All Forum Posts by: Kenneth Brown

Investment Info:

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

Purchase price: $214,000
Cash invested: $15,000

This is the first property that I have purchased. I feel really great about this deal after using the BP Calculator. I will have to put in a small amount of work in order to have this property move in ready with the ability to raise the rents from where they currently stand.

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

The area where the duplex is located has a lot of homes and other facilities being built near it.

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

I found it on the MLS and I negotiated using my agent for the pricing.

How did you finance this deal?

FHA Loan

How did you add value to the deal?

I am repainting the interior of the home, repainting the kitchen cabinets, changing the flooring throughout, and updating the appliances in the kitchen. All new fixtures will also be added to the property including new doors throughout.

What was the outcome?

I will be holding this property.

Lessons learned? Challenges?

The key is to start. It has been a rush so far and I plan to ride this high out into my next deal.

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

I would love to recommend anyone to my agent. I work very long days so she was my point person for most of the negotiations with the selling agent/seller. She would review all documents before they were sent to me because she knew I was strapped for time most days.

@Rod Hanks Thanks! That is a big help. I was under the impression that the actual unit had to be listed as a section 8 property. ITs good to know that it is actually the tenants that are have the section 8 designation.

@Scott M. I understand better now. Section 8 is just a designation from some tenants that will be applying. It is up to me to choose them and go through with the Section 8 approval process if they are the tenant that I choose.

Wow okay! Thanks @Scott M. I was definitely thinking about it the wrong way and the link @Jeffrey Donis sent over confirms this. I will follow up with the Department of Community Affairs to find out how to have affordable housing tenants placed in the unit.

Thanks!!

Hi!

I just bought a duplex in Lithonia, GA and was wondering how to apply the home for section 8/affordable housing. I will be owner occupying this duplex for the next year and want to have it ready for section 8 once I move out. 

Hi Daniel, I would definitely be interested in speaking with you more on this. If you have anything in the area I would definitely like to take a look. 

I am new to investing, I’ve done a lot of reading and have been analyzing lots of deals over the past couple of months. I’m looking into investing in a duplex in Marietta, Ga within the next couple of months for a variety of reasons and would like to speak with someone who has done residential multifamilies in that area. Any help would be greatly appreciated. I’m really ready to go ahead and start purchasing as soon as possible.