All Forum Posts by: Matthew M Spolsky

@Nicholas L. Glad I won haha! Yeah the rents are pretty solid, just had to get new contracts and management in place. It's got 3 units instead of just the two listed. 

Investment Info:

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

Purchase price: $175,000
Cash invested: $51,000

Duplex with rented garage

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

My realtor found it. I made an offer at full ask and then got the seller down to the price I wanted after an inspection.

How did you finance this deal?

Conventional with 25% down

How did you add value to the deal?

I was motivated to get the deal done because the numbers worked out at the price I wanted and at full ask. Tenants were in place so that saved some time. I also negotiate for a living so I knew what to expect.

What was the outcome?

I got the price I wanted with some repairs from the seller.

Lessons learned? Challenges?

Maybe should have excluded the garage rent and made the numbers work better.

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

Yes I would recommend Sarah Fitzpatrick. She has been great and knew what I wanted as an investor.

To everyone who replied. Thanks for the tips and help! I actually just closed on my first place August 3rd! I'm pretty excited and actually looking for a second one! Two by the end of the year became my goal

I've got a deal I'm ready to move on. I've analyzed it every which way and have my numbers firm for the mortgage. The CoC ROI is between 12 and 18% depending one how much is offered. But I am factoring in a $30k renovation budget. Tenants are already in place as well. Is the $30k renovation too big of a project for a first time buyer? This is my rough estimate and I'm assuming it could go either way, but $30k is my high end right now.

@Tommy Chan I just wanted to say thanks. I'm moving on a place now and have been motivated since your post to find something and just make myself do it like I know I need to. So thanks!

@Tommy Chan maybe just the fear of the unknown. I talk like that all the time, it's just weird to implement that mentality into my own life.

@Michael J. I'll keep that in mind. Part of the reason I haven't made a purchase yet us because if the test and not wanting distractions.

@Nicholas L. Out of state. I'm in southern California. My money can go further elsewhere

@Marlen Weber thanks I will!

@Craig Sloan I'll keep looking for that group!