All Forum Posts by: Rob Thompson

Quote from @Richard Boyd:

@Rob Thompson Would you be interested in being/hosting guest contributors?

 Yes, sir. I would be very interested. 

Investment Info:

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

Purchase price: $194,900
Cash invested: $52,000

I bought this quadplex in 2014. BP helped me take the leap!

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

Multifamily investing makes the most sense to me in terms of cash flow.

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

Found it in the MLS and negotiated it as an agent investor.

How did you finance this deal?

Conventional.

How did you add value to the deal?

As an agent, I had a built in price advantage.

What was the outcome?

Purchased and have held the unit.

I am an agent and programmer and post a lot of custom analytics in my market. Here's an example off the top 10 zip codes by volume of sales, alongside price point and count of sales. 

Hey Patryk! I'm an investor, landlord and agent in Colorado Springs, with access from Pueblo to North Denver in the MLS(s). Low cost property is in Pueblo but the Springs and Denver are really tough.

Originally posted by @Raj Kumar:

Originally posted by @Rob Thompson:

Did the tenant that received the money count and or examine the bills?

Might be trying to launder money, too, thinking of you deposit that cash, and cut them back a check, etc.

Be very cautious.

 He counted and deposited the money over night in the bank, it has not shown up in my account yet. Can I legally hold off the security deposit?

 I personally don't see how you'd have the standing to hold it but (standard disclaimer) I'm not a lawyer or a licensee in your state.  Wish I could be more help there but your story reminds me of a guy who walked up to me once and asked me to hold a large sum of money (so it appeared).  I declined and he got hostile, asking why I wouldn't do this favor for him.  I declined with fervor this time and he got the hint. 
  I asked a police officer later what the game was there. He told me the money appeared large but was likely a roll of ones with a few hundreds on top.  When this guy returned for his money later, he told me I'd likely have been accused of trying to scam the scammer...intimidation racket. 

Did the tenant that received the money count and or examine the bills? Might be trying to launder money, too, thinking of you deposit that cash, and cut them back a check, etc. Be very cautious.

Call the local housing office. Generally there's an application and inspection process and you're good to go. Good idea? I have a quadplex in the program and its working for me. All real estate is local, though. And will vary from tenant to tenant regardless of housing assistance.

Remember the intent on a VA loan is owner occupied. Proceed cautiously!

Rob 

Great post.  My "why" is helping people avoid the mistake I made buying a house in Las Vegas in 2006.  I'm driven to help people get into homes they can afford and that set them up for future success. 

@MattRosas, you're talking about Pueblo?  I personally want to keep my investments local though I recognize there's a cost for that.