All Forum Posts by: Quincy Adams

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $35,000

Single Family row house, Section 8 tenants paying $710 a month. 1 of 4 single family units that were part of my first purchase.

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

I was done with analysis paralysis, and decided to take action.

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

Long story, the short story is I made a new friend who like to invest in Pittsburgh and had a PM that he liked. I hadn't been able to pull the trigger on any deals because I didn't have a PM that I liked. He highly recommended his guy I flew out to Pitt to look at one deal and left with 4 accepted offers.

How did you finance this deal?

Cash out refinance on personal residence.

How did you add value to the deal?

I'm not sure how to answer this other than I brought money.

What was the outcome?

I bought the four units, with a few hiccups at first. It took about 6 months for my PM to have contractors come do a few minor issues like paint outside trim, finish floors, etc. Now that they are fully rented I cash flow $2105 per month

Lessons learned? Challenges?

Get a better contractor that is not tied to the PM, which I've done. It cost me a lot of money not having the units completed quicker.

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

Yes I did. My PM has his strengths and weaknesses but overall managers well. My contractor so far is awesome and is working on my first multi unit deal. And my realtor is very aggressive and seems to be in my corner.

Investment Info:

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

Purchase price: $50,000
Cash invested: $50,000

Duplex, one unit that needs a rehab in the kitchen and bath, a budget of $25K. Units will rent at $700 each once completed. Rehab should take 3 weeks (pretty minor). Full investment is $75, with an ARV $95K. Refinance it, pull the money, and repeat the process

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

It fit my criteria of Cash on Cash return, and BRRRR. I got it for $20k than asking price which in turn gave me room to BRRRR.

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

Through my PM, negotiated through my realtor and contractor

How did you finance this deal?

Cash

How did you add value to the deal?

Investor

What was the outcome?

Still in the process

Lessons learned? Challenges?

Always find out if it needs flood insurance, offer less.

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

Yes

I just put an offer in on 4 SFR, 3 in Duquesne, and 1 in Glassport. I'm a first time investor, with a lot of experience with analysis paralysis. Best of luck to you. If you have any good deals with your wholesaling I would love to see them. Happy investing.

Jace, 

Welcome to BP, I've been on here for about a year now.  I work for a developer in town and manage 1000 doors for them in Utah and AZ.  I would suggest listening to the POD cast, there is a ton of information.  I'm not currently looking into SG for rentals or investments, however I do have a friend that has been able to find properties here locally to flip.  I have the experience in PM and know the state laws pretty well.  I would be happy to help however I can.

Thanks for all the feedback this really helped.

@Luther Wilson III thanks for the feedback.  What properties do you have for sale that would cash flow?

What is the scoop on Cleveland Ohio.  I've only looked today and noticed a lot of good inventory in the Garfield Heights area.  I would love to hear from a property manager and real estate agent that could give some good feedback.  I've been looking at Kansas City MO, but if what I'm seeing in Cleveland is accurate it looks better.

I manage 1000 units in Utah and Arizona, we have seen the ESA flood take over our properties.  In one situation we approved and applicant  in AZ, however the animal was not approved for a few more days.  She chose to stay in her car until the animal was approved and then filed complaint with the AG's office of AZ, and won the fight.  I had another recent incident, with a tenant (existing tenant) in Utah, that applied for 4 ESA's (one for each member of the family, love that Dr.).  We were advised by our attorney that we must approve the animals, but since the city ordinance only allowed 2 animals per house it would have to be approved by the city.  We contacted the city, which promptly folded to the Fed Law.

Asking price $67,900, address 7616 Sni A Bar Ter, zip 64129, anticipated rent $850, taxes $42 monthly, insurance $35 monthly? Once I used your higher numbers the return wasn't as good. It now shows $133 monthly cash flow and a 10% ROI on cash.

Let me know any other info you need.  Thanks for your help.

I've located a home in Kansas City, however I'm unfamiliar with the area (my first mistake), and I need help from a local that is looking for a new client for PM. The property is located in Eastwood Hills East. Asking price is $67,900. I've run the numbers (Bigger Pockets Rental Property Calculator) with 4% vacancy, 7% capex, 7% repairs, 8% PM fees, 20% down, with $2000 closing cost. Numbers show $226 monthly revenue with a 17% ROI. Is this a decent neighborhood?