All Forum Posts by: Beth Matherne

Today I am walking our first 4plex. The PM is also the seller. Their real estate agent has yet to provide ours with rent tolls and failed to answer most questions.

So I want answers but of course I don’t want to offend the sellers.

Any questions you always ask the PM?

Have you ever walked the property with the seller as the PM, as this ever been an issue or how did it turn out?

This is unit has a coin laundry area, anything I should look for or know?

We give until the 5th,after that we charge a flat rate $15.00 per day until paid in full.

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $332,500
Cash invested: $66,116

this is our first Multi Family, coming fully rented and running with a property manager. we sign everything on Monday then I will be heading over to the complex with our lease and to walk through the apartments again. I am all ears if anyone has any advice.

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

we were looking for a small multi family to start out.

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

We saw it on Zillow, called a relator in the area and put in an offer. I was surprised they accepted it but after talking to the PM further we found out they are wanting to relocate over seas and this was the last property they had. so we probably could have went lower.

How did you finance this deal?

Cash and a commercial loan from a local bank

Lessons learned? Challenges?

talk to the property manager a little more. run the numbers many times, be sure you are 100% clear on the cost, utilities, and speak up if you aren't comfortable with information you are being given.

@Charlie Moore can you do an open house style. Pick a day and hours that work for you. Have the application there and if they fill it out to move forward then take the application fee if that’s what you typically do.

@Kyler Cook love the Chevy comment! My husband stays on me about upgrading from my Ford Flex but I refuse! The payment is so low and old girl is almost paid off. She gets us to dance lessons, softball, and to all our units. I will ride it to the wheels fall off I don’t care how many zeros are in that bank account.

@Jed Devine with everything away from where you live how did you go about finding a property manager?

@Jed Devine that’s wonderful, congratulations!!

@Michael Ryland

We get a lot of not so supportive comments.

“If we made your money we could do that too” —we work extremely hard in has & oil currently. We travel nonstop working 6-7 days a week 10-12 hours a day.

“Do don’t have your own home but you have rental properties” —again we work on the road and live in a 45 ft toy hauler that’s worth more than most our friends houses.

“So you’re just going to live off rent money” —they seem to forget that there is still lots of work in managing and maintaining these properties.

Over all I try to encourage them to do research. I suggest they look up a few different people I’ve found through bigger pockets. Lastly I point out that we work extremely hard and that’s a job you don’t want to do until you’re 70 years old. We aim to be totally off the road within 5 years and managing our properties with a few other streams of income. If they worked like we did they could do the same things we do. I’ve also found that I no longer talk about things like work/money/goals etc...with good portion of my friends and family.

@Lynnette E. Did you have process you used to find the one you liked or just process of elimination as you closed deals with them?

@Dana Whicker

Did you have to go through several before finding one you settled on?

I feel like I’m encouraging all the ones we’ve had so far that they are really not hungry to move on things.