All Forum Posts by: Ben Smith

I bought a Triplex I found on the MLS for $150K. It's a C Class property in a smaller community about 30 minutes north of where I live. All 3 units are currently rented on 12 month leases, only 1 of which will expire in 2018. Property will cash flow $494 after all expenses, cap ex, etc. and will return 16% cash on cash. I put it on a 30 year fixed rate mortgage which I put 25% down on. I plan to self manage for at least the first year.

I wanted to say a big thank you to all of the BP community! I closed on my 2nd multi family yesterday and it would not have happened without BP and all who contribute to it! I appreciate all of you!

I would like to know what your best practices are for managing a C Class property?  

Also, any warning signs to look out for?

What is the best way to finance a flip without using hard/private money?

What are the best practices for submitting offers?

Ex: 

Use a contract? 

Email/text/verbal

What to include?

Yes, this is for a rental property. It would be a buy and hold deal. 

As a follow up, is there a website/source you would recommend to obtain all or most of this information?

I have 3 counties in my area that I am considering buying property in. What are the most important data points to pay attention to when analyzing these potential markets?

Brandon, which platform do you personally use?

1. Is there a way to automate rent collection?

2. What is the best way to handle accounting? (Ex. Quick Books, Excel, etc.)

Thank you for the warm welcome!