All Forum Posts by: Stephen Oakley

Hello All, I have been researching for 8 months or so and looking to pull the trigger on a single family in a college town. It would be my first investmebt property purchase! It was just rented this August for a year at 1,500 per month as the previously tenants paying 1,400 are moving out. My agent said will need probably 20k in work within the next 5 years, hvac, sewer pipe to street, maybe window. It does have a new roof.

How do the numbers look to you guys? Should I wait for a better deal? I had multiple offers on multi family but all fell through. I plan on managing this property from a distance but have family in the town where it is located.

Thank you very much for reading and your thoughts! Steve

https://www.biggerpockets.com/...

Hello All, I have been researching for 8 months or so and looking to pull the trigger on a single family in a college town. It would be my first investmebt property purchase! It was just rented this August for a year at 1,500 per month as the previously tenants paying 1,400 are moving out. My agent said will need probably 20k in work within the next 5 years, hvac, sewer pipe to street, maybe window. It does have a new roof. 

How do the numbers look to you guys? Should I wait for a better deal? I had multiple offers on multi family but all fell through. I plan on managing this property from a distance but have family in the town where it is located. 

Thank you very much for reading and your thoughts! Steve

https://www.biggerpockets.com/...

Hi Guys, I live in Texas but looking to purchase my first multi in Biloxi but I am considered about future growth of the area and rents received.  It does seem like you can get some good returns on buy and hold properties though.

Hey Lauren, I’m interested to see what you decided to do. I am in the same situation and debating home v. foreign state. My property will be titled in my own name. 

Kind of a jerk response... the guy is looking for help here.. 

I am getting ready to purchase my first multifamily property and for me its all about cash flow.  I am looking at 400 or so a month after everything paid with conservative estimates.  I don't care that much about appreciation, its a consistent income vehicle for me.  

I am a licensed attorney and while I usually don't give out advice on a public forum, you have options here.  First, why don't you delay the closing until all of this gets straightened out?  It appears that you submitted an offer on false and withheld information that was no fault of your own.  Next, you have to decide if you want to move forward with the property?  What else are they not telling you? If you elect to move forward, you renegotiate the sales price.  If you don't want to move forward then back out, based upon their "lies", if they can be proven and you get all your money back.  If they don't want to willingly give it to you then you file a small claims action against them.  You were enticed to enter into this agreement based upon their withholding of damaging info.  First, thing I would tell them is that there is no way I am closing in 3 days.  Feel free to PM me for more info.  

Hey Andrew, I am looking to sign up for the Feb. program at the 97.00 price.   I am a new investor looking to purchase my first multi very soon.  It looks like a good amount of info and hopefully not a sales pitch to commit to something much larger.  

Save some money for when you will both absolutely hate practicing law and want to change careers.. LOL.. I hate to be a downer and maybe you will have a different experience..

I practiced for 10 years and now work 15 days a month in the airline business.. I am close to purchasing my first multi family property.  I am not sure I would buy now unless you know where you will be living- you may want to consider a house hack.. This site is an amazing resource!