All Forum Posts by: Allen Tracy

Does anyone ever put simple water leak sensors in their rentals to alert tenants with an alarm when there are leaks so they can report them to management?  I was thinking about placing a few in the basement, around water heater, washer, and under kitchen and bathroom sinks.  I'm guessing the biggest pain would be at some point the batteries would need replacing.

I got my unemployment within three weeks of filing.  Looks like they filed on April 16th and tried claiming weeks before their actual termination date of April 27th so that would be why there are weeks that were not paid.  Then it looks like they've actually been paid three different payments for May.  Good luck!

Yeah, I would maybe reach out to a couple of property management companies, tell them you're interested in purchasing the property, give them the address or even just the street, and ask what they think they could get for rent.

I was under contract there on a duplex that had 2bd per side. Rentometer said I could get $850-950 for each 2bd but my property manager said even with a rehab he didn’t think I could get any more than $750 and that was on the high end. 

Just sent you a connection request with a message.

 You're always ahead of me @Remington Lyman  :)

Investment Info:

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

Purchase price: $89,000
Cash invested: $89,000

Contributors:
Remington Lyman

After 24 offers on 13 properties I finally closed on my first purchase right in the middle of the covid-19 pandemic. This is an out of state investment for me. Not pretty on the outside but great on the inside.

Duplex with one side rehabbed, other side has 13 year tenant. Purchased cash at $10,000 over asking to beat out other offers then financed the day after closing with 30% down (bank requirement).

Long term tenant currently pays $475, vacant side being marketed at $750

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

I had been looking into multi families that I could pay cash for and generate good cashflow. I really liked that one side was already rehabbed and the other side was well taken care of with the option to rehab at a later date and add value.

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

Found on Zillow, offered cash with an escalation clause. I beat out six other offers that were just slightly above mine but were financed.

How did you finance this deal?

Cash from my HELOC and then immediately financed the day after closing with 30% down (bank requirement).

How did you add value to the deal?

Eventually I will rehab the occupied side and raise rents.

Lessons learned? Challenges?

I was under contract on a different duplex first that was the exact same price that had a lot of problems. After pouring time into analyzing it, quotes from lenders and insurance agents, money into inspections, and getting attached to the idea of owning my first property, I had to realize that I needed to pull emotion out of the decision and let that first property go. Luckily I did and quickly after I ended up with this one which is a much better deal.

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

Remington Lyman was my agent and Donny Thompson from ERA Real Solutions is my property manager. Remington has been amazing at sending me deals and guiding me to the areas to invest in. Donny has been guiding me through the management process and also helping me decide the areas and properties to invest in. As an out of state investor I couldn't have done it without them.

I reached out to a couple but never heard anything back, following this thread.

I’ve been putting offers in on places over the last two weeks and the competition is high. Properties are going over asking, buyers waiving nearly all contingencies, it seems to be crazy hot right now. 

I’ve just recently been making offers in that area. Looks to be decent cash flow there but the competition is tough. I’ve been seeing a lot go for over asking in just the last few weeks. Remington who replied above has been helping me out and has been awesome.