against my lifetime exception, or if not I'll pay him and his wife $x each year, in accordance with IRS gift tax limits. Perhaps unusual, but legal with the IRS. Thoughts on this?

How did you add value to the deal?

Planning on renovating and renting at market rates.

Calling New Jersey/Multi-Family Investors! I’ve done some serious homework on the first property (triplex) I’m looking to buy. I’ve got a unique situation with the seller, where she wants an owner occupant. I’ve made 2 offers below asking and she’s willing to take asking, with some wiggle room for the occupancy. 

I’m trying to decide whether or not to make one final offer before she shows it to investors tomorrow, where I know she will sell it. 

I’ve got a report on the comps, town info, financials, condition, etc. and spreadsheets with rents and scenarios. 

Is there anyone who has 15 mins for a phone call/Zoom as a sanity check on this final offer?

Matt,

HMU! Im heading to McGuire, NJ for my first assignment in the KC-46.  I am also looking to house-hack. Let't chat!

 Thank you! I know a little about 1031, but little about cost segregation and other tax benefits I need to be taking advantage of. This post has given me some great info to look into. 

Hey everyone! 

I just finished pilot training in Del Rio, TX. Now that the intense year is over, I'm roarin' and ready to go with some real estate. I'll be moving to McGuire AFB in New Jersey and am looking for my first property within an hour of the base. I'd like this to be a 2, 3, or 4 unit househack. I have a good chunk of cash available, but I want to start by taking advantage of a VA loan (0% down).

My goals are to start with a househack and later, between flying duties, do a mix of BRRRR/traditional investing in multifamily units. Down the road (or sooner), I'd like to get into the larger commercial residential space. I have an inactive salesperson license in NH, studied some real estate in college, and have listened to/watched a good bit of Bigger Pockets. I also enjoy investing in stock options (covered calls mostly).

I am from NH and hope to settle back there eventually but I will have at least 4 years in NJ. I'm excited to get going and I'd love to connect with anyone, especially if you're from, have been to, or know the area! I'd also love to connect with anyone military who is in this awesome community. 

Cheers,

Ian

Thank you, congrats on an impending retirement!

Hi!
I am moving to McGuire AFB within the next several months. I am looking to take advantage of my VA loan and move into a 3 or 4 unit househack with my partner. I am later looking to get involved with BRRRR (about half-way through the book now). Looking to connect with anyone in the area who has some investing experience, lessons learned, or just wants to chat about military/real estate!

Thanks a ton! 

Ian