All Forum Posts by: Joe Trinsey

Just thought I would toss my name in here.

I'm actually out of town for a little while, but I have an offer in on a 3/1 townhouse in Wilmington (near Concord Ave), which will (hopefully) be my first REI ever!

I grew up in that area and worked for my dad, who's a contractor, and I just started a partnership with my sister and brother-in-law, who's day job is actually home renovation. We've done a couple home renovation projects together, and now we've put together the money to do a project for ourselves.

If anybody wants to add me as a colleague or exchange contact info, I'd love to talk shop and/or join a meet up when I'm back in town.

Hey Kevin,

Just wondering if you ever ended up closing on this property?

Hello All,

My name is Joe, I posted an introduction about a year ago:

"I'm new the BiggerPockets site- just doing some initial research and really excited to have come across all the great information on here. Right now I'm just diving into a lot of the information and trying to soak it all up. I'm a numbers go, so I really like diving into the math behind the different deals and what the numbers need to be to make different deal work.

My goal is to find a buy-and-hold property to start building a portfolio on. I'd like to find something small and manageable to learn how to landlord before getting into a bigger deal.

I look forward to just lurking around the forums and learning a lot, and maybe popping in with some questions to learn from the more experienced members here."

And I'm happy to say I've finally put my first offer in on a property in Wilmington, DE. Who knows if it will be accepted, but just going through the process has been incredibly educational. If this deal doesn't end up working out, I know a lot more and will be much prepared to make the next offer.

I actually live in California, but I grew up in Delaware, and, with my job being very flexible and involving a lot of travel, I get to spend quite a bit of time at home. We actually just put together a partnership with myself and my sister and brother-in-law. They were my first landlords and now we're going into a partnership together.

Alright, I'm happy to talk details if anybody is curious but I don't want to ramble on too much in an introduction!

If anybody here is doing "BRRR" on B-/C+ SFRs I'd love to hear some tips!!

Hi @Account Closed nice to see you on here. I'm just getting started in the area too.

@John Cimino Agreed... things can go from okay to war-zone real quick. 

@Vala Shahabi without using the 50% rule, the Cap Rates for Class C duplexes generally look to be about 25%. Of course, I think for some of them, repair costs are going to bump up the initial investment a little and make the deals worse than that. How does that compare to some other areas?

@Account Closed That makes sense. I guess the temptation is to jump into a Class C multi-family because the numbers are so much better... but the possibility to lose money is higher too I guess? Start with something easier to manage, learn some things in a situation where the learning curve won't be as steep. Makes sense.

@Vala Shahabi Thanks for the link!

One clarification I didn't make in my initial post: I'm actually living and working in California right now, but it doesn't seem like the market there is great for buy-and-hold rentals, so I've been looking more back East where I'm from- and still spend several weeks a year. If anybody in here has experience with situations like that, I'd love to hear any advice.

Hello All,

I'm new the BiggerPockets site- just doing some initial research and really excited to have come across all the great information on here. Right now I'm just diving into a lot of the information and trying to soak it all up. I'm a numbers go, so I really like diving into the math behind the different deals and what the numbers need to be to make different deal work.

My goal is to find a buy-and-hold property to start building a portfolio on. I'd like to find something small and manageable to learn how to landlord before getting into a bigger deal.

I look forward to just lurking around the forums and learning a lot, and maybe popping in with some questions to learn from the more experienced members here.

Cheers,

Joe Trinsey