All Forum Posts by: Ken Krueger

Hello Everyone. I have been talking to everyone I know and meet about real estate investing and it seems to have started to pay off. I was put in contact with someone with a house they are looking to sell and are possibly open to seller financing which just makes things even sweeter. I have some income property now but this would be my first flip. The seller says he wants $60k I think it will need about $50k and will have an ARV of around $150-$160. I understand the basics and have a pretty good grasp, I think, of how things go but I would love it if someone would be willing to help me out through things if I have some questions or concerns. Hopefully someone local to the Western New York area, specifically im just east of Buffalo. And let me add im not looking to waste anyone's time or for someone to do this for me. Im ready to put in the work but a little extra knowledge and experience is never a bad thing.

Also I am looking for suggestions for a real estate attorney, contractor, agent, title company etc pretty much everyone lol. I know how to look this up but im curious if anyone has someone local that they recommend. 

In closing, I am open to any advice, information,  or suggestions. Thank you everyone! Have a great weekend!

I thought there would be a few benefits to having it. Access to the MLS, saving money on future deals by being my own agent and being able to offer bird dog fees. But then on the other hand if I have a good relationship with an agent I guess there wouldn't be much use in me having my license myself.

Good morning everyone. I hope you all have a great Sunday. 

I am considering getting my real estate license and was hoping to get some feedback from the community. First, my biggest challenge is that I dont know a broker to sponsor me. It doesn't seem like the type of thing where I can just call one up and say "Hey. Wana sponsor me" lol 

I am also wondering what people's opinions are on if it is worth it or not. A few hundred for the application,  hundred for the class, the time to do it all and then renewal every other year. I should add that I currently work a full time job not in real estate and have some rental property but I want to be able to expand my rentals and do real estate full time as soon as possible.

Thank you in advance.

As much as you probably don't want to hear this, stay with your relatives as long as you can to save as much money as you can. Once you do buy and move its definitely not a bad idea to get a two or three unit that will either pay for its self or pay you to live there. Plus if you move in to the property you can use an FHA loan to have less money out of your pocket.

in my experience it really depends a lot on the tenant. Some are definitely more handy and trustworthy than others. For the most part I like to take care of everything myself. That way I know the quality of the work and it gives me a chance to see what else might need to be repaired/replaced in the future.

Definitely seeing the same thing in my area. Seems like everyone is looking to move. I have a unit that will be available soon, I just mentioned it on someone elses facebook post one time and have had a bunch of people messaging me about it already. I dont even have it ready enough for pictures yet and people are almost beating down the door to come take a look.

Thank you Henry!

Thanks Alex. Im hoping to buy more multi-family units. My next one will probably be a 2-4 unit. As much as I'd like to get into larger properties sooner rather than later I unfortunately don't have the cash myself or the private money resources in my network yet so for the time being whatever I find will need to be financed with a conventional mortgage. 

Investment Info:

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

Purchase price: $147,000
Cash invested: $3,000

upper/lower duplex with a seperate single family home on the back of the property where I live.

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

The best part of this deal is I get paid to live there.

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

I just happened to drive by this property one day. I was looking to buy a single family home for myself at the time but this peaked my interest. There wasn't much negotiation as I had no idea what I was doing.

How did you finance this deal?

FHA

How did you add value to the deal?

I have done repairs and updating to the property since purchasing it and increased rents from 525 and 575 to 950 and 700.

Lessons learned? Challenges?

I learned that I need to buy more! And to do your research on any tenants your letting stay in a property your purchasing.