All Forum Posts by: Maurice Blackledge

Thank you @Tyler Sharrett! Do you invest in Castle Rock? I'm from Colorado Springs. The market in CO has been crazy since I left in 09!

Thank you @Melba Chambers!

Investment Info:

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

Purchase price: $64,000
Cash invested: $16,000

Duplex located in Kokomo Indiana.

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

Great numbers, growing market in a great location, motivated seller.

How did you finance this deal?

Conventional financing but put 25% down. My next deal will be a BRRRR so I can pull money out of the deal but I was more so seeking cash flow at this point.

How did you add value to the deal?

No value-added or forced appreciation but purchased below market value.

What was the outcome?

Closed on the house as planned!

Lessons learned? Challenges?

Secure funding, do your due diligence upfront in terms of inspection. Ask plenty of questions and understand how your property management company handles tenant issues (if applicable).

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

Yes, I worked with an agent who also happened to be a teammate of mine in college!

Thank you @Nathan Gesner, thats my thought exactly!

Hey BP,

It has been a bit of a process and has taken me a year to the day my 1-year old twins were born but I am excited to share that I have closed, and fully rented out my first deal! I found a duplex before it hit the market from an older gentleman that was looking to get out of real estate. It has been a long process full of ups and downs including having another offer accepted earlier in the year, only for it to fall through days before closing. However, through sticking with it and trusting the process (and numbers) I was able to secure a deal. For those of you who have yet to take the first step, I encourage you to keep pushing but don’t force it, the right deal will come, just be ready to jump on the opportunity when presented!

Deal Numbers:

List Price: $75,000

Purchase Price: $64,000 (no work needed)

Down Payment: $16,000 (25%)

Gross Rent/Month: $1,410

Expenses (including: vacancy, cap ex , repairs & mgmt. fee): $1,047

I could not have found and closed on this deal without the help of the awesome BP community! Thanks, everyone who imparted knowledge, wisdom or just an idea along the way as you have helped me to take my first step in my real estate investment ambitions. On to the next deal!

Cheers,

Maurice

Awesome, thanks @Chris T. for the invite! I will check it out.

Hey BP,

I need some help on my first buy and hold and deciding if this makes sense. I know the numbers aren't phenomenal but it seems pretty good for a first deal. I took the low end of the rent comps too. Heres the Report

Thanks! 

Hey BP,

I recently relocated to Charlotte NC from MN and I am working on my first buy and hold rental property. I am primarily looking out of state at the moment(Indiana) but wanted to get connected with others nearby as I learn about the market here in NC and SC.

Would love to hear from others how the market has been here. I know there is a ton of new development going on, not sure how that impacts the market holistically.

Thanks!

@Alyssa Dyer thats a great point. Thanks for the input!

Hi All,

I am looking for a contractor in the Indianapolis area if anyone knows of a great company that performs quality work!

Thanks everyone!