All Forum Posts by: Patrick Flanagan

Good morning everyone! My name is Patrick Flanagan, I’m 24 and I’m trying to learn everything I can about apartment complexes. If you own a large multi family/apartment complex could you just drop your name down below. I’d love to hear your story and how you actually landed your first deal. Look forward to hearing from you, Have a awesome day

@Bjorn Ahlblad That is awesome! I’d like to talk with you about your deal! And I have lots of family in Shelton Wa

Good evening bp members! I’d like to hear a few stories and get some advice on how you guys landed your first apartment complex. How did you guys actually buy your first deal? Did you have a partner? Or did you do the deal all on your own? Did you find the deals off market? Or on loop net? Etc... I will be in a position to put a down payment on a apartment in the next year, and I’m trying to learn everything I can about them before I pull the trigger. Thank you a head of time!

Good morning everyone! I’m taking action towards bettering myself and my future. I’m trying to target the Albany, Lebanon, Corvallis Oregon area. 97355 I own a 3bd 2bth single family home that I house hack. I will be renting the whole house out soon. I’m currently looking for my next deal, I’m focusing on multi family homes. I drove around near my house and found 14 duplexes. I wrote the addresses down, got online on the tax assessors website, found the addresses and sent out yellow letters to the owners seeing if they wanted to sell. So besides trying to find off market deals, what else should I do to broaden my knowledge and find my next deal?? Let’s grow together! Have a awesome day, Pat

@Bjorn Ahlblad Thank you I will do that

@Jay Hinrichs Awesome thank you, I’m looking in the Lebanon and Albany area.

Hey everyone, I recently started looking for properties that possibly have a opportunity to add another unit on site. I’m trying to understand the zoning laws, how do I know if I am allowed to add another unit on a existing property. for example, I found a tri plex and the roof needs to be replaced soon. I was wondering if I could rent 2 units out and build another story on top of the 3rd unit. So it would turn into a 4 plex. Thank you a head of time for your help

Hey bp memebers! I’ve read that building a investment property isn’t always the best idea vs finding a good established home. So I’m looking into the idea of building a very basic 1100 sqft 3bd 2 bth with a single car garage on a very basic lot. I’m just curious what could I have this house built for? It will be my primary residence, I will be doing all the electrical(I’m a electrician), Painting, flooring, and land scaping. So I’m hoping I can cut some costs out. The basic lots with electrical and sewage at the property go for 30-60k. I bought my house last year for 167,000 and it is appraised for 235,000. I have a very basic 1100sqft house. My mortgage payment is 1095 a month, and the local property management company said I could rent it out for 1390-1500 a month. So basic homes in my area are going for 200k-250k My whole goal is to move out in a year and switch it to a rental property afterwards. So do you think I can build a house cheaper then I can buy??

Hey Neil, so in about a year and a half I will be taking a big pay increase. My plan is to pay off 2 rental houses as fast as I can. My goal behind that is so I can increase my total monthly income 3-4 grand. In a short amount of time. I know a lot of real estate investors only buy cash flowing properties where the tenant basically pays for the whole mortgage while putting money in their pockets. With the VA loan I can get into houses for 0 down, live in the house for 2 years then switch my home to a conventional loan that I can rent out. But I’m just not sure if I should sell this house, which is in a great growing area, nice neighborhood, and close to a college. But I would always be making a nice profit off of this house if I sold it.....

Hey bigger pockets members, I bought my house(1100 sqft 3bd 2bth) for 171,000 a year and a half ago. I owe $167,000 on it. I recently got my house appraised at $235,000. Which I could not believe. So I would like some advice on wether I should cash out at my 2 year mark and collect $50,000-$70,000 or continue with my original plan. Which is use my VA loan, live in the house for 2 years then switch the loan from a VA to conventional loan. I’d like to repeat that cycle until I get about 10 house that I can rent out. My local property management company told me I could rent my house out for $1400-1600 a month, my mortgage with a conventional loan would be around $1200 a month. My over all goal is good cash flowing rentals, I’d like to pay them off as soon as I can. So I’m stuck on wether I should use that money to acquire more investment properties or if I should just keep the house and find a good renter? Thanks for the help, Patrick