First REI Deal Alert

Multi-Family and Apartment Investing
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First REI Deal Alert

Stacey C.
Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
Hello BP! Today my offer was accepted for a quad. It’s my first REI deal! All units are tenant occupied and the rents cover my estimated mortgage and maintenance fees and that‘s with me living there rent free! I’m super excited. 😆
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Most Popular Reply

Cody Smith
O'Fallon, MO · Member since 2018 · 14 posts · 13 votes
7y

Congratulations!  That’s great.  I also hope to be in the same situation someday.    

Since all the units are tenant occupied, what steps do you take to have one of the tenants move out so you can take their place?

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  • Maxwell Fontaine
    Specialist · Lynchburg, VA · Member since 2017 · 162 posts · 90 votes
    7y
    @Stacey Cook Congratulations!!! And a great way to start with a quad!
    0Reply
  • Matee A.
    Atlanta, GA · Member since 2018 · 5 posts · 2 votes
    7y
    @Stacey Cook congrats!
    1Reply
  • Olu Owasanoye
    Rental Property Investor · Chicago, IL · Member since 2018 · 16 posts · 2 votes
    7y
    @Stacey Cook Congrats Stacey, where did you find the deal or how did you find it?
    0Reply
  • Matt Nusbaum
    Rental Property Investor · Annapolis, MD · Member since 2011 · 232 posts · 170 votes
    7y
    @Stacey C. Congrats on the first deal and moving from "learning" to "doing"! 
    2Reply
  • Edwin Espinosa
    Flipper/Rehabber · Lawrenceville, GA · Member since 2017 · 2 posts · 2 votes
    7y
    @Stacey Cook Excellent! Finding the deal appears to be the challenge. Great job! Keep us updated!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Robert Kelley Thank you for your service!
    1Reply
  • Robert Kelley
    Flipper/Rehabber · Preston, MD · Member since 2018 · 9 posts · 10 votes
    7y
    @Stacey Cook and thank you for your service. Happy veterans day!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Olu Owasanoye Hi Olu. I’m a realtor so I spotted it day 0 on the market. We negotiated for a few days and I had an accepted offer on day four.
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Edwin Espinosa The best thing I’ve learned so far is making myself available for opportunities. I was trying to make another deal work when this property became available.
    2Reply
  • Jesse Lewis
    Real Estate Agent · MS · Member since 2018 · 46 posts · 17 votes
    7y
    Hi @Stacey Cook. First off CONGRATULATIONS on your first deal. I'm prior Army and noticed you said you used a VA loan for this deal. I'm working towards doing exactly what you did (VA loan for multifamily) What were the numbers like on this deal?
    0Reply
  • Account Closed
    Member since 2018 · 78 posts · 63 votes
    7y

    @Stacey C. that's awesome! Congratulations!

    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Jesse Lewis Hi Jesse. Just a reminder rates vary and lenders take into consideration credit worthiness even with VA backing. 255K @ 4.875. 30 year loan with 100% financing. Seller paying $3850 towards my closing costs. I’m bringing about 3K to closing. I’m a realtor so I’m get the 3% Buyer’s Agent commission as well.
    5Reply
  • Justin Wotring
    Rental Property Investor · Orange County, CA · Member since 2018 · 98 posts · 138 votes
    7y
    @Stacey Cook congrats! Keep us posted on your journey!
    0Reply
  • Jake Martincic
    Member since 2018 · 1 post · 0 votes
    7y
    @Stacey Cook That’s awesome, Stacey!! Congrats on the deal!
    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Justin Wotring Thanks Justin!
    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Jake Martincic Thanks Jake. It’s super exciting.
    0Reply
  • Dan Cone
    Flipper/Rehabber · Winona Lake, IN · Member since 2014 · 13 posts · 4 votes
    7y

    Sweet!  Good luck to you

    1Reply
  • Mykhail Bolden
    Chicago, IL · Member since 2015 · 61 posts · 12 votes
    7y
    @Stacey Cook Congratulations I hope to be in your shoes soon with a triplex !!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Mykhail Bolden Good luck!
    0Reply
  • Scott R.
    Investor · Beverly Hills, CA · Member since 2017 · 95 posts · 58 votes
    7y
    @Stacey Cook Can you take us thru some numbers and what made you want to pull the trigger on this 4 unit?
    0Reply
  • Parris Edwards
    Rental Property Investor · Los Angeles, CA · Member since 2018 · 26 posts · 1 vote
    7y
    @Stacey Cook Hey Congratulations!! I’m trying to do something similar as well can you explain how you did the deal please
    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Scott R. Hi Scott. 255K @ 4.875. 30 year loan with 100% financing. Seller paying $3850 towards my closing costs. I’m bringing about 3K to closing. I’m a realtor so I’m getting the 3% Buyer’s Agent commission as well. All units are occupied.
    0Reply
  • Scott R.
    Investor · Beverly Hills, CA · Member since 2017 · 95 posts · 58 votes
    7y
    @Stacey Cook Thanks Stacey. What were the numbers on the monthly rent, NOI, CoC, etc.
    0Reply
  • Harley Tigreros
    Realtor · Sarasota, FL · Member since 2018 · 22 posts · 7 votes
    7y
    @Stacey Cook I love reading posts like these because I know if I stay consistent and work smart I can achieve your results ! Congratulations !
    1Reply
  • Karl Schnitzer
    Real Estate Consultant · Philadelphia, PA · Member since 2017 · 52 posts · 35 votes
    7y
    @Stacey Cook congrats! I house hacked my first deal too. Go for an 8plex next!
    1Reply
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