Lender · Denver, CO · Member since 2015 · 36 posts · 13 votes
After 8 or so months of learning and listening to almost every episode of the bigger pockets podcast episode I finally pulled the trigger on my first deal!!! Basically the deal was 99K for a duplex with current tenants that have been there for 11 years on one side and 3 years on the other. Many improvments such as new roof and electric water heater done within the last year. Partnered with a cash investor who fronted the cash and everything is split 50/50. Rents are 625/month per side. My payments to partner are 330/month including tax/insurance coverage. This brings me to around 295/month cash flow that is going directly to savings for any potential future expenses and towards the next investment. I am handling the management myself so I can learn more about dealing with tenants and managing the business. Have an offer in on my next property and will keep you all posted if it goes through!! Goal for the year was to buy 5 multi famliy properties and I may have two before January is over!!
Real Estate Agent · San Diego, CA · Member since 2015 · 293 posts · 109 votes
10y
Congrats! Why did you decide to go into MFH to start out? As a new investor myself, I am curious and interested to hear why other new investors choose to take the path that they do.
Congrats! Why did you decide to go into MFH to start out? As a new investor myself, I am curious and interested to hear why other new investors choose to take the path that they do.
Thank you! I decided to do Multi family because the numbers in my area make a lot more sense. There are very few SFH that I can get the numbers and cash flow to work well with.
Apopka, FL · Member since 2015 · 27 posts · 12 votes
10y
Awesome Justin! Congradulations on getting the ball rolling in a big way early on! You are going to pick up momentum very quickly! I love reading stories like this and look forward to reading more from you!!
Investor · Careywood, ID · Member since 2015 · 53 posts · 8 votes
10y
Good job Justin. How are you finding the properties? Is your property in Idaho or Washington? I'm looking at some SFH in the Spokane Valley. Some are pretty decently priced but need work.
Congratulations on your first Multi Family purchase. My ultimate goal is to acquire several Multi Family units, but I decided to start with Single Family houses, since there are various opportunities in that market. Keep us posted and best wishes as you progress.
Good job Justin. How are you finding the properties? Is your property in Idaho or Washington? I'm looking at some SFH in the Spokane Valley. Some are pretty decently priced but need work.
Thank you Katy! I purchased this property in Spokane because the numbers work really well there. I am mainly focused on buy and hold right now but keeping my open for potential flip properties.
Investor · Cleveland, OH · Member since 2015 · 150 posts · 58 votes
10y
Congrats! Sounds like you closed a great deal and did a good job finding a balance between doing your homework and pulling the trigger. No matter how much you read/prepare there will always be bumps along the way and you are not going to know everything.