All Forum Posts by: John Waterhouse

Investment Info:

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

Purchase price: $53,500

This was my first investment property. I initially bought this with the idea of living in one side of the duplex, while renting out the other. However, I quickly came to the realization, with the fact that I was getting married soon, that I didn't want to start my family in that home. So I rented out both sides and bought a SFH in a nice area.

Lessons learned? Challenges?

I found that I do not handle owning a small property like that, from a distance. Being in the military when I purchased the property, I was beholden to where the military told me to go. I was sent to Germany and turned this property over to a property management company. They didn't take very good care of it, I had more and more turnover, and more and more time between tenants. Eventually, I lost the property in foreclosure. This was a hard lesson to learn.

I have found the perfect house for a flip. I've done the research, I have the comps, I know the area, and I've done the math. NOW... How can i convince a couple, whom I've never met, to sell their home? Thanks

Thanks guys, I had already thought of all that. I had a cop come out and just look around and he could smell it, but says that it wasn't a lab; that they were just users. In renovating the place, i've had to tear down some sheet rock and i haven't come across any surprises or new smells.

yes

I rented my duplex out to some druggies (no, i didn't do a background check and yes, i will DEFINITELY do that from here on out), and they left the stench of meth and cigarettes in the place. I've painted and it just smells like paint mixed in WITH the pre-existing smell. I REALLY don't want to replace the carpet seeing as they were the only ones to live on that carpet since it was installed just before they moved in! Anyone have any odor-eliminating methods? Yes, i've done basic cleaning and tried to HIDE the odors with spray stuff.

Thanks,
John

http://www.homesales.gov/homesales/mainAction.do

&

http://www.hud.gov/homes/homesforsale.cfm

Abilene, TX

i have 4 rentals on two properties. But i may look into investing in another property with 4 units on it. My wife's grandparents are moving into a retirement community and giving me first dibs. It's walking distance from a private college. YESSS!!!!!!

by offering deals, i mean making offers. I, too, usually ask why; but i had so many questions and i didn't want to lose my train of thought, so i just let it go. Yeah, i'll probably go back and ask. Thanks!

Welcome to the forums, Jose.

I've been a member for about 3 days and have already gained a tremendous wealth of information. I feel bad leeching info off of others w/o being able to offer much of my own, but if someone touches on something i feel confident in, no doubt will i jump in to help out. This is a great site, and i'm sure you'll enjoy it as much as i am.