All Forum Posts by: Paul Charbonneau

Thank you Arvin, I am looking at his website now. Lot's of good information!

Thanks Andy, that is a good idea. I know a couple here in the area that I can use as a sounding board. I'm sure they can give me some things to consider as I look for my first commercial deal.

Thanks Miguel! I am consuming a couple podcasts each day and BP is my favorite. I just ordered The Multifamily Millionaire, Volume 1 and I am hoping to get a great deal of insight from that. I haven't done any meet ups, but that sounds like the next logical step. Thanks!

Thanks Evan! Yes, I will absolutely need a strong management company. The houses I currently own are out of state and I rely on my current management company heavily. You are correct, I will be seeking a value add property. I like your comment about being an asset manager - it is spot on. Thank you so much for the feedback!

I started investing in single family homes in November of 2019 and have grown my portfolio to 19 doors. I own one duplex and I am looking at some quads and a 6-unit property. However, I am interested in learning the process of finding, evaluating, negotiating, financing, rehabbing, and operating a larger property (75 -150 units). I have heard of mentors and I believe that will be invaluable when I am ready to buy my first commercial property. However, before I do that, I was wondering if anyone has heard of a shadow program or internship where a seasoned veteran is willing to show you the steps they take as they go through a live deal. Or, if a live, real-time internship is not feasible or realistic, are there any videos that you would suggest that walk you through the process? 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $38,000
Cash invested: $5,000

This was our first property. We put another $6,700 into the property and it currently exceeds the 2% rule.

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

I researched areas across the country looking at several factors: a strong rental market, a stable economy that wasn't dependent upon one or two major employers, purchase price to rent ratio, and available inventory of houses that need rehab.

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

When I decided upon Pittsburgh, I found a management company to start with. They tend to know the area, the rental market, and the people I would need to build my team. They put me in touch with a real estate agent that would help achieve my goals. My real estate agent understood what I was looking for and suggested this property (through the MLS). He has since found me several more houses through a wholesaler as well.

How did you finance this deal?

Private money.

How did you add value to the deal?

I addressed the safety concerns and some cosmetic issues. But overall this property was in pretty good shape for the age of the home. The seller was motivated to sell.

What was the outcome?

We rented the house on January 1, 2020 and the same tenants have been in place since.

Lessons learned? Challenges?

The lesson was that the concept was sound. This can be done and procrastinating would only slow down the process.

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

Absolutely! My agent is Ryan Shedlock with Howard Hannah Real Estate and he is great!