All Forum Posts by: Jaycee Greene
Jaycee Greene has started 8 posts and replied 2298 times.
Post: Indianapolis duplex in broad ripple
- Real Estate Consultant
- St. Louis MSA
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- Votes 589
Quote from @Kathy Corressell:
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $285,000
Cash invested: $75,000
Duplex in broad ripple. 2 1/1s with unfinished basement on each side. Renovated one side and increased rent from 875 to 1400. Other side has a lease until 1/2026
Hi @Kathy Corressell! Sounds like the previous owner hadn't raised rents in nearly 10 years! And how much did the one side's renovation cost?
Post: Recommendations for Lenders and Contractors
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- St. Louis MSA
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Quote from @Raveendra Singh:
Hello to BP community..
I am looking for trusted lenders to refinance duplex as well and in future help me with new purchases. If you have someone that can finance for 6% or less , please share.
Also would appreciate any leads to trusted handyman (St Louis Area) that do not cost an arm and leg , reasonably priced for the work.
Thank you.
Hey @Raveendra Singh, welcome to the BP Forum! In order to hit a 6% interest rate, do you have a FICO >= 740 and are you willing to do a 55% LTV?
Post: House-hacking, to now 2 units bringing in $4,300/month!
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Quote from @Bri Bowhall:
Yeah thats a great location too!
@Bri Bowhall What rent do you think something like that would get as an LTR, $1,375/unit?
Post: House-hacking, to now 2 units bringing in $4,300/month!
- Real Estate Consultant
- St. Louis MSA
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Quote from @Bri Bowhall:
Quote from @Jaycee Greene:
Quote from @Bri Bowhall:
Yes, I want to do more long term rentals as well as a short term rental. Hopefully in the next few years!
That's awesome. What type of properties most interests you, SFR, 2-4 MF, or 5+ MF? What would you target for the purchase price? Are you looking for turn-key properties or something along the lines of a "fixer upper"? Are you looking for properties in PCB or somewhere else?
Hey Jaycee! I think I'm open for SF or multi units. PP would probably be under 400k for sure. Most likely still 2+ years out from my next purchase. I think I would like to stick to more semi local to be nearby :)
@Bri Bowhall Something like this: 5607 Sunset Ave, PCB, FL 32408?
Post: First Duplex Bought/Self-Managed
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- St. Louis MSA
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Quote from @Graham Bozarth:
@Jaycee Greene I probably could. I actually have 3 properties I need to look into doing that with. All have about 120-140k in Equity, which would help get into a larger deal. However, it is hard to do that with all of them being 4.5% or lower on the interest rates.
@Graham Bozarth I know the rates are attractive, but it's a very easy way to generate additional capital to acquire more properties or restore your cash reserves. But if you don't need either, then no need to refi at this point.
Post: Looking for St. Louis GC referrals
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- St. Louis MSA
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Quote from @Kolin Goff:
@Jaycee Greene lol love the St Chuck I haven't heard that before. North county + St Louis proper
@Kolin Goff That was my way of showing you I'm a "local" ;-) Do you work with any local bankers or do you fund using HMLs?
Post: First Deal Recap, Success or Dud??
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Quote from @Ethan Kohler:
Quote from @Jaycee Greene:
Quote from @Ethan Kohler:
Quote from @Jaycee Greene:
Quote from @Ethan Kohler:
Duplex purchased in 2024 - First deal, Turn key, traditional Side by side, 1980 build in good area (same suburb where I live)
Listed on MLS for $325k, accepted $300k on land contract with 20% down at 5.5% interest with 5 year balloon and 25 year am. Seller preferred land contract.
Initial rent totaled $2,360 and I raised this year to $2,660. Still a bit below market rent but tenants have been good/stable compared to what I have heard from other stories.
Taxes went up to $7,210 per year that I just paid. After taxes and a few other relatively small expenses, I am about $1,000 in the negative. Was it worth it....??
I'm sure the answer depends on perspective and long term goals. I preferred a better, value add deal, but those were tough to find and take on at my novice level. This seemed like a good deal in good area for first one under my belt, but it took capital and was something of a lateral play.
Feedback?? I thought interest rate was good, considering. But taxes took everything.
Hey @Ethan Kohler! What do you think you could sell it for now?
I'd say $320k. One is listed down the street for $380k, but it also has a garage for each unit, mine only has car port.
@Ethan Kohler, in my opinion, I wouldn't worry about your cash flow situation at this point, as long as it doesn't negatively affect your day to day life. Are you planning to raise rents in the next year or two? Have you projected out what your overall return would be after 5 or 10 years?
Yes, I just raised each tenant by $200, but will need to raise it again next year or find new tenants.
And yes, 15% annualized return after 5 years or so.
@Ethan Kohler That's great - sounds like you've got a great first property! Are you looking to acquire more?
Post: House-hacking, to now 2 units bringing in $4,300/month!
- Real Estate Consultant
- St. Louis MSA
- Posts 2,413
- Votes 589
Quote from @Bri Bowhall:
Yes, I want to do more long term rentals as well as a short term rental. Hopefully in the next few years!
That's awesome. What type of properties most interests you, SFR, 2-4 MF, or 5+ MF? What would you target for the purchase price? Are you looking for turn-key properties or something along the lines of a "fixer upper"? Are you looking for properties in PCB or somewhere else?
Post: First Duplex Bought/Self-Managed
- Real Estate Consultant
- St. Louis MSA
- Posts 2,413
- Votes 589
Quote from @Graham Bozarth:
@Jaycee Greene The initial financing was a commercial loan through a bank at 4.5% fixed for five years. Although the property is classified as being in a “rural” area, it is located within the city limits of Grove, OK. The appraisal came in slightly lower than expected at $220K, partly because the appraiser used two flipped homes as comps. A comparable property on the same street recently sold for $260K.
@Graham Bozarth Sounds similar to another investor in Upstate NY I'm helping with on a cash out refi. I suspect you can get at least 75% LTV on a refi, perhaps as high as 80% if the bank/credit union can go that high and the cash flow supports it. My client in NY got approved for 79% LTV on 3 properties.
Post: First Deal Recap, Success or Dud??
- Real Estate Consultant
- St. Louis MSA
- Posts 2,413
- Votes 589
Quote from @Ethan Kohler:
Quote from @Jaycee Greene:
Quote from @Ethan Kohler:
Duplex purchased in 2024 - First deal, Turn key, traditional Side by side, 1980 build in good area (same suburb where I live)
Listed on MLS for $325k, accepted $300k on land contract with 20% down at 5.5% interest with 5 year balloon and 25 year am. Seller preferred land contract.
Initial rent totaled $2,360 and I raised this year to $2,660. Still a bit below market rent but tenants have been good/stable compared to what I have heard from other stories.
Taxes went up to $7,210 per year that I just paid. After taxes and a few other relatively small expenses, I am about $1,000 in the negative. Was it worth it....??
I'm sure the answer depends on perspective and long term goals. I preferred a better, value add deal, but those were tough to find and take on at my novice level. This seemed like a good deal in good area for first one under my belt, but it took capital and was something of a lateral play.
Feedback?? I thought interest rate was good, considering. But taxes took everything.
Hey @Ethan Kohler! What do you think you could sell it for now?
I'd say $320k. One is listed down the street for $380k, but it also has a garage for each unit, mine only has car port.
@Ethan Kohler, in my opinion, I wouldn't worry about your cash flow situation at this point, as long as it doesn't negatively affect your day to day life. Are you planning to raise rents in the next year or two? Have you projected out what your overall return would be after 5 or 10 years?