All Forum Posts by: Josh Fralish

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $34,000
Cash invested: $6,800

2nd Rental Property on Paulk.

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

FSBO across the street from my first rental

How did you finance this deal?

Sold my 4 wheeler and golf cart to get the down payment

How did you add value to the deal?

long term tenant, new roof and A/C unit

Lessons learned? Challenges?

FSBO deals work better than finding one on MLS

Investment Info:

Single-family residence buy & hold investment in Albany.

Purchase price: $43,000
Cash invested: $8,600

First rental, 3/1 with large shed and yard studio apt

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

Talking with a good friend about how he became a millionaire then researching how to buy rentals on YouTube.

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

Found this deal on Facebook marketplace

How did you finance this deal?

Unfortunately I had to sell my boat to get the down payment.

How did you add value to the deal?

I bought the house in a great neighborhood and it was undervalued.

What was the outcome?

First 2 months rent covered the rehab but now it should start to cash flow

Lessons learned? Challenges?

Find a great rental manager when getting started.

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

Jackie Dixon with One Key Reality

@Nik Moushon thanks! I'll look into it

@Nik Moushon thanks for the reply! Where is the best place to get a title report?

@Roosevelt Thomas never had either one of those but I would say no. If I were you I would look for a duplex to buy. You might can get it for 0% down if your going to live in it for 2 years. Then you can rent out the other side. After 2 years move out then rent the side you were in.

@Roosevelt Thomas look into getting a loan on your assets. If you have a good amount of your home paid off then you can get a HELOC (home equity line of credit) and use part of it as a down payment on your property. Try to pay it off quick so you will always have that money available. This is what I have done to work on a BRRRR property.

I'm contracted on a group of single family properties and the seller wants to deed me over a free lot. There will not be a lawyer involved so it wont go through any "red tape". She wants to just give me a free lot and says that there is nothing to be worried about and I cannot get the address of this lot from her. She said she is about to mail me something to sign to get the lot but I dont want to fall into some kind of trap. What do I need to look for to make sure that it is in fact a free lot with no strings attached.

I found a house that is for sale by owner. I've done some research on it and it looks like a good buy for the right price. The houses in this area sell for cheap but this house has the best curb appeal on a average size lot. Not a bad neighborhood either. Anyways I have asked the seller for the asking price and they have avoided the question 3 times. He returns with "what is your point of purchase"? I'm not sure how to approach this because I dont want to loose the deal before it begins.

@Nathan G. Thank you for your reply! I'm not so worried about it hurting my rent price for house one. I'm interested in buying the house next to it which has the long term tenant only paying 400. If I buy the 2nd house with the tenant I'm wondering how to get him to pay 600 (which is market price) without making him leave. Some have said to increase the rent in increments over a couple years.

Today is day one on Bigger Pockets!! I am going to sign on my first rental in a couple weeks in south Georgia. I drive by this house frequently because I'm excited about my future in real estate but today I noticed the neighbor just put his house on the market and it has a long term tenant in it. Further investigation shows that the tenant is only paying $400 a month for almost the exact same house I am about to close on. My manager/realitor is positive that she can get $600+ on my property. So my question is how can I get more out of the long term tenant? The 2nd house is a good deal but not at the set price the tenant is paying up now.