All Forum Posts by: Michael Craig

The norm in my market is that the landlord provides w/d. I fitted each of my units with used w/d's purchased from craigslist (Probably not a sustainable/efficient source of w/d's for large multi-family complexes but it works for me). A decent w/d should last you 10 years without issues and will give your apartment a boost for renters shopping for an apartment (Possibly even increase monthly rent?). After freshman year, students are expected to know how to properly operate a w/d.

I would not trust tenants moving w/d in and out after each turnover, especially since you have nice hard wood floors.

@Alex Rodriguez

"House Hacking" absolutely is the best way to get started. 

The criteria I was looking for was:

-is the property in the general area of where I wanted to live 

-will the property cash flow once I move out

-is there value to be added (improve current property management, units needing renovation but still in 'livable' condition, can a room be converted into a bedroom)

-is the property zoned properly

AROD,

I loaded my brain with real estate content like the BP podcasts and books. I found a mentor who I was able to ask questions and bounce ideas off. He also let me help him renovate one of his units which increased my knowledge of the inner workings of an apartment. 

After 6 months of that, I began putting in offers for small multi-family homes. By my 15th or so offer and with just a 3.5% down payment, I was able to get into my first investment property. An owner occupied 3 family house that had plenty of value add but just right enough to live in.

What is your policy in regards to allowing firearms on premise in small multi-family buildings? 

You're exactly right. If it were easy, everyone would be doing it. If you continue to educate yourself and continue to make offers (take action), the right deal will come. I must have made at least 15 offers before my first one got accepted.  

Every successful real estate investor has made sacrifices to get to where they are. You have to be willing to get out of your comfort zone if you want to grow. 

Mail addressed to my previous tenant still comes to my property. Legally, what do I need to do with the mail (aside from not opening it)?

@Zach Krietemeyer

You will need to apply for a certificate of occupancy (CO) before anyone can inhabit the space

@Erik W.

Thank you for the response

There is an off market deal I have been working on for 2 years now. The owner is an older woman looking to move out of her inherited 3 family home in order to move into a condo of some sort that will require no house maintenance/yard work. She is now ready to pull the trigger.

My older brother is looking to share in some of the success I've had using the BRRRR method. He asked if I know of any upcoming deals and if I would be interested in a partnership. I told him about the one I've been working on for 2 years.

I would  bring to the table: the deal, the market/real estate knowledge, the real estate attorney, the mortgage broker/bank. I will also be responsible for the property management and the snow removal/yard work. I will bring in the contractors and manage the renovation.

He will bring the 20% down payment, take out the mortgage for the remaining 80% and fund the renovation.

Assuming my brother is someone I would like to partner with, how would you structure the partnership?

@Chad Hoober

No, it is not okay or legal to commit mortgage fraud.