All Forum Posts by: Katrina Thomas

Hello Jamar, 

I recently became an out of state investor in Cleveland a little over a year ago. I would not mind connecting with you and recommending some of the resources I have acquired. 

Thank you for the congrats shout out! I appreciate the message and your insight as I have followed those suggesting's in purchasing my out of state property. I completed agree, having a great network of professionals to assist with ensuring everything is completed on my behalf has been paramount. If I did not have this foundation established in the beginning, I would not have been able to cross the closing finish line. 

Take care and much success to you always! 

Investment Info:

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

Purchase price: $102,000
Cash invested: $25,000

Exceptionally large side-by-side duplex with an extra-large third floor/in-law suite. Each side of the duplex has a living room, dining room, kitchen, sunroom, and a covered front porch on the first floor; 3 bedrooms and a bathroom on the second floor and separate basements with spaces for storage and washer and dryer hookups laundry needs. The third floor/in-law suite has a living room, 3 bedrooms, kitchen and bathroom. I am currently renovating two units and have one active tenant.

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

I knew going into the REI market, I wanted a multi-family investment property. I wanted the flexibility of having multiple streams of income under one roof.

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

I discovered this deal through my agent Erin Dorsey Robinson. We ran the numbers and out of all the properties I had interest in, this one had the best COC return. I placed an offer and when the seller did not want to budge on terms, I resented the offer. After a few weeks the seller had a change of heart and we worked out a compromise.

How did you finance this deal?

A conventional loan through Social Mortgage and I personally had saved funds for the 20% down payment.

How did you add value to the deal?

Currently performing renovations on the exterior and interior of the property.

What was the outcome?

TBD

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

I worked with Erin Dorsey-Robinson (agent) who I luckily discovered on BiggerPockets. Erin was very helpful in ensuring all of my needs were met and held my hand through the entire process. She is one of the contributors to my succeeding in making my dream purchase a reality. Through her expertise, she recommended a lender by the name of Brian Lewis who at the time of this deal was a partner for Social Mortgage. I would highly recommend both individuals.

Investment Info:

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

Purchase price: $102,000
Cash invested: $25,000

Exceptionally large side-by-side duplex with an extra large third floor/in-law suite. Be a homeowner and an investor at the same time. Great income producer. Fair market rent for the duplex is $650 to $750 a Current month to month tenant occupies one side of the duplex and pays $665 per month and would like to stay. Each side of the duplex has a living room, dining room, kitchen, sunroom, and a covered front porch on the first floor; 3 bedrooms and a bathroom on the second floor and separate basements with spaces for storage and washer and dryer hookups for all of your laundry needs. The third floor/in-law suite has a living room, 3 bedrooms, a kitchen and a bathroom. Quick and easy access to I90 and RTA. I am currently renovating two vacant units and have one active tenant. I am hopeful to have the second unit rented in the next month (February 2023) or so.

How did you finance this deal?

A conventional loan through Social Mortgage and I personally had saved funds for the 20% down payment.

How did you add value to the deal?

Currently performing renovations on the exterior and interior of the property.

What was the outcome?

TBD

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

I worked with Erin Dorsey-Robinson (agent) who I luckily discovered on BiggerPockets. Erin was very helpful in ensuring all of my needs were met and held my hand through the entire process. She is one of the contributors to my succeeding in making my dream purchase a reality. Through her expertise, she recommended a lender by the name of Brian Lewis who at the time of this deal was a partner for Social Mortgage. I would highly recommend both individuals.

Hello Justin, I recently became a real estate investor and can relate to your same though process explained in your post. I also work full time and have numerous personal obligations. I researched PM companies in my area and decided on one with an A+ BBB rating and great reviews. In the beginning everything ran smoothly but I began to experience communication issues which snowballed into management related problems. After 6 months the PM company and I decided to mutually split ways. I soon discovered I did not require PM services and decided to manage the property on my own. The property was once my primary residence, so I had renovated the home prior to turning it in to an investment property. I have a great tenant and so far I have not had any problems. As a rule of thumb, I had my own connections to an electrician, plumber, HVAC, roofer, etc.) in the event of a maintenance request. Personally, I did not trust the contractors arranged by the PM company. However, I read setting a max price of $250 for maintenance issues would allow smaller requests to be taken care of and larger jobs brought to your attention. Make sure you read the property management agreement thoroughly and ask as many questions as you can. Best of luck to you!