All Forum Posts by: Ryan Donohue

 Thanks! I actually bought in 2017 but I just logged into BP after a while and saw I can post this! :)

 Thanks! I actually bought in 2017 but I just logged into BP after a while and saw I can post this! :)

 NJ Lenders are great! I just represented a new 2-family investor in NJ and Luke did a great job and made it easy. Great rates too!

Investment Info:

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

Purchase price: $355,000
Cash invested: $15,000

Unit 1: 2BD / 1BTH 1000SQFT.
Unit 2: 2BD / 1BTH 1000SQFT.

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

The rents had a lot of upside and the units needed updating so overall it's a great value-add. I bought at a great price for the area.

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

MLS. It was originally listed at $399k and on the market for 150+ days so I put in an offer at $350k and settled at $355k.

How did you finance this deal?

30 Yr. FHA then refinanced a few years later to drop the PMI.

How did you add value to the deal?

I brought rents to market rate and I upgraded the units to match the comparables in the area.

Lessons learned? Challenges?

I was very emotional on convincing myself to finally go through on it. The numbers made sense but the uncertainty scared me. Lesson learned is trust your gut and have plan B,C,D always in place.

Hey BP, 

I haven't posted here in a while but I wanted to reach  out to one of the first Real Estate communities I found when I started. 

I'm working on checking out a bunch of Commercial Deals(Office/Retail/Apartments) but primarily my focus is value-add C+/B- Apartments. 

If you're active in NJ(whether buying here or looking country-wide) please drop a comment below and send me a message. 

This post is all about networking and see who's around New Jersey active in Apartment Syndications. Thanks!

I love Avail.co. I've been using it for over 4 years now and it's been great. It's $5/unit and you can do leases and security deposit collection and even have tenants submit maintenance issues. 

Hey BP, 

     I have plaster walls(~1000sqft) with a ton of cracks and uneven surfaces that I'm looking to do a skim coat.  I'm considering hiring someone if they give me a good estimate and do good work.  Does anyone have a contractor that they would suggest?  

-Ryan

@Laura Acosta give my business partner a call @Brett Elia.  If you need his contact information send me a message. 

@Jay Hinrichs precisely, they are month to month so I see don't see how 60 days is not enough time.  I'm going to keep this forum posted as to what happens. Thanks everyone so far on the advice.  

@Russell Brazil my mortgage is contingent on me occupying but I brought the situation up to my lender and being able to close with a tenant in for a few days is not a problem.  This is just as long as they are moving out.  The biggest problem is that I they just keep prolonging this and not only are my finances taking a hit but also my personal and professional career.  What if I was to leave for a 2 month business trip the day after we close and have a construction crew in the next day to renovate or my lease on my apartment ends that same day?  It's really not my problem that they can't take being a landlord professionally as a business and handle turnover properly.  They tell me 2 days before closing that they're pushing it back again....I don't think so, especially when our addendum states March 31st.  Sorry, I'm just frustrated as you can see... 

-Ryan