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All Forum Posts by: Shannon Richardson

Shannon Richardson has started 7 posts and replied 23 times.

Post: Title Companies in New Mexico

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6

I am a real estate investor located in Albuquerque. I am looking for a very reliable title company that handles assignment contracts and is familiar with working with wholesalers.

Post: First Buy and Hold Investment

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6

Investment Info:

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

Purchase price: $200,000
Cash invested: $7,000

This was my first Multi-Family buy and Hold. The property is located in a C class area however, I purchased it on a great deal and great tenants.

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

I am interested in Buy and Hold because I am in Real Estate for long term wealth.

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

I found this deal on realtor.com and didn't have to negotiate much because it was already a steal.

How did you finance this deal?

FHA Loan, I am currently house hacking this property

How did you add value to the deal?

Currently working on this, looking into different ways to force equity.

I am new to Albuquerque and I currently started my real estate journey with a 4 plex. I am now looking for a property manager to help me manage this property, open to all options and the more they handle the better so I have free time to further invest. 

I recently purchased my first investment property in Hamilton, New Jersey. I am looking to scale up and get 2 more properties by the end of the year and I know the most effective way to do this is by freeing up my time to find deals. With that being said, I am looking for someone to help me not only control current property but the others that are soon to come not only this year but for the rest of the time. If anyone is currently a property manager in the mercer county area in New Jersey or knows any good ones please let me know and I would love to speak to you.  

Post: Renovation on 3 unit home!

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6
Originally posted by @Dmitriy Yeshin:

@Shannon Richardson

Property could definitely use a little lift. I am a bit confused about underlying systems. In the video I saw some old style radiators, what looked like vents for forced air, at least 1 through the wall a/c and maybe some baseboards (wasn't clear on the video). Not sure what is actually actively cooling/heating the house. Definitely don't try to cut corners on inspection if you didn't close on the property already. It could save you thousands in the long run. Also, take a look at what else is renting in the area. What is the condition of comparable units and how long are they on the market.

 Thank you so much! I will be sure to get a full inspection before closing

Post: Renovation on 3 unit home!

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6
Originally posted by @Heather Schmidtknecht:

@Shannon Richardson, I watched your video... it was difficult to see, but it doesn’t look inhabitable to me! I think I saw some stains on the ceilings — I would get someone to check to see if your roof needs attention; if not, a little paint would go a long way there. I saw one window A/C unit that looked like the walls around it needed some attention and the paint color choices in the 3rd unit could be toned down a bit... otherwise from the video, it didn’t look too bad? I like the wood floors!

Thank you so much for your response! I will get someone to look at the roof to see where the stains are coming from. 

Post: Renovation on 3 unit home!

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6
Originally posted by @Dmitriy Yeshin:

@Shannon Richardson

Hi. If the house is in such amazing condition why do you need to renovate at all? Are you trying to flip it or do you think that Apts will rent for higher rate or faster if you renovate? Don't spend a penny on renovations unless you are absolutely sure you will get your money back at a reasonable return or repairs are necessary due to hazardous conditions. Also, beware of "hidden" issues and make sure you get a thorough inspection report. Even though property may look visually appealing something like a broken furnace can destroy your projected profits.

Thank you so much for your response, I think I over exaggerated when I used the word "amazing" I think it is very good but definitely not liveable. Here is the video of the home I would love to hear what you think 

 https://www.youtube.com/watch?v=A_PoF62QcfA

Post: Renovation on 3 unit home!

Shannon RichardsonPosted
  • Staten Island, Ny
  • Posts 25
  • Votes 6

I found a multi-family home in the southern part of New Jersey that's in amazing condition and needs little work.  The only problem is I don't know where to begin. I have a few ideas in mind but due to me not being a rehabbing for flipping specialist my knowledge for home construction only goes so far. 

Would love to hear from everyone about how they would go about it no matter how little, any type of input would be appreciated. I would love to even hear what current landlords are using in there homes now that is cost-efficient while being high quilty and appealing. Also, would love to hear from different contractors as well. 

I will be there!