All Forum Posts by: John Daniels

@Jon Lopez

Welcome to BP! Best of luck to you. Make sure you take full advantage of the BP forums and resources!

@Jack Liu

I like the low entry price point and the state is very landlord friendly.

@Zach Henson

I would start talking to lenders now. They get a chance to know you and you get a chance to get your finances and documents in order. Especially start talking to the smaller local banks and credit unions-the relationships can be a was site valuable!

Have you run the property through the BP calculators? They will allow you to see if these big ticket items still allow the property to be a good deal. If the numbers don't work, I would just walk away especially if the items were not previously disclosed. There might be other items the current owner is not telling you about. There are plenty of good deals out there. Remember there is a house on every corner. Be patient and ready to jump on the great deals. Just my gut, but I bet over the next few months we are going to be seeing some FANTASTIC deals come to the market!

Best of luck either way!

I’m new to investing, but just purchased my first triplex out of state. One of the realizations during the process was that it would have been helpful to have a boots on the ground person doing informal inspections on the property. For the past 4 years I have been working as a commissioning agent so I am constantly looking at the Mechanical/Electrical/Plumbing side of commercial buildings, and I am always in the position of working as the owner’s eyes and ears during construction or renovation.

I have lived in Gilbert Arizona, east of the Phoenix metro area, for over 10 years. The market is fantastic here! Any out of state investors need a boots on the ground informal inspection of your property, feel free to PM me.

I can take renovating photos/videos, general quality inspections, walk the layout, etc.

I’m not a licensed home or building inspector, and I don’t want any money, I just want to learn the business!

 Thanks @Andrew Syrios! It was a Fantastic experience! I could not have done it without the BP community and calculators and tools! Thanks to you all for helping me take my first step to success!

I am in the Phoenix market, but I didn't have a lot of cash and the market is too hot. I wanted to jump in without a lot of risk, so a low price point was important for me. I don't have friends and family with tons of cash, so I wanted to do the first deal on my own to build confidence. Also, for the short term I was okay with a cash flow of $100/door but I was looking for >15% COC return.

This was my first property so I also wanted to have a learning experience of building remote teams, which added some risk to the deal.

Challenges for me:

1. New investor

2. Minimal cash available

3. Limited experience building remote teams

4. Local market was unaffordable

BP solved the problem for me! Love this community!

Hope this helps.

Hope this helps!

Facetime was invaluable for this purchase. The realtor did the initial walkthrough with a Facetime call. It was actually helpful not being there because I was more easily able to follow my inspection checklist because I had it on the table so I could take notes. When I had concerns he was able to either give me a physical report, i.e. smells, carpet condition etc., or leverage the video feed, i.e. any polarized plugs, better view of the roof, etc.

Additionally, all the documents were signed electronically. I downloaded Adobe's PDF scan tool for my phone, so it was a snap to PDF and send documents and it was helpful in building trust with the rest of the team I had not worked for before. They could see I was holding up my end of the bargain. The closing was very easy. I was able to sign everything the day before, so there was not they stress I had felt closing on my personal home.

Hope this helps! 

Health and Success to you!

I would highly recommend Rick Lewis Home Inspections, LLC. Rick did a fantastic job. His report was clear and insightful. Great guy!

Investment Info:

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

Purchase price: $51,000
Cash invested: $6,000

After months and months, I finally made my first rental property purchase (Triplex). Asking price $54,900, purchased for $51,000, using small cash down payment and HELOC. Should net $300/month.

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

I like 3-4 plexes for the cash flow and security if a tenant moves out, the note is still covered.

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

Found the deal on MLS. Used the BP calculators and found the ideal number and used that as the offer amount.

How did you finance this deal?

$6000 cash and HELOC from current residence.

How did you add value to the deal?

I was able to make a purchase during the covid lockdown. Also during the negotiations, I was able to have the seller make a bunch of repairs.

What was the outcome?

I have a buy and hold rental property - (My first- Fantastic!) that should net around $300 per month.

Lessons learned? Challenges?

It was great to have my property manager and real estate agent do the final walkthrough together.
COVID challenges were overcome using technology.

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

Andrew Southard from the BH Terre Haute office was amazing!