All Forum Posts by: Account Closed

Investment Info:

Single-family residence buy & hold investment in Prince William.

Purchase price: $135,000
Cash invested: $100,000
Sale price: $305,000

Single family home in a dense populated blue collar neighborhood. When I found it, it needed lots of cosmetic upgrades but it had very good bones. I think I spent 6-8 months fixing it. Lived there for a couple of years while working on other projects. Sold it in 2015

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

I'm familiar with the market in this area, did my research and ran the numbers.

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

Driving around the neighborhood.

How did you finance this deal?

City bank and own cash.

How did you add value to the deal?

Complete renovation of the house. New kitchen, bathrooms, laundry, paint, trims, floor resurface, land scape.

What was the outcome?

Brought the house from the 60s-70s dated looks and in need of attention to a contemporary, functional, bright and enjoyable place to live.

Lessons learned? Challenges?

After a heavy rain weekend the basement got flooded. We just finished installing engineered hardwood floor a week before which got damaged severely. It didn't occur to me to make sure the sum-pump was working properly, well It wasn't!
I replaced the sum-pump and installed porcelain tile throughout the basement, just to make sure.

Hi friends, 

I just bought a four units multifamily house in Gaithersburg, MD. It's the first time I'm investing  in Maryland. My plan was to live in one unit and rent the other three. While doing the paper work at the county (Montgomery) to transfer the rental license from the previous owner to my name, I learned about "The right of first refusal law". Which states that the county has the right to buy any 4 units or more multifamily dwelling first, before it is offer to a third party. It wasn't file by the previous owner, and now I was deny the rental license and my legitimacy as owner. The title company where I closed, claims not responsibility. Has anyone experienced this type of set back? any advice, suggestion or referral to a experienced attorney would be more than welcome. Thanks a lot.              

 Mike, it's just unbelievable how many things we need to take in consideration now in days to run a new business! thanks a lot for the advice.   

Thanks a lot for the quick reply!!! lots to think about. 

Hi everyone, I've been flipping for the past few years. Now I'd like to hold and rent multi families. I'm wondering in between furnishing the unites or not. The reason to furnish is to make them more competitive and avoid the wear off floors and walls when tenant move. I'm thinking of Ikea stuff that is reasonable in price and easy to replace. Any thoughts?   

Welcome to BP @Michael Webster! Real estate investing is overwhelming sometimes, but this is a very good place to start!!!  

Welcome to the site @Cass R. Smith I recommend to listen to the pot cast, are very helpful!!! 

Alain   

Congratulations!!!! @Joshua Dorkin @Brandon Turner 200k/10y=20k per year = 1,666 per month = 56 new members a day ... Awesome!!!!