All Forum Posts by: Mandela Muhammad

Yes @ShauneFaust on the flight back to NYC now. Closed on the 30th of August. I found a PM company, handy plumbers, carpenters and electricians. The seller evicted the tenants. This month I have scheduled appointments to replace carpet, water heater, add a gas meter. I plan to have second floor rented by end of September, 1st floor needs more work with finishes.  Should be stabilized by October with 2 tenants, applications have already begun to come in. 

Make money in Multi Families first then go to whole sales

lolz those LA pics were Bias

lolz Swanny is on the Money

@Michael Swan thanks for putting positive energy back onto the Multi family investments.

@Raina B. No I went to Jersey for my first investment property, found something within 30 minutes driving distance from my Bronx NY residence. I guess I really meant far out of state investment since I have no means to personally manage this one on my own. I would love to have you pick my brain.

So I ended up taking a trip down there the following weekend after we had the discussions here and ended up meeting with a realtor in the Lorain area. I made several offers and one got accepted; for an up down 2 family duplex. The asking price was 26,500 I through in my offer at 18k do to back taxes, and a broken sub pump that let water leak into the basement after it recently rained. I was countered at 22k, with the seller fixing back taxes and all little projects around the house. I accepted. Closing date is on the 26th of July. The unit is fully rented and brings in 450 from the top tenant and 550 from the bottom tenant whom has access to the basement for a total of 1000 a month. Of course in that 1100 we minus property management fee, property insurance, taxes, lawn care, etc. The address for the property is 1525 Reid Avenue, Lorain, OH 44052

@JeffWallenius yeah, Wise was right, I put my foot in my mouth, but 25 to 35k seems to be work for the multifamily duplexes. The main idea for me personally is to not pay 70k for a property that brings in 600 per month.

Took a trip to Ohio, saw some properties in the Lorain, Ohio area with a realtor. Just met up with several contractors as well. Still need to link up with several property managers.

I can't help but think that you are coming from a brokers bias point of view here. Like how loan officers tell you too buy the most expensive property you can afford so as to cut them the biggest commission.