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. 😆
@Stacey Cook
I will be attending a RE Mentor Seminar tomorrow and I want to know,what was your experience? Also how long did it take you to get started making money and finding your first deals? I'm self-motivated and determined to make it happen I just need the right tools and people around me who knows the ropes and the business.
@Evan Hooks Hi Evan. I was reading books, listening to podcast, talking to other investors and all awhile I was missing opportunities. Nothing was happening. I didn’t have a milestone I met or anymore goals to reach. I’d checked the boxes and it was time to move.
@Rashad Abdul-Rahim Hi Rashad. I spent about 5 days looking at a triplex. I couldn’t get the numbers to work for me. I saw this quad come on the market. I submitted an offer on day 2 we negotiated and on day 4 the offer was accepted. DD and EMD has been paid. The inspection is on Monday.
@Stacey C. Congrats on closing! Persistence pays. I’m interested in buying a small Multifamily complex just like this one in an area potentially like yours and had a few questions:
1) Could you talk about the local market a bit? What area exactly, population demos, job prospects etc.
2) What are typical rents like? What’s the rental market look like?
3) While looking for properties, did you see any strong value add opportunities?
4) Sorry for all the questions! What type of property and area is this (ABCD)?
Again congrats. Once things close and settle down, maybe we can talk some more :-)
@Stacey Cook Congratulations! That must be extremely exciting for you! A few questions if you don’t mind answering:
What was the reason for selling? Property had tenants in it and cash flowing, I am just trying to understand people’s different motives to sell since I am new.
Will you keep us updated on your experience as a new landlord? I always read about how difficult it is to be a landlord, and from having no experience to managing 3 units, I would like to hear you’re actual story.
Thank you for your time.