All Forum Posts by: Randy McDonald

Hello Everyone!

I have come across a potential opportunity to invest in a 26 unit apartment complex in my town. It is being auctioned next month, starting bid is $400k. I have done some due diligence on the property but can not figure out why it is being auctioned. I'm trying to find an investor with the funds willing to partner 50/50 with me on the deal. The building is fully furnished. It was built in 2015. The past financials are very promising. The town is expanding exponentially, building new restaurants and stores. I have tons of more details I will discuss with anyone who is interested. I have one other property, a SFH that is paid off and almost ready to be rented. If anyone has any ideas as to where I could find more investors, it would be greatly appreciated. Thank you!

Investment Info:

Mobile home buy & hold investment.

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

Mobile home on owned property. Fixed it up and moved in to pay it off. Plan on moving out soon to rent this one out.

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

Watching many YouTube videos and reading forums on bigger pockets in high school made me very eager to attain financial freedom.

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

Found the deal through family. Land lord was tired of dealing with tenants and wanted to do a rent to own. We talked and decided to knock off money from the asking price for repairs.

How did you finance this deal?

Paid in cash, $1000 a month then $20,000 last month of contract.

Lessons learned? Challenges?

I did not have a notarized contract with the land lord because I personally knew her and thought she was a stand up person. I was very wrong when she tried to evict me and my family in the last month of the contract.

Hello all and thank you for taking a look at my first post on BiggerPockets. I live in Andrews, Tx (West Texas) where the oilfield has been booming. I am getting ready to purchase my first property as my primary residence while I attend college in Odessa. I currently make $14/hr in fast food and plan to hold while I pursue my ADN in Nursing. After I graduate I plan to use the equity in my house, tax returns, and saved money to buy my first rental property. I have heard that the big cities such as Dallas/Foot-worth area, San Antonio, and Houston are the best places to invest in rental properties but as a first investment, that seems too far me manage. I was hoping if I could get some advice on how to manage my properties if I do invest there or if there is somewhere closer that would better suit my needs. I don't want to invest in Midland or Odessa because their markets are run mostly by the oilfield. I have recently been scoping out Lubbock and it seems promising as a strong market and a college town as well. Anything would be helpful because this is my first investment and I would like to know what not to do and what to look for to maximize cash flow.