All Forum Posts by: Alex Deal

Investment Info:

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

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

This was a huge step for us. We had one rental for about 8 years- our former primary residence. Learned a lot. Found this on MLS. 4 plex for 235000, purchased for 225000. Rents were 3 unfurnished for 675, one furnished for 750. Rents now are 675, 700, 700, and 775. 4 x 2 Bedroom 1 bath. Great timing as we have a 3.5% interest rate!

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

Listening to Bigger Pockets turned me on to multi-family.

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

Found it on MLS.

How did you finance this deal?

Conventional. Did a cash-out refi on primary for down paymnet.

How did you add value to the deal?

Haven't yet. Its in pretty good shape,

What was the outcome?

Been VERY HAPPY with this deal.

Lessons learned? Challenges?

Some large cap ex items on the horizon,,,

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

I am a real estate agent.

Investment Info:

Single-family residence buy & hold investment in Remlap.

Purchase price: $118,000
Sale price: $128,000

This property started out as our primary residence. It has been a rental property for almost 8 years now. We sold this property which needed some work- this was my initial rental property by default. Sold it needing some work. Walked with @ 45,000. Did NOT 1031, did buy 2 more houses with proceeds. Don't know the tax implications of that yet. Will update.

 Great info!  Thank you

Single-family residence buy & hold investment.

Purchase price: $63,000
Cash invested: $13,000

Bought two 3BR/1BA Side by side. Both needed new AC Units and some cosmetic rehab. PITI is @445 rent for $850

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

I bought a 4 plex in 2021 in this town which is about an hour from where I live.

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

These two properties were owed by my handyman.

How did you finance this deal?

Conventional

How did you add value to the deal?

Rehab, clean up, new AC/HEAT Units.

What was the outcome?

It was renting for $625 when I purchased. After rehab, it should rent for $850-900.

Lessons learned? Challenges?

I think i could have gotten for a little less.

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

I am a real estate agent.

In the future, if I sell a property and buy the next one using a 1031 exchange, are there any restrictions on what I can do with the monthly rent I make on that property, or can I treat the income just like I would if I bought the property in the traditional way?

Looking at a current STR in a college town that i would like to purchase for my kids to live in as they go to college. When they are not living there, i would like to AirBnb. It is currently a STR and rents from 100 to as high as 825 a night on game weekends. Assuming it doesn't appraise for that amount, what are my options- can you use rental income to help appraise for a residential loan (I don't think so). Does that mean I'd have to get commercial, and could I rent to myself if i got it as a commercial loan? Thanks for any advice...

Me,  1000 sq ft listed for 125k.  I offerred 147k. Cash buyers got it.

Made an offer on a quadplex- listed at $240,000, property manager says 3 units rent for $650 and 1 for $750 because its furnished. Its in a town of about 12,500.  Population has been fairly stagnant.  Numbers look great IF I can keep it rented. Not really a commutable area to a major metro area...  suggestions?  I can still withdraw my offer if I need to.

Do any of you use streaming video for surveillance of common areas?  If so, what do you use?  Do you know of any that do not require WiFi?

Thanks!

Investment Info:

Single-family residence buy & hold investment in Remlap.

Purchase price: $118,000

This property started out as our primary residence. It has been a rental property for almost 8 years now.

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

We were not even thinking of becoming investors when we purchased this house. But it is what sparked our interest and began our journey.

Lessons learned? Challenges?

This property was a crash course in being a landlord. It was our school of hard knocks. We learned not to believe tenants when it comes to being late with their rent. If its due the 5th, post a notice on the 6th!