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?

8Reply
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  • Chandler Turpin
    Concord, NC · Member since 2016 · 7 posts · 5 votes
    7y

    that's great! House hacking at its finest. Good luck!

    3Reply
  • Inga Fonder
    Urbana, IL · Member since 2018 · 42 posts · 7 votes
    7y

    Congratulations on your first property!

    4Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Chandler Turpin Thanks!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Inga Fonder Thanks!!
    0Reply
  • Cason Acor
    Real Estate Agent · Salt Lake City, UT · Member since 2018 · 247 posts · 247 votes
    7y

    Congratulations! I hope to be in your footsteps soon!

    6Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Cason Acor Good luck Cason. It got to a point where I was over analyzing. I was holding myself back. Once I made myself available for opportunity...the deal happened!
    22Reply
  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    7y

    congrats!!

    1Reply
  • 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?

    8Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    7y

    @Stacey C. that is a fabulous way to start! Congrats and all the best!!

    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Cody Smith Hi Cody. The current owner must advise the tenants that there is a new owner and provide my contact. I will probably choose the tenant paying the least amount of rent and give them a thirty day notice. I will rent out my current town house as well so I have to prepare for that too.
    6Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    Thanks @Mary Mitchell!
    0Reply
  • Bjorik Mutize
    Real Estate Broker · Minneapolis, MN · Member since 2016 · 530 posts · 398 votes
    7y
    @Stacey Cook Congrats on the first deal and the many more that will come!
    2Reply
  • Josiah Cooper
    Real Estate Agent · Huntsville, AL · Member since 2015 · 60 posts · 17 votes
    7y
    @Stacey Cook Congrats!!
    1Reply
  • David H.
    Cape Town, WC · Member since 2018 · 18 posts · 8 votes
    7y

    Well done @Stacey C.! I hope to be in your shoes a couple years from now here in South Africa.

    3Reply
  • Aaron Haynes
    Member since 2018 · 2 posts · 1 vote
    7y
    @Stacey Cook Congrats! This is just the beginning.
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Aaron Haynes Thanks Aaron! I’m looking forward to the journey.
    1Reply
  • Raj PatelPro Member
    Rental Property Investor · Northville, MI · Member since 2018 · 36 posts · 22 votes
    7y

    Congrats Stacey!  I'm glad it worked out great.   I hope to follow in your footsteps soon.  :)  I am still hunting for my first property.  

    2Reply
  • Robert Kelley
    Flipper/Rehabber · Preston, MD · Member since 2018 · 9 posts · 10 votes
    7y
    @Stacey Cook Comgratulations!!!! Your success is inspiring and is a testament to the power of taking action.
    1Reply
  • Robert Kelley
    Flipper/Rehabber · Preston, MD · Member since 2018 · 9 posts · 10 votes
    7y
    @Stacey Cook. Hello MS. Cook, Just curious about the method of finance you used to structure your deal.
    1Reply
  • Raheem Jenkins
    Rental Property Investor · Raleigh, NC · Member since 2018 · 28 posts · 5 votes
    7y
    @Stacey Cook congrats Stacey! Way to make it happen!
    1Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y
    @Stacey Cook Congrats Stacey you are on your way . Some day you’ll look back on this property after you have dozens of doors and say “ wow , what a journey “
    3Reply
  • Lu Bien-Aimé
    Rental Property Investor · Montréal, QC · Member since 2018 · 16 posts · 4 votes
    7y
    @Stacey Cook Congrats!!
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Robert Kelley Absolutely! I’m already thinking about how I can acquire another multi family within six months.
    1Reply
  • Stacey C.
    OP
    Real Estate Broker · Fayetteville, NC · Member since 2018 · 51 posts · 191 votes
    7y
    @Robert Kelley I using a 30 year VA loan.
    2Reply
  • Robert Kelley
    Flipper/Rehabber · Preston, MD · Member since 2018 · 9 posts · 10 votes
    7y

    Great!  I'm also a veteran so this opens another possible financing option for me.

    3Reply
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