All Forum Posts by: Mike Mullins

Thank you @Jameson Sullivan

@Jim Goebel Thanks for the input. Blountville is a smaller town and without a washer/dryer in the units it would be hard to get much higher than $450. 

Hello,

I have a deal and because it would be my first property I wanted to check with BP to get some feedback.

There are 5 small apartments on the second floor and a 3000 sq ft retail space on the ground level. The 5 apartments rent for $450 but currently only 3 are rented. The lower level rents for $1,000 but is currently empty. It is very conveniently located near the interstate but not so close there is road noise. The 5 apartments do not have washer/dryer in them.

The price is $250,000 with the owner willing to finance $50,000 for 10 years.

What are everyone's thoughts on this deal?

This sounds very interesting.

Hi @Ben Leybovich I listened to podcast 152 and just finished 14 so I could hear more of your real estate origin story. You really seem to know your stuff and have had good success with REI. You did seem to be more pro bigger pockets back then. I think that podcast was 2013.

I wish you more success and I hope to be on your real estate level some day.

Well layout @Andrew Flora . Now you admit to have using #2 and I'm guessing that if you were using #3 from the start you wouldn't have had to use #2 so it seems like if you are not in the #1 category you have to start at #2 and work your way up. Hopefully keeping the risk down.

@Ben Leybovich you list 152 in your signature so that was the one. Do you remember the other show numbers?

I'm about to head over and listen to @Ben Leybovich podcast on BP.

@Jennifer Rysdam congrats on your success. I would like to do a "digging deeper" on your first deal. If I've learned anything from BP it is that the start is the hardest part.

That escalated quickly. @Ben Leybovich  we are just discussing the disconnect from what BP is pushing and what people on the site are saying.

I know they are in the business of making money but I was just trying to find someone that is making a go of real estate investing using what they have learned from BP.

FYI I'm a big Brandon Turner fan. He just seems to have fun with podcasts.