All Forum Posts by: Michael Bertrand

 800 x2, 750 x2. 

 I am using a PM company. Fischer Asset Management is the name. http://rentfam.com/ 

I have had very little experience with them so far so I you'll certainly want to vet them first.

Investment Info:

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

Purchase price: $335,000
Cash invested: $92,000

Four-plex, nice neighborhood

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

I like small multi family. Minimizes vacancy losses since you have the other units still occupied. You experience more vacancies, but you’re just more insulated since you have 3 other doors in the same property. We’ll see!

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

Through Rent To Retirement. Easy, smooth, 1 stop shop. Property was totally rehabbed and seller in Cleveland was absolutely fantastic to work with.

How did you finance this deal?

Conventional 30 year mortgage, 25% down, 6% interest rate.

How did you add value to the deal?

None. Just buy and watch the bank account go up. Property management is great as well.

What was the outcome?

So far so good.

Lessons learned? Challenges?

Trust the numbers you’re given but verify them. Go to the county tax assessors website and check the actual property taxes. Get with a great insurance provider and and know what you’ll actually be paying. Always be in contact with your lender so you understand how rates are moving.

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

-Rent to Retirement for a super smooth transaction and high quality inventory.
-Bill Brewer with Shelter Insurance. Based in Memphis, but does insurance in quite a few states. He’s amazing.
-SecurityNational Mortgage Co (Aaron Chapman’s group). They’re the best there is.

Investment Info:

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

Purchase price: $102,900
Cash invested: $102,900
Sale price: $102,900

Duplex, 1/2 fully rehabbed, 1/2 unrehabbed

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

Wanted to try a BRRR type of deal. 1/2 of this duplex is fully rehabbed and vacant, the other side is not rehabbed and tenanted currently. Plan is to see what the rehabbed side rents for, then fully rehab the other side to match and then pull cash out.

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

Through a turnkey provider in Dayton, OH. They also let you purchase properties through them that aren't rehabbed yet so you can do your own BRRR through them using their rehab crew, PM, real estate agents, etc.

How did you finance this deal?

N/A, plan to do delayed financing on this property and pull cash out.

How did you add value to the deal?

Will eventually rehab this property.

What was the outcome?

So far so good, just started marketing the vacant side. We’ll see what it rents for.

Lessons learned? Challenges?

It’s WAY simpler to pay cash for a house, but you can’t take advantage of leverage that way. Just trying some things out, taking some small risks.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $110,000
Cash invested: $28,902

First investment property, bought through turnkey operator in Little Rock, AR.

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

Mostly passive, but just enough work to keep things interesting. I enjoy checking with my property manager to make sure my residents are happy. Clean, safe, affordable, and functional is always the standard.

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

Through a turnkey operator. It’s they essentially find the deals for you. This was actually a re-sell through them. Even in this crazy market it still appraised at $10k higher than the purchase price.

How did you finance this deal?

Through SecurityNational and Aaron Chapman. They are fast, friendly, extremely knowledgeable and accessible. They align their interests with yours. It’s been a terrific experience with them.

How did you add value to the deal?

There’s a few things from the inspections I’d like to fix for the residents, but other than that the house is great.

What was the outcome?

So far so good…only been a few months.

Lessons learned? Challenges?

It’s great just to go through the process and ask questions. I think preparation was the key. Read 5 or 6 books (some from Bigger Pockets) and spent hours and hours looking at deals and listening to podcasts before I identified my personal investment philosophy and my CCC (crystal clear criteria, thanks Mr. Turner) and that’s made a big difference.

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

Aaron Chapman’s outfit, SecurityNational and Memphis Little Rock Turnkey. It’s been a nice experience with them.