All Forum Posts by: Levi McDaniel

I did not but I will be using him as our agent in the future. 

Originally posted by @Marge M.:

Originally posted by @Levi McDaniel:

This deal was an off market deal, So we just used a lawyer

Got it. Thanks!


Originally posted by @Marge M.:

Originally posted by @Levi McDaniel:

Investment Info:

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

Purchase price: $100,000
Cash invested: $26,000

Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.

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

Value add, cashflow

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

My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

updated units as tenants moved out.

What was the outcome?

Cashflows and appreciates every year

Lessons learned? Challenges?

It snows a lot in Ohio

Interview A LOT of PMs before making your choice

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

Steel valley PM treats us well.

Hi Levi,

My name is Marge and my partner and I are just starting our Boardman, OH REI journey. I was searching the forums for posts mentioning the area and stumbled upon yours. Thanks for sharing and great to see good feedback on Steel Valley. John was the first to respond on our initial attempt reaching out to local agents and PM's. First conversation was a treasure trove of information. Did you use him as your RE agent as well?

Smiles,

Marge

This deal was an off market deal, So we just used a lawyer.

Originally posted by @Marge M.:

Originally posted by @Levi McDaniel:

Investment Info:

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

Purchase price: $100,000
Cash invested: $26,000

Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.

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

Value add, cashflow

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

My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

updated units as tenants moved out.

What was the outcome?

Cashflows and appreciates every year

Lessons learned? Challenges?

It snows a lot in Ohio

Interview A LOT of PMs before making your choice

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

Steel valley PM treats us well.

Hi Levi,

My name is Marge and my partner and I are just starting our Boardman, OH REI journey. I was searching the forums for posts mentioning the area and stumbled upon yours. Thanks for sharing and great to see good feedback on Steel Valley. John was the first to respond on our initial attempt reaching out to local agents and PM's. First conversation was a treasure trove of information. Did you use him as your RE agent as well?

Smiles,

Marge

Investment Info:

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

Purchase price: $100,000
Cash invested: $26,000

Second purchase, off market, friend wanted to sell. When purchased rents way under market and was under poor management. Cashflowing in under 6 months.

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

Value add, cashflow

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

My friend wanted out and his partnership was dissolved. Asked my wife and I if we were interested in buying from them.

How did you finance this deal?

Conventional 20% down

How did you add value to the deal?

updated units as tenants moved out.

What was the outcome?

Cashflows and appreciates every year

Lessons learned? Challenges?

It snows a lot in Ohio

Interview A LOT of PMs before making your choice

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

Steel valley PM treats us well.

Investment Info:

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

Purchase price: $80,000
Cash invested: $13,000

First property purchased, and first long distance investment. appraised for $90k with conventional loan.

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

I wanted to have a multi family property, but I could not afford western WA where I live. So my wife and I decided to look in other areas of the state. The first BP 90 challenge was a big motivator for this! BUT thats not to say we were not already learning and finding what we wanted in a property.

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

Found on realtor.com while looking at a few properties in Aberdeen, WA. Noticed it was listed for over 180 days, used that to our advantage.

How did you finance this deal?

Conventional loan with 20% down.

How did you add value to the deal?

invested $13,000 into "beauty" (LVT, paint, fixtures, fridge, etc.) and some other items like a back door and bathroom window.

What was the outcome?

Keeping it as a long term. Was able to pull $35k out after two years, and continue to cashflow every month.

Lessons learned? Challenges?

always get a second or third opinion from "professionals"
Google street view is a great tool!
The first investment is the hardest.... so far

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

Our agent was Great and very helpful as well as our PM that we continue to use.

Originally posted by @Maxwell Anyimah-mensah:

@Levi McDaniel, just curious for an update. Did you end up purchasing the property?

No I did not, currently in negotiations on a 4-plex.

Creighton Bertrand no I have Nukey managing it for me, they have helped a lot so far.

I had my studio filled last week and the 1/1 downstairs has a renter ready when the update is done. We had it on trulia, and FB. $595 upstairs and $695 downstairs on maxwell & n Lincoln

Thanks for the response, this particular property is going for $30,000 needs about $15k in repairs/ clean up and the land lease price in that area is usually around $400 a month. Which comes with beach access and roughly 10’ around the house. Not anything I’m personally interested in because like mentioned you never own the dirt. Just interested in what people have to say. I feel like it would be similar to buying a double wide in a park asa rental.

Looking at the MLS today and found a low priced house on a Indian reservation. Basically you get a 20 year lease but buy the structure. It’s not far off the main freeway. Thoughts as far as buying as a rental??? Interested in hearing thoughts! Thank you! Levi McDaniel

Thank you everyone, Yes that's exactly what I was asking. Good to know about the " Professional" definition. I have my license but mainly use it to look at the back end of deals, I spend most of my time working as a mechanic for my company.

I will try to find a local CPA who can sit with us and knows more about the REI.