All Forum Posts by: Vincent L Sanchez

Hello all!
I have located a second investment property that is a perfect BRRRR opportunity but lack liquid/capital. I acquired my first investment property a few months ago and renovated the units as well as rented them out and its cash flowing well. I utilized (and maxed out) my credit cards to afford the materials necessary to renovate the apartments (I know bad move) therefore I cannot acquire a loan of any sort to fund the initial funds necessary to acquire a hard money or DSCR or rehab loan. I also cannot go HELOC route because the LTV does not meet lender requirements. Really do not want to lose this one! Any recommendations to help me acquire this property with imense potential? 

Purchase price: $150,000

Cosmetic work needed on 2 of the 4 units (paint, recaulking around tub, cleaning) Already have materials from my other investment’s project. 

ARV : $250,000

Monthly gross rental income: $4600

Monthly mortgage payment: $1100

Property description: completely vacant 4 family (three 3 bedroom, one 2 bedroom apartments) in a competitive rental market with housing shortage (large pool of candidates) 7000 sq ft property with massive units, roof was torn off and redone, newer hot water heaters, furnaces, electrical, plumbing.

@Charles Granja I completely agree and I would hate to bind myself to a lease that does not cover any and every possible thing that can be used in the tenants advantage. Luckily I have decent tenants in there now that I inherited with the building. I also have 2 units that are vacant ready for renovations and to be rented out. I will explore my PM options and ensure I explain the fact that the property may need “more attention and TLC” than the typical property.

@Nathan Williams hahahaha. Thats not a bad idea! 🤔 

@Teri Feeney Styers fantastic information! I completely agree with you and have taken some of the steps you described. I did speak to a police officer I ran into while he was parked keeping eye a few blocks away from the property I purchased. He did give me an idea of how the area has progressed over the years in which he did say it has been slow and somewhat steady progression when it comes to improving the neighborhood. He said it has certainly calmed down a bit in the last year and a half to 2 years but that it may get rowdy again when the trouble makers are released from prison or find their way back. He also said it could be the increase in market rent that has driven them out of the area too but there is no telling. He identified a neighborhood liquor store as the source of these “trouble makers” who ruin the neighborhood. I read about another liquor store a few neighborhoods north of mine that recently had their liquor license revoked due to all the loitering, public intoxication, vandalism and crime that the liquor store was bringing to the neighborhood, similar to what the liquor store in my properties neighborhood is causing. I am debating collecting signatures and filing a remonstrance in attempts to have their liquor license revoked as well for its negative impact on the neighborhood. 

@Shanequa J. I actually ended up doing what @Jonathan Greene suggested just for the sake of being cost effective at this moment. My realtor ended up having a decent standard CT lease in which I tweaked by searching forums. I absolutely agree that screenings tenants very thoroughly is of the most importance. I have some work to do on the vacant apartments before searching for a tenant but will be thorough when screening. 

Hi everyone, new to BP and excited to be a part of the community and pursue this journey of real estate. I just closed on my first 4plex with all 3 bedrooms and ready to become a great landlord to my tenants/future tenants. This 4plex is in a class C or D neighborhood (not exactly sure which) but my realtor and I saw the potential in it due to the cash flow/COC numbers we calculated and the fact it had a ton of work done to it in 2017 to get it to decent shape (all new electrical, furnaces, HWHs, renovated apartments, new roof, all doors and windows, etc.) Furthermore, I have actively been researching and there is an ongoing housing shortage in the New Haven area, a consistent population growth, great property price to rent ratio, some new construction projects in the nearby area of the property and that it takes a certain type of person with great patience and "people" skills to succeed in these type of neighborhoods. It is a starting point for me that I am willing to take a risk on and learn my lesson if it turns out a nightmare. I did some research trying to find a good detailed lease template to have my tenants sign but none seem to be specific and exhaustive in terms of covering any and everything that comes with the type of tenants that one finds in these type of neighborhoods. Does anyone have experience with the lease agreements for $99 sold here on BP? or can someone point me in the right direction to a good extremely detailed lease agreement? Or should I not be as concerned with how detailed the lease actually is? I have read a ton of the posts on here to pick up some recommendations and advice for managing class C/D properties but always open to more wisdom from my fellow investors!