All Forum Posts by: Jaycee Greene

Hello. My name is Robbie, and I am new to the forums.  I have been a listener of the BP Podcasts and watching their YouTube content now for years. I even bought a few books on Audible and have listened to them a few times now, so it is very exciting to take the leap to be a part of the community!

A few years ago, my wife moved in with me before we were married and instead of selling off her house we decided to do a bit of updating and rent it out, we invested about 10k in the property before putting it on the market. We have amazing tenants at the moment who are a military family and they just renewed their lease for another 18 months.

Our current situation is a bit small, but would be PERFECT as a short term rental, due to the fact that it is tucked in the woods, but down the street from an all sports lake with lake access. The woods in the yard are home to city mountain biking trails, and the public beach and park is walkable through a short trail through the woods as well. We are looking to possibly move but not sure if we can borrow against the properties to move into a new home so we can take advantage of renting out our current residence?

We are looking to also grow our portfolio as soon as we can and eventually dive into multi-family units. As much as I have been following, the thought of all of this terrifies me to go in blind. Both my wife and I have above 800 credit scores and are just looking for some guidance to the steps of what to do next. We know the wrong steps can tarnish what we have already worked hard to build.

I know these forums are filled with knowledgable professionals and we would sincerely appreciate some help in the right direction. Thank you in advance for taking the time to read this, as well as possibly reaching out for guidance!

Cheers!

Robbie

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $10,000

The BRRR strategy.

Investment Info:

Large multi-family (5+ units) fix & flip investment.

Purchase price: $1,000,000
Cash invested: $150,000

purchased this distressed off market 5 unit near city park; worked with city to split the property into 5 new legal townhomes and plan to sell individually; plan b is to sell some of the units and keep other units as rentals. Huge rehab; getting permits from Denver was hard but this has been a good learning experience and whether we sell all the units now and/or keep some this will be a good asset for us.

What made you interested in investing in this type of deal?

it works multiple ways; as a flip or a buy/hold or a combination of the two.

How did you find this deal and how did you negotiate it?

found it off market. i drove by it to and from my gym. was finally able to convince the owner to sell it to me.

How did you finance this deal?

hard money and had a partner.

How did you add value to the deal?

i found it, analyzed and raised money to buy it. Also, I'm the agent so will sell it.

What was the outcome?

work in progress. one unit is scheduled to close on 10/1/25.

Lessons learned? Challenges?

doing a deal like this is a ton of work. getting permits from city was hard and added a lot of time/holding costs to the deal. then selling 5 units takes time and is 5x the work of selling a single family deal. Deals like this need a HUGE margin and the option to hold as rental or the risk is too great.

@Jaycee Greene thank you sir!  yes. Mississippi. 

(For my client) Own a mixed-use property free and clear that is currently bringing in $3,150 per month and is 40-50% occupied in central Indiana. Client has bad credit. Is there a lender out there that can help him turn $50K from equity into cash so we can finish the project? 

Also can someone tell me if a buyer can get an FHA loan on a multi-use property? Shame on me for not remembering

I'm new to REI, I have one long-term rental, and have been wanting to get into an STR. I have a friend who is looking to move from her rental home to her first home purchase, and I wondered if we could buy a small multi-family home with her living in one unit and STR the other unit/s. We have just started talking about this and she is very interested in doing it so far. Also, we both have W2's, so we could split the workload, and both potentially benefit from tax advantages and income (hopefully). We would have a lot to talk about, a lot to learn and research to do before embarking on this, but I'm looking forward to the process!

My question is if we buy this together, how should it be structured? I'm presuming partnership and LLC. Since she will be living in one unit, could we get a mortgage for a primary residence with this structure? Could we both qualify as materially participating as long as we put in the hours?

Let me know if I'm posting to the wrong place, I'm new to BP.

Thanks @Jaycee Greene. Always looking for good warehouse but currently knee deep in early negotiations on a 34k ft2 Storage facility and 22 unit apartment.  

3 - 2 bedroom units and 2 - 1 bedroom units. 12180