All Forum Posts by: Robert Damato

Hello BP, I am finally under contract for a duplex number two! Someone semi-knowledgeable in real estate told me that I should create another LLC to put this house under in addition to the LLC I have for my first house. Has anyone heard of this? It seems like overkill

Yeah it’s pretty high level but it’s all a learning experience! If something is hard to understand just lean into it and network and study and talk with your family/friends and you will naturally learn. Best of luck

Lets say someone starts a direct mail marketing campaign. They send out letters and get a response. The homeowner replies and you go and view the property... you like the property and want to buy.... is it common to get real estate agents involved at this point? or what is the expected way to handle the purchase of an off market deal? 

The way i have my Leases structured is it is a 12 month lease, and then it converts to a month to month after that. That really puts the pressure on you to treat them well and manage the property well to make them stay. I also have months where the tenants are not allowed to move out and they are also required to give a 30 day notice while they are on the month to month. 

hopefully this helps, it did for me

https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property 

thank you very much! I am definitely proud of the numbers!

My personal minimum cashflow is 500 a door, so 1000 per duplex. 

Investment Info:

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

Purchase price: $152,500
Cash invested: $59,000

Duplex appraised for 280k. First deal in the books with what I would consider a success!

TONS OF TIME, 150K IN CASH, COMMITTED INVESTORS BUT NO DEALS

1st solo deal went great, I net 70k in equity on a duplex after the rehab, been looking for a good deal for a month and a half now. Been to 8 showings, analyzed over 30 properties, scrubbing the MLS, direct mail marketing and.... no deals..... I FOUND MY WEAKNESS! This is a huge obstacle that is holding me back from continuing progress in my business. Any tips for overcoming this difficult obstacle in my business so that I can take down this next deal? Or ways to find a partner that loves doing this in their business?

Investor from Milwaukee