All Forum Posts by: Kevin McCrossin

Thank you for the replies! I appreciate the insight!

Hello, looking for some advice as a new property manager. I recently bought a duplex and I am in the process of finding a tenant for one of the units. Had a few showing the other day and I fond what I thought was a great match but I have some concerns. The prospect completed an application and checks the credit and income boxes but does have a mark on the criminal record. Looks like a disorderly conduct issue within the past year. This is the only mark. I have read mixed reviews as to what I can ask the prospect; if you have any advice it would be greatly appreciated! 

this is great, thanks! How often to you do the inspections during the lease, I agree with you that setting the boundaries and effective communication are key!

Thank you Andrew! Will definitely check out your piece and appreciate the insight!

Investment Info:

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

Purchase price: $230,000
Cash invested: $46,000

About to close on my first Duplex and very excited. Going to try to self manage my first property and looking to lean as much as I can from those more experienced!

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

Have been wanting to build my real estate portfolio for years!

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

An agent friend had an investor who needed capital

How did you finance this deal?

25% down and conventional loan

How did you add value to the deal?

The previous owner rehabbed the property so other than turning over tenants nothing major needed so far (fingers crossed)

What was the outcome?

will update

Lessons learned? Challenges?

Going through the U&O process right now, it was helpful to get a copy of the previous inspection to better understand what they look for to be as prepared as possible

Investment Info:

Condo buy & hold investment.

Purchase price: $240,000
Cash invested: $84,000

Bought the unit as a Short Term rental for the summer season. When we bought we were able to secure a 3.5% rate, put 20% down, $30k in renovations. We take 2 weeks in the summer and rent the remainder and still end cash flow positive. Would love to repeat this (appreciation has been great) but with rates it doesn't currently support the prices/weekly rents

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

Long term appreciation on one of the last affordable beach towns in NJ

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

A family friend called me as it was listed on the MLS

How did you finance this deal?

Cash and conventional mortgage

How did you add value to the deal?

Added about $30k in renovations

What was the outcome?

We use the condo in the offseason, and take 1-2 weeks in the summer. While I would love to keep it for just us, having rentals to cover the full cost of carrying the property has been great. I got an offer of $600k (2024), but not looking to sell it at this point

Lessons learned? Challenges?

I have a property manager who helps with the booking and renter issues (if any), a cleaner who turns over the property. When I was evaluating this purchase there was a duplex across the street for sale (about $600k). I regret not doing it but thought I would be more conversation for my first property. It is also nice having the HOA as it spreads the cost for flood insurance and the roof we recently replaced

Thanks for sharing look forward to hearing more!