All Forum Posts by: Jay Morgan

Are there any successes out there buying properties at auction. I have tried to fight that battle before and I feel like a bidding war is just somethign to not entagle yourself into. Maybe there is someone picking up 10k houses and flipping the crap out of them?

@Cameron Whitehead if I were to do a flip, I would split the profit 50/50 with my investor. You do the work he makes money, win/win. Of course you can negotiate better or worse terms depending on the amount and relationship. 

You have the unlikely position to buy FHA, at least uner 5 unit. I would look for you new "primary residence" with a 3.5% mindset. 50k cash would merit you a 1.5mil quad.

If thats just pocket change, I would find a good 24 unit and a management company!

Personal loans from the bank are 7-12% here. Maybe 10% simple interest. You will need to negotiate a payback period, IE 5 years or 30 years. For example 10% over 20 years would be $460/mo.

You can also take the percentage route if the property is cash flowing, aka 50% at 1000/month cash is 500 month payment to each of you. That woudl take 20 years in this example. Brrr will say to re-fi in two years and pay yor family back!

I'm interested in talking about Norwood, Oakley, Hyde Park, ect. Lets hear some success stories, location, flips, Brrr, and vacancy time frames. 

We own a couple of houses in Norwood. Seems like my personal favorite thus far. We have a fully rented 4 unit and the duplex rented easily right when the pandemic hit, central location to the city, and close to XU and highways, and also a popular redevelopment area. 

Side Note: I would also like to develop a potential business relationship with others trying to buy in these areas.

Investment Info:

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

Purchase price: $265,000
Cash invested: $57,000

4B/2Ba & 2B/1Ba 3600 sq ft Duplex in presidential district of Norwood. Rents $1800 / $1000
First property under LLC with 2 partners

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

High end finishes

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

Zillow 20k from asking

How did you finance this deal?

Yes

How did you add value to the deal?

Simple reno from vacant to occ

What was the outcome?

Fully Vacant to fully occupied < 1 month

Lessons learned? Challenges?

Background checks are worth it