All Forum Posts by: Andy Milby

He’s been very vague in correspondence and places blame on my team but not me.  He also said there are things that he didn’t agree to which doesn’t make sense if he signed the contract.

Long story short, the seller has signed the contracts and all addendum's.  I get to the closing table last night and sign all the paperwork and get an email from the seller stating he is backing out of the deal.  Final day on the contract is tomorrow.  All my paperwork is signed.

At this point, I'm out $1600 for inspections and appraisals on a 4-unit.  The deal itself felt difficult with access issues to the apartment, two inspections (due to access issues), two appraisals (due to access issues), and some clerical error's during the closing (which were corrected).  

Is it worth trying to push this deal through?  If I decide not to push this deal through is it worth trying to recoup the $1600 in out of pocket expenses since he is in breach of contract?  Do I have enough time if the contract expires tomorrow?

Hello everyone, I’m looking to find a property manager in the Bradenton/Tampa area. I’m primarily looking at multi-family with a possibility of doing short term vacation rentals. Any suggestions would be appreciated!

Thanks for the response! My thought process is if I offer $60k per property they will appraise at $60k per property most likely and I will have to close on 3 mortgages (3 x closing costs). However, if the offer is $90k for the 2 properties they may appraise at $90k each and only have 2 mortgages. This is assuming all properties would appraise at $90k. I could end up having 2 properties with a mortgage and 1 property free and clear or I could refinance and get 75% of $90k in cash to reinvest. Hopefully the thought process makes sense. I’m not sure if it’s the best decision or not, but I’m more looking to validate the thought process and get feedback.

I am looking into 3 duplexes and was trying to think of creative ways to do the deal. I’m curious peoples thoughts on structuring a deal this way: Assuming that the numbers are good here is how I’m looking at structuring the deal with the seller: Property 1: $90,000 Property 2: $90,000 Property 3: $1 My reasoning would be to get mortgages on the full value of the 2 houses then be able to refinance property 3 for a similar amount in order to fully leverage the properties. Here are the downsides that my accountant has identified: 1. Capital gains on property would be large - could defer with 1031 exchange in the future 2. Depreciation for property 3 would be non existent- however the depreciation would be offset since the sale prices of the other houses are higher This is my first real post so be kind. If there are other positives/negatives please let me know!

Hello everyone.  My name is Andy Milby and I'm new to real estate investing.  I've been listening to the BP Podcast for almost a year now and have been working on getting myself setup to invest.  I am now starting to look for investments in Columbus and looking at multi-family and value add buy and hold investing.

I currently work as an IT Analyst and have a long term goal to build enough cash flow from real estate to get out of corporate life and focus on real estate.  I currently have a few contacts locally in real estate however they focus mostly on residential purchases/loans and not on the investment side.  I'm looking to expand my network with local real estate investing connections and continue to learn about real estate investing.

Thanks in advance and I look forward to being involved in the conversation on BP!