All Forum Posts by: Matthew Nicklin

Happy to hear Quantum took care of them. I have heard good things about them and know others who have used them. 

Where did you find these "off market deals" most of the time when people refer to off market deals they mean direct to seller. Occasionally it may mean a wholesaler is involved but they went direct to seller which is why it is not listed on market. 

The best off market deals are going to be direct to seller with a highly motivated seller. 

Woah! Scott Trench commented on one of my posts. I feel honored, thank you sir! I read your book and love it, keep up the good work! 

Hey Kevin! Shamless plug here but I am in an investor and Broker myself. Feel free to PM me for more details, happy to help any way I can. 

Great question! Many reasons actually here are a few

1. Easier to find deals. Multifamily even the smaller ones are typically owned by investors so it is much harder to find deals. Whereas with single family you can find distressed sellers with high motivation.

2. Easier to sell single family than multifamily. As you can sell to a retail buyer whereas if you have an occupied duplex your selling market is limited to investors only and we all know investors like a discount. Single family is much easier to sell. 

3. Smaller multi-family in Atlanta is very concentrated. They are really only in certain areas and those areas typically have lower income or other issues so your tenant class wont be as great. I buy nicer properties or I make them nicer as I want quality tenants with higher than average incomes.  

 Yes. All of my BRRRRs have been off market with the exception of the first one which was bought off of the court house steps. Most of my purchases recently have been off market. 

This was a conventional refi so 6 months. I have other non-conventional lenders that will do 1 or 3 month seasoning but they all paused due to COVID. 

I like Powder Springs. I wouldn't hesitate to buy more down there if the right deal came around. Nice well kept area and still in Cobb County. 

Investment Info:

Single-family residence buy & hold investment in Powder Springs.

Purchase price: $90,000
Cash invested: $30,000

This is my 3rd BRRRR and 7th rental property. This is my 3rd BRRRR I have done where I was successfully able to pull out 100+% of my invested capital from the refi and still have a generous monthly cash flow with the new loan amount.
PP: $90,000
Rehab: $30,000
Total invested: $120,000

New apprasied value: $175,000
New loan amount: $131,000
Mortgage payment: $835 with taxes and insurance on 30 year conventional mortgage
Leased for : $1,395/month

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

I love investting in single family homes in solid areas and if I can BRRRR them it is even better.

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

A personal friend of mine gave me the lead and got me in contact with the seller. I could tell the seller was motivated as he mentioned having several things going on in his life that prevented him from spending time to rehab this property.

How did you finance this deal?

I used a HELOC on my primariy residences for the initial purchase and rehab of this property. After the property was rehabbed and occupied by a tenant I waited the necessary seasoning time to do a conventional cash out refi to pull all my money out of the deal.

How did you add value to the deal?

By completly rehabbing the property. New kitchen, new paint through out, new floors, new tub, new hot water heater, and general touch up.

What was the outcome?

A sucessful BRRRR where I was able to pull out 100+% of my investment and leave me with an unlimited cash on cash return as I had $0 in the deal after my cash out refi.

Lessons learned? Challenges?

It is good to tell everyone you know that you invest in Real Estate, you never know where your next deal is coming from.

It is worth waiting for a deal, dont rush into the first property you find. I have been able to complete severall BRRRRs now by waiting for the right deal and not rushing into something.

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

I am a Real Estate Broker in the Atlanta Market. So I know the market well and that helps me in making offers and estimating rehab costs.

Investment Info:

Single-family residence buy & hold investment in Powder Springs.

Purchase price: $90,000
Cash invested: $30,000

This is my 3rd BRRRR and 7th rental property. This is my 3rd BRRRR I have done where I was successfully able to pull out 100+% of my invested capital from the refi and still have a generous monthly cash flow with the new loan amount.

I purchased this property off market. A good friend of mine actually gave me the lead on the deal and got me in touch with the seller. The property was in rough condition as the previous occupants had thrashed the home and the seller wasn't in a position to rehab it as he had a lot going on at the time. So he agreed to sell it to me at a discounted price.

Purchase Price: $90,000
Rehab costs: $30,000
Total invested: $120,000

Got the property rehabbed in a little over a month. We then found a tenant to lease the newly rehabbed property for $1,395. I waited the necessary seasoning time for a conventional cash out refi and the property appreaised for $175,000. I took out a loan at 75% LTV on the new appraised value so I got a loan amount of $131,000 on a 30 year term.

With my mortgage payment, taxes, and insurance my payment is $835 per month.

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

I love investting in single family homes in solid areas and if I can BRRRR them it is even better.

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

A personal friend of mine gave me the lead and got me in contact with the seller. I could tell the seller was motivated as he mentioned having several things going on in his life that prevented him from spending time to rehab this property.

How did you finance this deal?

I used a HELOC on my primariy residences for the initial purchase and rehab of this property. After the property was rehabbed and occupied by a tenant I waited the necessary seasoning time to do a conventional cash out refi to pull all my money out of the deal.

How did you add value to the deal?

By completly rehabbing the property. New kitchen, new paint through out, new floors, new tub, new hot water heater, and general touch up.

What was the outcome?

A sucessful BRRRR where I was able to pull out 100+% of my investment and leave me with an unlimited cash on cash return as I had $0 in the deal after my cash out refi.

Lessons learned? Challenges?

It is good to tell everyone you know that you invest in Real Estate, you never know where your next deal is coming from.

It is worth waiting for a deal, dont rush into the first property you find. I have been able to complete severall BRRRRs now by waiting for the right deal and not rushing into something.

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

I am a Real Estate Broker in the Atlanta Market. So I know the market well and that helps me in making offers and estimating rehab costs.

Start calling you will get over it... Sometimes the only way to get over a fear is jumping head first. At least that helped me get over my fear of sky diving :) 

If you really do not like cold calling you can always use direct mail. Hunter vs farmer mentality.