All Forum Posts by: Alex Deal

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Sylacauga.

Purchase price: $225,000
Cash invested: $60,000

4 unit Brick. 2 BR 1 Bath units rent for $725. I pay water ($130) and pest control.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $63,000
Cash invested: $25,000

one of 2 houses i purchased from my handyman

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $63,000
Cash invested: $23,000

bought for 63k as part of a 2 property deal from my handyman. 23k in it in closing costs and rehab. Rents for 925 per month. About 95,000 value.

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

low entry, systems in place

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

from the handyman who takes care of my 4 plex

How did you finance this deal?

10 year adjustable rate mortgage

How did you add value to the deal?

Cosmetic paint, intside out, new HVAC. Cleaned up property.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent

Bought a 3/1 in cosmetically roughy shape with a dead central ac unit.  Had some mold/mildew built up inside and very dirty white paint.  Appraised for 70,000k. I installed new ac unit, repaired and painted outside, kilz the. Painted entire inside.  Comps in the area are 90-95k.  Do you think those repairs could bring it in line with those comps?  Could fixing all of that raise an appraisal 20-25k from a year ago? 

Anyone getting 20% down small multi (2-4) loans?  Recommendations?

I’ve seen several turnkey companies refer to Center Point (and Bessemer) as B class properties.  I live very close to these cities/towns, and I wouldn’t invest there- research crime statistics.  Look at the schools.  Look at the value of the home over the last couple of sales.  You are asking for trouble, along with your cash flow potential.  One problem could be Spartan’s rigorous tenant screening.  People with Good jobs and good credit don’t want to live in CP, I wouldn’t think- and there sure aren’t a lot of them.