All Forum Posts by: Anthony Jentsch

I agree with most of the sentiment here. Buying your first investment in a bad neighborhood is a recipe for disaster. All of the nightmare investors stories start with bad neighborhood. I made the mistake years ago. Luckily it was sec 8 so I mostly stayed above water until I dumped it. My recommendation use the new fannie mae 3% dp on 2-4 unit owner occupied in a neighborhood you'd live in yourself. You have more than enough for a dp in a class b neighborhood. You'd have an investment and a residence rent free and possibly cash flow on top. 

I am looking for a dedicated partner to invest in a 6-unit multifamily property in Cape Coral, FL. With the deal already negotiated, I'm ready to move forward with a qualified investor who meets the following criteria:

- **Net Worth:** At least $400,000

- **Capital Investment:** $70,000

- **Location:** Preferably a Florida resident

- **Commitment:** Must bring valuable contributions to the partnership—whether that’s through industry experience, a hands-on approach, excellent communication skills, or any other asset that enhances the venture

While specific experience in rental investments is not required, a solid understanding of this type of investment is essential. I'm seeking a partner who not only meets these qualifications but is also eager to actively contribute to our mutual success.

Please DM me if you're interested in exploring the details of this opportunity.

Investment Info:

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

Purchase price: $230,000
Cash invested: $62,000

Duplex purchased in 2020. One unit was rehabbed with $15,000 and a new lease
added at market rent. The 2nd unit existing tenant lease was brought to market
rent. Refinanced in 2023 and cashed out $40,000 to reinvest
○ Address -  Mount Laurel NJ. 05054
○ Managed by a property manager.
○ Purchase Date - 10-15-2020
○ Purchase Price - $230,000
○ Original CoC 4.8%
○ Current CoC 15.04%
○ Current Value - $400,000

How did you finance this deal?

Conventional Loan

@Ryan Konen Thanks for the information. Very helpful!

We have some offers out on a few smaller apartment complexes (6-8) in FL. We are targeting Cape Coral or Tampa St Pete. My partner and I are out of state and our wheelhouse is smaller multi's so this would be the first. I am looking for a 3rd party to do financial and physical due diligence on the property. Verify rents, vendor contracts, bank statements, T12, P&L, etc. I'm having trouble finding a company that will do this. Maybe I'm looking for the wrong company. Would we just use a real estate accountant and a property assessor?

Thanks guys for all of the insight. Especially from you who have experienced investing in fractured condos. I will stay away. Like you said there are plenty of less complicated deals out there.

Anthony 

Hi BP, I'm looking at an out of state fractured condo deal. The deal is to purchase 13 units (already owned by an investor for 8 years) out of 84. Only 7 other units are owned by another investor and are rentals. The remaining 64 are individual owners.  The broker states the owner of these 13 would give you majority seats on the condo *** board. I have researched these types of deals a bit and see quite  bit of "stay away" "too complicated" etc. I have 2 major questions/concerns from anyone who has invested in this type of deal. What does having majority on the Condo ***. board actually give me. Can I prohibit say unnecessary expenditures? The other issue is my exit. This would be owner financed on purchase but, Is it difficult to get debt on it at some point down the road.

Thanks
Anthony

My apologies to BP and Moderator this was posted under the wrong account. For some reason I have 2 accounts but really only use one. Logged into this one my accident. This can be deleted

Hi BP I'm looking at buying my first multi. Owned a few sfh rentals over the years and really looking to purchase larger multis. Looking mostly in South Jersey area. Ive Evaluated  a few properties recently and made one offer. I was keeping my search to Camden, Burlington, and Gloucester Counties only because I'm from Burlington County and more familiar with those counties, but I am consistently seeing properties that fit my criteria in Atlantic City. I'm not familiar with the area other than there are pockets of not so desirable sections. I'm looking at specifically multi family properties for cash flow. Anyone familiar with AC and Multis specifically during these times. I can only assume times are a bit tough for some as the casino workers are not all back to work but, would love to hear someone on the ground there's thoughts.

Thanks

Anthony