All Forum Posts by: Mark Burlison

Appreciate the recommendation sir. The deal fell through. 

Thank you!! Had Bob’s contact info last year and lost it! 

It is a duplex with one side occupied with income coming in. Other side needs rehab and roof...so yes something short term.

Have a property under contract ....need funds for the purchase. Have a good credit, excellent neighborhood. 

Well the one yr trial is over on my 4 unit. Its been a real successful purchase. About 1300.00 a month positive cash flow, haven"t turned over a tenant yet. 2020 is retirement year and I'm now eyeballing a "very nice" 8 unit. They all have C/A and separate furnaces, one car garages......renting for 1150.00 a month. Going to sit with the realtor to pound the number's, but, cant see them coming in at less then 4k a month positive cash flow. With my 4 unit, NOW the 8 unit and SS....income should be "no problem"...oh and keep my wife working ...lol. Only question.....thought about the day i unload this property. Is it possible to develop this into condo's and sell them individually?

Thanks Bill...I’m going in to talk to the bank. I want to be upfront with them. But while I’m retooling to get my realtors license I will just have my wife’s income. Would like to lock this property up....even if it means retiring before the end of next year. The catch is I won’t have the down payment till I retire! 

When I retire I want to pick up another multi unit....I have a great relationship with a bank on my last purchase. I have a nice chunk of cash to work with from retirement and my wife will still be working...but do you think I’ll still be able to pull off some financing? I got my eye on a nice 8 unit for 775k. 

Mid 70’s

Purchased a 4 unit for 260k in January 2019. 25 per cent down @ 4.0 30 years mortgage. Got a great bank to work with! Cash flowing about 1350.00 a month. Haven’t  lost a tenant, everybody paying on time. A couple small issues, nothing serious. Ready to retire next year so this was a experiment to try out the rental business. This 4 unit is still under rent, so more room to grow income. What I’ve learned....banks do not finance closing costs!! Lol....at the last minute had to dig up 11k. Insurance had to be paid in FULL at closing....had to dig up another 2K. Lol Make sure you understand where your realtor is getting paid from!! The seller of this unit negotiated a 3 point commission to her listing agent! 0 points to buyers agent! Cost me 2700.00 ....just being transparent. INEXPERIENCE cost me there! OVERALL, excellent return! Scoping out either a 4 or 8 unit! This will be part of a mix of a annuity, stocks and bonds to build a stream of income! Have to file taxes next year...that’s the final hurdle. 65k down payment, 11k closing costs, they automatically withhold 20 per cent for taxes. Ended up withdrawing a little over 80k. My CPA ran all the numbers before I pulled the trigger .....but once I file taxes and see Im ok .....I’ll be fine!!! 😜 Merry Christmas! 

I’m going to give them to my kids! I have enough cash!