All Forum Posts by: Justin Woodworth

@Todd Dexheimer Thank you I appreciate your insight

@Greg Scott I did a few more hours of research on this subject last night and agree with you. What Elijah is saying is dangerous if a investor complains. Thank you for the link! I plan on knocking both of them down.

Do either of you have any podcast link to partnerships? 

You guys rock! 

I appreciate the info Greg. I found an excellent post on partnerships and trusts. It seems to be saying the same thing. Thanks!

Hello fellow BP'ers. Recently I have bought a duplex in Madison WI as my first investment and am looking to keep the train rolling. I work a lot of hours at my job and I have eliminated most expenses in my life. I have come to realize though that even if I save up money for years it will take me a long time to save up 20%-25% for an actual investment property. After listening to 30+ hours of podcasts and hearing about syndication I have become very interested. 

Questions: Has anyone syndicated a duplex/triplex/quadplex etc and what was your experience? What is the most efficient way to set up your funding? More importantly, what is legal and what is illegal? (I don't want to experience prison)

I hope this has been clear! Thank you ahead of time for any responses and time taken to read this post!

That is a great looking condo! Congratulations on the successful flip. I am closing on my first duplex in Madison and I am so happy to see other investors like yourself in the area. Again, congrats!

Justin

Investment Info:

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

Purchase price: $307,000
Cash invested: $19,800

Home hacking a duplex! First investment property

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

Being able to produce cash flow after moving out along with not paying rent for some property that I had no ownership in.

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

I was really lucky and found a lender who was willing to help mentor me and show me the way he analyzes deals. He owns 20 units and was very helpful. It also helped that I found Bigger Pockets.

How did you finance this deal?

FHA Owner Occupied Loan

How did you add value to the deal?

The home was recently renovated but still could use some work. I will be removing carpet and adding vinyl floors along with new paint on the older trim.

Lessons learned? Challenges?

Finding good team members is super important. Always be clear and concise with your goals and communication.