I would like to say thanks to this group, Bigger Pockets pod cast, and all of the helpful members.
I have been researching, following posts, and listening to podcasts for several months.
I took the plunge last week with my first property(s).
I bought a property with 8 apartments, 2 SFHs, and 10 acres of land for expansion.
Total cost of about 450k after closing and insurance.
It will cash flow at approximately 3300 per month after all expenses, with room to raise rents as vacancies come up. The property appraised at 160k over purchase price.
Again thanks for all of the guidance and help from everyone.
From Zero to 10 in one fell swoop. Here's to the next 10.
That's amazing 10 units! What type of financing did you use and was this an offer market deal.
Updated about 2 months ago
Good for you. Keep listening and learning.
Nice. Are you using financing to have no money of your own in the deal since the appraisal came out so much higher than purchase price.
Great start, congratulations...keep learning and growing.
Thanks for sharing and keep building your empire.
@Frank Patterson wow! Congratulations
I split the parcel into 2 loans. One conventional (Main home) and put the bulk of loan on this to assist with down-payment (5%) and lower interest rate(3%). I will live here for a time to satisfy lending requirements. The rest of the property is under a portfolio loan with a local bank at 4.5% 20 year am with 25% down.
The main home has an attached MIL Suite, that I will occupy. This allows me house hack and maximum rental units.
I thought about refinancing, but the closing costs would be a waste. The way I financed and the interest rates I received, it wouldn't make sense. I will have all of my cash back through cash flow in 13 months. So I plan to go that route.
@Nneka I. It was on MLS. But the agent had several things about the property listed wrong. The lay out of the rentals is odd and it was not promoted very well. This reduced the amount of interest drastically.
Awesome job finding that on the MLS @Frank Patterson . Finding weird listings, or listings that are under performing because of a not so great real estate agent is a great opportunity to land a deal.
Do you have plans to build out on that land?
@Filipe Pereira I do. I plan to build more apartments in the next few years.
@Frank Patterson wow, congrats!! Where did you do that, was it an off-market deal? How much out of pocket did you use?
@Frank Patterson , congratulations. Great way to get started. Also a great way to show all those on BP how to actually get moving. Great little Thanksgiving gift to yourself. Way to go!!!
@Marci Matejcek it was on MLS. Total out of pocket was 53k
Wow that's amazing, @Frank Patterson . You're off to a great start. Keep up the great work.
@Frank Patterson wondering where you purchased to get such a good deal?
@Arta Montero Alabama
@Frank Patterson happy for you. seems really good.
CONGRATS on making the move! Now that's something to be SUPER THANKFUL for!!! Well wishes for a prosperous year!
@Frank Patterson Amazing start, keep that momentum going. Much success to you!
@Frank Patterson congratulations on your first and (big) deal! Good luck moving forward!
@Frank Patterson congratulations I needed to hear a story like yours right now. Keep going.🤠✌🏾