All Forum Posts by: Aaron Thivierge

In about 4 weeks, the media will be focusing on some other world problem, and the confederate flag issue will die down.  With this lack of momentum, individuals won't be as animated to display their heritable connection to the deep south. I doubt this will be a long term problem, therefore I'd look past such a nuance and happily collect the passive income.  

Two considerations:

1.) I have bought and sold everything from high end imported automobiles to a veterinary hospital to fishing gear and fishing boats.  In my opinion, you need a telephone number either in the advert or in the "respond to reply" tab.  I know there is a lot of talk about spam and scams, blah blah blah… but I've always told my wife and now I tell my children, "if your serious about selling something, put a contact number obviously displayed for someone to get a hold of you".  

2.) I am not familiar with your rental market, but I imagine the detroit rentals have a tremendous amount of competition.  So, consider dropping your rent price $100 every 2 weeks until it's rented.. I would assume your higher than fair market rents in your competitive market.  

Just my .02

@Kelly N. is 100% correct.  There is a myth floating around BP and the podcasts that you can get hard money or soft money lending or a loan or gift for MFH down payments. This is not true.  Also, there is a myth that "portfolio" lending (non-conforming loans to Fannie Mae/ Freddy Mac guidelines kept in house at local banks ) require less of a down payment.  You will need 25% of purchase price for down payment and closing cost (capital acquisition costs) to close this deal.  
Local banks in my market require 25% buyers money for down payment up to 4plex (assuming non owner occupancy)..  Anything over 4plex they require 30-35% down payment.  Please tell me if your experience/ due diligence reveals anything different.   Best wishes in this pursuit.  

John~ awesome job man, and great report! thank you for sharing. It is encouraging to read these testimonies from new investors to give encouragement to fellow new investors. Nicely done. Do you have any regrets about multi family beginnings? In other words, do you wish you started with single family homes (SFH) with less moving parts?
What is your exit strategy for this multi family as there is a limited market of buyers for this type vs SFH?  Thank you again for sharing your story as I am in the due diligence phase on a  multifamily acquisition as I type this response.  Have a super day!

@John R.

@Todd Miller  It's almost as if you were sitting next to me in my office right now: as both of those figures are EXACTLY what I was just working on in estimating real world numbers.  Your timing is impeccable with this comment as you are 100% correct.  There have been some nuances discovered with the property that make the cash flow significantly less than initially reported.  
Taxes and Insurance are two of the variables.  The seller has accepted my letter of intent, and this initial due diligence phase has uncovered some discrepancies.  I am working through real numbers now to see if this will be a productive asset or a liability.  Thank you for your input. It is TRULY invaluable during this due diligence phase.   

Ive been scammed once in my life from Ebay.  The seller was from Brazil, so you know how I feel about this "opportunity" for you. Buyer be very aware…I would move VERY cautiously if at all…to me, there is greater opportunities in your own community or within a 2 hour radius.  

My brother lives in Greenville, SC (he has for 13 years).  He has been doing buy and holds for 10 years there.  He is always busy, never a lack of deal flow, and never a challenge placing good tenants.  He specifically markets the "Greer, Simpsonville" area.  Hope this helps.  He has been rocking it in Greenville!

Welcome, Francis! I am in Jacksonville as well. There is a local Jax REIA. Where specifically are you considering investing in Jacksonville?

Nick, are you land lording from afar? Or are you moving to Jacksonville?  Are you familiar with the area at all?  I ask this because Jacksonville is very hit or miss/ hot or cold.  There is a LOT of unsavory neighborhoods where the numbers look good on paper.  But, without feet on the ground, I would NEVER buy without having intimate knowledge of where in J'town your investing.  
In some areas, it's literally street by street.  In some other areas, the whole neighborhood is A+.   If / when you come down, let me know. I 'd like to get together with you as well: coffee or such

I have submitted a letter of intent to purchase the property. I will follow up on this thread as the deal develops.   Furthermore, I do have a planning/ development meeting early this week with a representative from the city to further quantify this concern or mitigate it all together.  Standby for updates.  Thank you ALL for your contributions.