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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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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  • Elliot B.
    Rental Property Investor · Biddeford, ME · Member since 2017 · 37 posts · 14 votes
    7y

    @Stacey C. Congratulations! I'm on a similar path - house hacking a 4-unit. Feel free to reach out anytime

    1Reply
  • Cody Z.
    Real Estate Agent · Belmar, NJ · Member since 2017 · 370 posts · 200 votes
    7y
    @Stacey Cook Congratulations 🎉! I wish you the best on this investment and continued success 🙂
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Roshan K. Absolutely!
    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Elliot B. Thanks Elliott. How’s your experience been so far?
    0Reply
  • Pierson Tedeschi
    Rental Property Investor · Miami, FL · Member since 2017 · 19 posts · 10 votes
    7y
    Originally posted by @Stacey C.:
    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. 😆

     Stacy, Congratulation son the getting the offer accepted. Great property to get your feet wet with. 

    1Reply
  • Dwain Beckford
    Rental Property Investor · Jupiter, FL · Member since 2015 · 36 posts · 7 votes
    7y

    Congrats, are positive cash flowing even with you living rent free there?

    0Reply
  • Jerry Caldwell
    Commercial Real Estate Broker · Santa Monica, CA · Member since 2014 · 11 posts · 5 votes
    7y

    Wow! that is exciting! Well done!!

    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Dwain Beckford Yes!!! That’s what made this such an awesome deal for me.
    0Reply
  • Dwain Beckford
    Rental Property Investor · Jupiter, FL · Member since 2015 · 36 posts · 7 votes
    7y

    Best wishes with the deal, looking forward to your next one!

    0Reply
  • Alana A.
    Accountant · San Diego, CA · Member since 2018 · 1 post · 1 vote
    7y
    @Stacey Cook that's awesome and congrats. I'm thinking of going the same route as well and using my VA loan.
    1Reply
  • Michal Lenarczyk
    Arlington Heights, IL · Member since 2017 · 1 post · 2 votes
    7y
    @Stacey Cook sweet deal. No money out of your pocket. Like it!
    2Reply
  • William Lewis
    Investor · Jenkintown, PA · Member since 2016 · 32 posts · 23 votes
    7y

    Congratulations, @Stacey C.

    0Reply
  • Jim Arnold
    Investor · Queen Creek, AZ · Member since 2016 · 13 posts · 2 votes
    7y
    @Stacey Cook Well done. Congratulations!!
    0Reply
  • Rob Duke
    Real Estate Agent · Pacific Palisades, CA · Member since 2018 · 43 posts · 14 votes
    7y
    Originally posted by @Jonathan Cox:
    @Stacey Cook Just make sure I am reading this right, you used your VA loan to acquire your apartment building?

    Pretty sure she said 4 unit. Conventional loans cover 1-4 unit dwellings. 5 or more you are in commercial territory.

    0Reply
  • Gary F.
    Honolulu, HI · Member since 2015 · 214 posts · 49 votes
    7y
    Nice. So you just pulled a deal off the MLS, the numbers worked, and voila...done deal ! Especially since you’re an REA you also still collected a commission? Killaz. I’m so amazed at these prices in other areas of the country. $255 in San Jose can’t even get a studio condo. Even in a D class neighborhood. Nutz. Are you going to upgrade or do any units need updating? Any other future improvements planned?
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Alana Arthur Go for it!
    0Reply
  • Perig Vennetier
    San Jose, CA · Member since 2016 · 17 posts · 6 votes
    7y

    Congrats!

    0Reply
  • Jason Lewis
    Rental Property Investor · Chicago, IL · Member since 2018 · 12 posts · 1 vote
    7y
    @Stacey Cook still saving up money & cleaning up my credit. I’m in NY so I need a significant amount of capital
    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Gary F. I intend to do the basics such as paint and flooring.
    0Reply
  • Sundip Patel
    Rental Property Investor · San Antonio, TX · Member since 2016 · 1 post · 1 vote
    7y
    @Stacey Cook Congrats, this is exciting. I am currently looking for a similar situation in San Antonio, and something you mentioned early in this thread has stuck with me all morning. “...Over analyzing...” I may be over analyzing myself. Best of luck, and enjoy the new journey!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Jason Lewis Have you considered investing outside of NY?
    0Reply
  • Cassandra Sifford
    Rental Property Investor · New Castle, DE · Member since 2016 · 376 posts · 158 votes
    7y

    Congrats on the house hack!!!

    0Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Steve Yi Congratulations Steve! I think that’s the part I’m going to dread is having to deal with evictions.
    0Reply
  • Brittney R.Pro Member
    Rental Property Investor · Houston, TX · Member since 2017 · 10 posts · 11 votes
    7y

    Smart... Congratulations...  

    1Reply
  • Eric Nurmi
    Specialist · IL · Member since 2018 · 47 posts · 42 votes
    7y
    @Stacey Cook congratulations!
    1Reply
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