All Forum Posts by: Lance Davies

Congratulations! It looks great! May I ask how you found your mentor? Walking away with a profit on your first deal says a lot about the time you spent preparing! Great job!

Welcome Margie! I would reach out to other investors in the area of your rentals for PM companies. Did you include that as part of your expenses when you bought your rentals?

Chris,

Have you already found your 4plex? 

All,

My name is Lance Davies, I am seeking a Mentor in the Richmond, Sugar Land, Katy TX and surrounding areas whom is willing to share their knowledge and experience with REI. I have a strong desire to learn and work hard. I am willing to put in sweat equity in exchange for the opportunity to learn from a seasoned veteran. I am new to BP and currently have one rental property of my own. I also am in the process of becoming a licensed home inspector. As well have experience in the multifamily construction sector. I look forward to hearing back from those interested and willing to build and maintain a relationship that is beneficial to all parties involved. Thanks for taking the time to read and good luck to everyone.

George, Welcome to BP! I am new to BP myself and can't get enough! There is tons of information and amazing people on this site! Ask as many questions as you can and want. People here are great! Good luck!

Luke, 

Have you checked the amortization schedule? Loan amount will be different after a year of ownership? Is it possible to rent out any of the space while living in it? Perhaps cut some rehab costs through sweat equity?

Welcome Bassit,

Glad after lurking for a while you decided to jump! There are no sharks here! Everyone seems to be very helpful and we all are striving to gain as much as we can in our own way in REI.

I will comment on your rent question.

It depend on in my experience whether it is SFR of multifamily. What I have seen is with SFR it is typically 4 to 5 times rent where multifamily is 2 to 3.

Bernadette,

Congrats on a the beginning of this new chapter! I am a freshman as well and have learned a lot in my short period in BP. Take advantage of all it has to offer. Best of luck!

Thanks Chris! The numbers really seem to work, however wasn't thinking that about deferred maintenance for while property on those particular units!

New to investing and have found a deal that is offering 8 units within a 54 unit complex. Would love to hear comments from investors on purchasing? Thanks