All Forum Posts by: Jon Tripp

@John Morgan same

@Peter K. Thx! Appreciate the guidance.

@Will Fraser appreciate the follow up. Tenant pays all utilities so nothing there that I am particularly concerned with… Unless there’s something I’m overlooking.

I just put a 4-plex under contract And I’m in the due diligence period. While I’m in the real estate business as a residential agent, I feel a bit like a fish out of water with multi-family.

The main question I have at this point is this: what documents should I be getting from the seller that pertain to the property during this DD period? I’ve gotten most of the leases, a couple of repair tickets and that’s it. How extensive a document dump should I expect or require so that I can have a comprehensive understanding of everything involved?

@Mindy Jensen real estate. 😂

@Luyanda Koboka live in one unit and fix the other(s), rent out.

Let's do this!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $271,000
Cash invested: $13,000
Sale price: $449,000

Bought this as a property to live in initially and then rent out when we moved to our next house. I ended up renting as a standard rental, then as a corporate rental and then as a vacation property. Great first rental.

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

Honestly it was more of a forced savings thing. Then when we started looking at larger homes, I figured I'd rent out for a couple years to pay down mortgage and let the market appreciate it.

How did you finance this deal?

Standard residential financing: FHA loan

What was the outcome?

Sold at a solid profit.

Lessons learned? Challenges?

Probably could have sold earlier and saved paying capital gains (ouch).

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

I'm a Realtor so I was able to handle the deal myself.

@Josiah Richard I hear you in that...but as a dual career myself who is doing more full time real estate than my full time j.o.b. I would encourage you to hustle for the next year to see if you can save the necessary 6-13 mos for you, your business expenses, wife’s PhD program and general living. Benefits are a tough part to let go. I would recommend you get a coach. I am in my second year of coaching and I’m having my best year yet. Get hyper focused on tour goals and you and your wife should be aligned on them...and then kill it.