Real Estate Investor 路 Ann Arbor, MI 路 Member since 2017 路 75 posts 路 52 votes
Well, two actually. After 14 months of courting the seller and working through the purchase process, we have finally closed our first deal. Two, 8 unit buildings. We are looking forward to learning this business and moving into bigger complexes as we gain more knowledge and grow. It feels good to finally see some return on our time investment. Thanks to all the BP folks that helped us to get this done.
@Henri Meli the seller was on again, off again for many months. He had some health issues and I think that was the final motivation for him to dipose of the property. We went with conventional financing though.
Our plan is to go 100+ on the next one. The objective here was to get some experience and gain credibility as closers. We feel that the lessons learned here will help make the next one more streamlined and we are working on the systems to make that happen.
Congrats @Derek Gibbs!! I'm looking to do my first deal in 2019, this is very inspiring. I'm interested in learning more of the juicy details as to how you found the property, seller, negotiations and ect.. Thanks for sharing.
Congratulations Derek! I see your objective is to scale 100+ which is what we're in the process of doing. I look forward to seeing you post more success in 2019.
@Adam Mittermeier The plan is to rehab these buildings as the units turn over. We are also going to redo all the common areas and laundry facilities. We are going to get rents up to market once the rehab is complete and then explore more value add opportunities.
@Jason Luongo Systematize evrything! We made so many mistakes because we didn't have a satep by step plan in place. When to schedule what, who should be working on what, etc.
In a similar vein, more communication. You can't communicate too much. Make sure your partners, the sellers and anyone else don't have to guess what your doing next.
So many more things I hope to capture for next time. Maybe I'll write a blog post i fI get around to it.
@Jason Luongo Systematize evrything! We made so many mistakes because we didn't have a satep by step plan in place. When to schedule what, who should be working on what, etc.
In a similar vein, more communication. You can't communicate too much. Make sure your partners, the sellers and anyone else don't have to guess what your doing next.
So many more things I hope to capture for next time. Maybe I'll write a blog post i fI get around to it.
@Derek Gibbs congrats on the purchase! I just closed on my first multi family building in September and love how it鈥檚 been performing. I鈥檓 currently looking to add to my portfolio ASAP! Wish I started doing this in my teens!
@Derek Gibbs Congratulations on your first deal!!! The first one is always the hardest. :) Can't wait to see your success as you continue to grow. If I can ever be of assistance please feel free to reach out. I am a syndicator and help other investors source financing (private and institutional) for deals.
Very best of luck to you! What a great way to finish the year. :)
@Tom Kaz Thanks and congrats to you as well. I agree on the wish I had done this earlier. Been talking about it for years, finally pulled the trigger. Good luck in the future!
@Derek Gibbs congrats! Just closed on my first 11 unit in August and it鈥檚 performing great. Tied up a lot of deferred maintenance issues and just raised rent to still below market. After 5 months I鈥檓 already itching for another, but the deal has to be right!!! Best of luck!!
@Derek Gibbs Congratulations! It sounds like you're jumping in with both feet. Please keep us posted on your journey. My wife and I are closing on our first deal this afternoon (a fourplex) and another fourplex in mid-January. So I know the excitement (and nervousness!) you are going through right now! :) Best of luck!
Rob