How We Purchased a $650k Triplex with $0 of Our Own Money (pt. 1)

51 Replies

Originally posted by @Account Closed :

@Jesse Aaron and @Anthony Dooley

Without knowing what it rents for, how can you possibly state the OP overpaid for it?

What if it rents for $20,000/month? Doubt it does, but I don’t see how you conclude he overpaid without knowing most of the numbers. Here in CA we can cash flow even when paying $200K+/unit. Rents are the highest in the nation. 

You made my point for me. This isn't CA. $365,000 can buy a lot in Snellville, GA.

 

Originally posted by @Matt M. :

@Matthew Von Dwingelo

Out of curiosity, how many more years on the note, and how long did the seller give you to pay it off?

 Hey Matt, great question my friend! 
so there are still 27 years on the note, so we’ve got time! 
And as far as the term to pay it off I’ll be including that in the second part which I’m going to post in about an hour!

Originally posted by @Anthony Dooley :
Originally posted by @Saj Shah:

@Jesse Aaron and @Anthony Dooley

Without knowing what it rents for, how can you possibly state the OP overpaid for it?

What if it rents for $20,000/month? Doubt it does, but I don’t see how you conclude he overpaid without knowing most of the numbers. Here in CA we can cash flow even when paying $200K+/unit. Rents are the highest in the nation. 

You made my point for me. This isn't CA. $365,000 can buy a lot in Snellville, GA.

 

Hey guys! I’m really excited this post got yalls attention! 
please pay attention to the second post that’ll be coming in Ab an hour where I let you know the actual price that we purchased it at! (Not $650k!) we have an insane amount of equity here :)

 

Originally posted by @Matthew Von Dwingelo :
Originally posted by @Erik M.:

Another “ad” post for bigger pockets. 

... I actually have nothing to sell, lol. Yes I do run a digital marketing agency for Real Estate investors... but I actually found this deal by cold calling, lol so it is definitely not a way for me to advertise my Digital Marketing. Also, I'll tell you what, I'm definitely not advertising to start cold calling for other investors, haha. 


Yes, you do have something to sell.

 "I am a marketer by trade, I help real estate investors who are struggling with a lack of deals by taking them through a comprehensive digital marketing process to generate more motivated-seller leads giving them more time & money."

It comes across as a self promoting post like half the posts on here these days. Pt 1? C'mon. 

 

Originally posted by @Account Closed :
Originally posted by @Matthew Von Dwingelo:
Originally posted by @Erik M.:

Another “ad” post for bigger pockets. 

... I actually have nothing to sell, lol. Yes I do run a digital marketing agency for Real Estate investors... but I actually found this deal by cold calling, lol so it is definitely not a way for me to advertise my Digital Marketing. Also, I'll tell you what, I'm definitely not advertising to start cold calling for other investors, haha. 


Yes, you do have something to sell.

 "I am a marketer by trade, I help real estate investors who are struggling with a lack of deals by taking them through a comprehensive digital marketing process to generate more motivated-seller leads giving them more time & money."

It comes across as a self promoting post like half the posts on here these days. Pt 1? C'mon. 

 

Ahhhh, I hear you on that my friend! In a sense to be honest, it is a self promoting post. I don't necessarily have the most experience in the industry, but my goal is to be able to share the experience I do have, and to hopefully find some people who may want to connect with me and we can exchange value. They share their experience with me, and I share the small amount I have with them. I guess that was the plan. Didn't mean to bother anyone my friend, as a 21 year old investor, I don't really know too many people to talk with about RE investing so I'm just looking to make some new connections! 

At the risk of overly promoting myself, I would love to connect with you my friend and see if there is any way we could exchange value! 

Enjoy your week my friend, 

Matthew

 

Dain … Im sure down here in Texas you can find a Multi Family for that price. 

@Brandon Keener @Maugno M. Account Closed

Y'all... my apologies, but I am typing the second part out right now and it is a bittttt longer than I expected, I have to leave for work in 8 minutes, it is likely that I will be posting it after work today! Unless I post part of it now, then the rest later today or tomorrow. 

I look forward to hearing y'alls thoughts! :) 

Sounds like a risky investment for someone who has little experience. Why didn't you take the 285,000 and put it towards a DP on $1,000,000 property such as a 16+ unit building in a different market?

Anyway, sorry buddy it just doesn't come across as a humble "I want to learn from more experienced people." post.

You bought at sub 6% cap rate and have a due on sale clause hanging over your head for unforseen amount of time. Now if you have the money or your parents have the money to pay the loan off if it becomes necessary, I guess that's cool.


Also remember the risks of underwriting property assuming they can be used indefinitely as airbnb. Good news is this one seems to break even cashflow or a little positive without buying cashflow with your money that's in the deal, assuming its the one on 1** F******W....as a long term rental.