All Forum Posts by: Ron Todd

In Oklahoma, my broker got me 2.999% at 25% down, no points on a 105k quadplex investment property.

I am a huge fan of following up on properties like this after they've sat for awhile. Case in point, I'm under contract for a quad where the owner wanted 150, but I wasn't willing to go above 110. Over the course of 6 months, I watched the property empty out and sit idle. The lawn was overgrown and windows were starting to get smashed in. I waited for the property to become a headache and then offered 105. Seller accepted. 

I've seen one of my favorite realtors do all sorts of creative things to get to closing.  She's paid plumbers to do the fixes a seller wouldn't, she's taken smaller commission etc. Her mindset is that it's better to have a piece of something than nothing at all!

Hey Brandon, I'd vote for local contacts. You'll start networking early (maybe even find a brokerage you want to work for) and you can get off market deals. The realtors I work with know exactly what I'm looking for and call me when they find/hear of something that meets my criteria. Being able to close is a big deal, it moves you to the top of the agent's list. 

I have a mix of both and for me it's about the numbers making sense. I prefer multi's now, but it was nice to start with SFH and work my way up. I'd say the multi's tend to be more work, but it really depends on the tenants. I've had some SFH tenants that were more work than a quadplex full of people.

Everytime I buy a property, I feel the same way at first. Then you solve the problems, get the tenants placed and start making money! Then of course, stuff goes wrong and you solve those problems and press ahead. It's all part of the game! You got this!

I work with a couple different PMs. They all keep the deposits (and I prefer it that way). One charges 10% of the late fee and the others just pass the late fee to me in it's entirety. I agree with the other posters that proper screening has been helpful in avoiding the late fee most of the time. 

NONE!!!!

Reading your post, I almost shouted Bingo! Because I have unfortunately had most of those issues. One basement in particular kept flooding in the same spot regardless of French drain and two sump pumps in the basement. I was hoping to get away with replacing the gutters which were damaged and allowing water to pool on the outside of the house in that spot. It ends up that didn't help and the real issue was iron buildup in the French drain. Besides needing a new French drain, that basement also started showing signs of a bowing wall.  I got multiple bids for the work and bit the bullet. It was expensive, but I wasn't too upset because I budget aggressively for capex. Water issues always suck, but it's part of the game!

Hey Delbert, I bought a 101,500 dollar house (30yr conv, 20% down). All things considered, I CF $320 a month on that property. Table's proforma was fairly accurate, but I used my own insurance and lender contacts for better terms/rates.