All Forum Posts by: Rickey Miller Jr

Thank you Courtney, congratulation on your new quadplex! I can imagine more of the newer investors not readily investing right now but I'm sure more seasoned don't see an issue from the current market. 

I just wanted to kind of hear some feedback from some long term rental investors. If many of you who are still buying doors (Quadplexes) during this Covid-19 shelter in place? I kind of have an idea on the answers I’m going to receive but I wanted some insight on strategies during this time.

Any information would be highly appreciated.

Best Regards,

As the description mentions a seller that wants to sell their quadplex at the price she's asking it's getting great returns for the next investor and is cash-flowing quite well. She asking $240,000 and I talked to her down to $210,000 and was curious if an investor would purchase this property at $215,000 to allow me to collect an assignment of $5,000.

I personally wanted to ask this group to kind of get an understand on what investors/wholesalers think. I'm sure, and see if makes since for someone to purchase an off market property at a discount. More information about the quadplex will be listed below such as comparables and what the property is bringing in. All units at the moment are occupied and two tenants are on month to month.

Report: View report 

Rent: $650 per Unit. | NOI $16,607 | CoC: 14.94 | Cap R: 7.72% | CashF: $611.56 | Year Build: 2006 |

Vacancy: 5% | CapEx: 7% | P Management: 10% | Repairs: 6% | 

Comparables within half mile.

4003 Madison Dr Killeen 76543: $244,000 08/22/2019

3800 Malibu Ln Killeen 76543: $265,000 12/05/2019

1401 Dugger Cir Killeen 76543: $250,000 09/01/2019

Thank you by the way for any information or input on this matter just wanted to see if it makes sense for an investor at this present day before I tell the home owner and agree with that price. Also usually I understand the 70 percent rule but with this given purchase price at $215,000 a buy and hold investor will be able to get a great return. 

@Lauren Juarez Thank you for the feedback, I really just wanted a confirmation to see what other investors we're thinking on buying Multi-Family during this COVID down turn. 

@Doug Crenshaw So I spoke to the original owner and she provided me with all the information I had to run the analysis. The numbers are good one variable is the property management percentage I pushed high at 10%. Other than that it was all in the analysis based on what the owner provided. There are many comparables are showing $244,000, $265,000 and $254,000 so I figured the ARV to be right at the high of $265,000 since the owner updated with new carpet and fresh tile. I just for sure wanted a guarantee it makes since to an investor during this COVID outbreak.

View report

*This link comes directly from our calculators, based on information input by the member who posted. 

Would an investor consider this a great deal if they had to come out of pocket as a cash offer and pay closing costs as well. This is an assignment of contract I'm considering but before I lock it up I wanted to do some due diligence and see what other members thought. Any information will be highly considered. 

Check with your Title company or Attorney first but here in Texas our Title company always recommends a minimum of thirty days on the contract as written. A-lot of times you can mention you will do everything you can to have the property closed within that assorted time frame but "my title company is recommending on the contract to be written 30 days". Possibly just check with your Attorney or Title Company and ask for a recommendation. Good luck!

My market as well if you happen to have a great deal and you're considering Wholesaling the property. If the deal makes sense and a great deal the cash buyers would absolutely jump on it. Also on the side build connections with cash buyers to eventually move into Real Estate Investing, where you or your LLC buys the property as an investment. Later you can ask your buyers for advice. Essentially just always be networking.

@Andre Bias Yes look into REI Rail, and lower your expenses to save your self $60 and put that money towards scrubbing your list you have gotten from D4$. Then pick up the phone and call them and ask if they'd consider an offer on there property. While doing so, build connections and try to build a buyers list. Remember it's the action that will take off, over analyzing something will not produce results.

@Andre Bias I've partnered with REI Skip many times and there pretty affordable and give you a bunch of data.