All Forum Posts by: Tim Mieney

Hello BP Fam! My name is Tim Mieney. I'm a 31 year old husband, father, fitness enthusiast, investment geek and serial entrepreneur. Since the time I was in middle school I've had a burning desire to avoid the 40 hour, 9-5 grind like the plague and have been unimaginably blessed to do so since I started my business in college. Over the last 9 years I've been a part time RE investor in Western, NY and have built a self-managed portfolio of 7 properties and 19 units while running my main business, Productions by Tim, a wedding video production company. At this point in my career, I'm ready to scale into more promising markets around the country. I'm very interested in the Midwest as well as the Southeast Sunbelt markets. 

Investment criteria: Mid-Size MF (6-12 Units), Portfolios of SF and more recently I'm educating myself on Build to Rent opportunities.

Who I'm looking to connect with: Agents, property managers and developers in any and all healthy, growing markets.

I'd love to know your story and how I can potentially be a small link of value in your flourishing career chain/journey. I am beyond passionate about encouraging others towards their goals, it truly is the most energizing and rewarding hobby I have. I love discussing faith, fitness, real estate, cryptocurrency and overall financial literacy with anyone I have the honor of meeting. If any part of this post inspired you to want to connect, I'd love to get the conversation started and learn more about you.

God bless and I hope this will be your best year yet in every way, BP Fam.

 Nailed it.

 What backs the USD outside of a corrupt government with an addiction to inflating its own currency into oblivion? 

 Sounds like we have been very closely aligned on our criteria. Good for you for having such a strong focus on what you're looking for. I have shiny object syndrome all the time and have trouble staying laser focused on a set criteria. We snagged a few single families all in one deal last year and the instant equity was incredible, but the cash flow is kinda meh. We did the deal for the appreciate and equity though and we'll be able to pull all our cash out here very shortly and leverage it elsewhere.

 Thanks so much, Andrew! Appreciate the words of encouragement!

Investment Info:

Single-family residence buy & hold investment in Hilton.

Purchase price: $420,000
Cash invested: $85,000

Our first ever portfolio purchase. Used funds from my Roth for the down payment. The properties appraised for a combined $65K more than we purchased them for. Combining market appreciation and debt paydown from tenants, we now have about $90K in equity across the portfolio in just 7 months. Soon we will do one large portfolio refinance on all our properties and we'll pull out about $500K, which we'll 1031 exchange and leverage into $2M worth of higher quality and higher unit-count assets.

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

The instant equity potential and obvious market appreciation that single family assets have been seeing over the last 18 months. Up until this point, I had only invested in smaller multifamily assets because single families have minimal cash flow, but with the current market situation, taking advantage of the appreciation potential on single families was a no brainer.

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

From a local investor in a Facebook group.

How did you finance this deal?

Traditional financing with a local bank and leveraging funds from a retirement account.

How did you add value to the deal?

We've done several updates on each property, but nothing major. With the amount of equity we had from day one, we'll be able to refinance out all of our money at any time.

What was the outcome?

Still operating with happy, paying tenants.

Lessons learned? Challenges?

Make sure properties have a functioning sump pump. We had an extremely wet period in late summer and had water issues in all three properties.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just our local bank as the lender.

Investment Info:

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

Purchase price: $206,000
Cash invested: $17,500

My sixth investment property (another quad). This was the only property we've ever purchased off the MLS and the upkeep has been a bit more than we bargained for. The property was and still is fully occupied. It's a beautiful property that sits on almost 4 acres of land with a long driveway through the trees, a small pond, gardens etc. Proud to own it, but it wouldn't fit our current criteria any longer.

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

The property is gorgeous and the proximity to our other rentals was ideal. We inherited four tenants and it was great to have cash flow from day one.

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

MLS, negotiated through our agent.

How did you finance this deal?

A combination of hard money and a HELOC. We then refinanced into long term debt after three months with our local bank, leaving minimal money in the deal. The current market appreciation allowed us to make this happen.

How did you add value to the deal?

Better management systems for the tenants who were used to having to pay cash to the previous landlord. Physical improvements have not been made, but we will update units upon turnovers.

What was the outcome?

Still operating with paying tenants. There's a development going in down the road that we had hoped would expand over to us and a potentially lucrative sale would be in order. If that doesn't come to fruition, we'll continue to hold, collect rent and enjoy mortgage pay down, appreciation and the depreciation benefits.

Lessons learned? Challenges?

We didn't anticipate the amount of upkeep the property would have. It hasn't been awful by any means, but our other properties have much less upkeep. Again, a beautiful property that tenants love and we're proud to own, but we didn't consider the upkeep enough prior to purchase. Nevertheless, it's cash flowing well and we were able to refinance into long term debt a few months after purchase and only left $17,500 in the deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent.

Investment Info:

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

Purchase price: $206,000
Cash invested: $17,500

My sixth investment property (another quad). This was the only property we've ever purchased off the MLS and the upkeep has been a bit more than we bargained for. The property was and still is fully occupied. It's a beautiful property that sits on almost 4 acres of land with a long driveway through the trees, a small pond, gardens etc. Again, a beautiful property that tenants love and we're proud to own, but we didn't consider the upkeep enough prior to purchase. Nevertheless, it's cash flowing well and we were able to refinance into long term debt a few months after purchase and only left $17,500 in the deal. There's a development going in just down the road, which we got wind of prior to purchase. We're hoping that may expand over to us for a potentially lucrative sale. If not, we'll hold and continue collecting rent for the foreseeable future.

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

The property is gorgeous and the proximity to our other rentals was ideal. We inherited four tenants and it was great to have cash flow from day one.

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

MLS, negotiated through our agent.

How did you finance this deal?

A combination of private money and a HELOC. We then refinanced into long term debt leaving minimal money in the deal.

How did you add value to the deal?

Better management systems for the tenants who were used to having to pay cash to the previous landlord. Physical improvements have not been made, but we will update units upon turnovers.

What was the outcome?

Still operating with paying tenants.

Lessons learned? Challenges?

We didn't anticipate the amount of upkeep the property would have. It hasn't been awful by any means, but our other properties have much less upkeep.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent.

 Couldn't agree more on the screening. I'm actually typing that and other deals up as we speak. Trying to get everything dialed in here on BP to aid in building new connections (such as with yourself!). Congrats on your portfolio as well. What is your current criteria?

 Thanks, Andrew! This is in Western, NY right near SUNY Brockport. It cash flows great, about $1K/month. Western, NY is incredible for cash flow, but it is becoming increasingly less landlord friendly...