All Forum Posts by: Kiara Colon

Congratulations on your upcoming closing and entering the real estate market! When considering properties in Detroit, it's vital to conduct thorough research and evaluation. Consulting a local owners association can provide valuable insights and information on the local housing market, helping you make informed decisions. Utilize their expertise to gain a deeper understanding of the specific neighborhood, property condition, and market dynamics. By tapping into local knowledge, you'll be better equipped to navigate the Detroit market and maximize your investment potential. Best of luck on your real estate journey!

When facing pricing difficulties, I focus on thorough market research, clear communication about market factors, and emphasizing my value as an experienced professional. Active listening and finding a collaborative pricing strategy are key. Looking forward to hearing others' strategies and experiences.

Great blog post!

I watched a lot of BP YouTube videos and tried to read some books. The long and short of it is if the seller is willing to entertain creative financing. If they aren't then it's a moot point. But BP talks about all the creative financing options seems to be the most important point. But i'd go back to the BP basics and watch some of their recent content, because they go into seller financing in-depth. Good luck!

- Kiara Colon-Torres

Hey, Justin!

I am an investor in SE DC and a licensed DC REALTOR. let me know if you want to grab a cofee and talk about the market sometime. Thanks!

I found my current investment property, contacted the listing agent, and he worked both sides of the deal. But moving forward, I found that I was doing a lot more research and had a lot more knowledge about my market than most people I knew (to include my realtor). So I got my license, and i'm educating others while trying to work my own deals!

I would not under any circumstance let that person become a tenant of mine. They are circumventing the people and processes that you've set in place before a lease is even signed, so it would be an indicator to me that they will do the same once they become a tenant. Being impatient is one thing, but not using the agent for information is another. I'd skip their application (if they even submitted one) altogether, and find someone else. Good luck!

I'm still in the acquisition phase, as I only have one 4-unit property in my RE portfolio (besides my primary residence). However, i'm rehab/rent for the property that I own as well.

Quote from @Bob Stevens:

Quote from @Kiara Colon:

Investment Info:

Small multi-family (2-4 units) buy & hold investment in North Little Rock.

Purchase price: $810,000
Cash invested: $20,000

4-unit complex, purchased with VA loan, owner operated and maanged.

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

Getting into small multifamily investments to one day become an owner of commercial property.

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

I found it through CREXI, and didn’t negotiate much since my realtor did the negotiations for me

How did you finance this deal?

VA Loan

How did you add value to the deal?

Cash investments; repainting, refinishing floors, upgrading appliances to stainless steel.

What was the outcome?

Happier tenants and increased rents for more income.

Lessons learned? Challenges?

Finance the rehab costs

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

Residential Mortgage Company (RMC), DC.

What are the numbers, the payment is about 8k a month, what is the rent ? 

 The payment is $4700/mo, with rent currently $4740/mo, projected to increase to $5200/mo by October 2023.

 I glanced at some of the responses, but i'm of a different mindset. I'd continue to put the money towards the mortgage on the condo, take out a second loan (if possible), and buy another property with the money. In DC, cashflow is not the name of the game, but equity is. And the housing shortage in DC attracts more people to the condo market. So I wouldn't stress too much about the money "lost," so long as you can afford to float that expense. 

Lastly, if you can slowly, but surely, increase the rent $50 - 100/mo over the course of the next few years, you'll very likely make up that $250. Just my two cents.

 Let me know if you're open to making more connections. There are definitely ways to make money in SE, and i'm actively trying to pursue new opportunities.