All Forum Posts by: Blake Bramblett

@Ryan Rush One of my properties needed a new roof.

My insurance co. would cover it with a roof Exclusion. Which means they cover everything except the roof, and when you replace the roof, then insurance will kick in on the roof. I would ask if they can do that.

@Lan Nguyen thx

Investment Info:

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

Purchase price: $103,000
Cash invested: $16,600
Sale price: $103

Cashflow per month will be $1700 a month.
Note payment for both units is $900 per month.
unit A is on a 15 year term and unit B is on a 10 year term.
I could Refi and put both units on one deed, but i like the sound of "paid off in 10 years".

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

House Hack opportunity.

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

Mls for the first unit, and tracked the owner down through facebook and a mutual friend with many failed attempts.

How did you finance this deal?

Local bank. Owner occupant 10% down on the 50k unit and 20% down 10 year on the 2nd unit.

How did you add value to the deal?

Remodeled the whole unit and raised rent 90% increase.

What was the outcome?

It is working beautifully at the moment. A lot of maintenance issues, but we are gradually working through without spending a ton of money.

Lessons learned? Challenges?

Just commit and go do it. Keep chopping away and it will eventually get there.

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

I am a Realtor and Auctioneer

Investment Info:

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

Purchase price: $103,000
Cash invested: $16,600
Sale price: $103

I bought one have the duplex off the mls for 50k and financed a owner occupant loan with 10% down. Once i closed I tracked the owner of other other duplex down. It was sitting empty and in need of major repairs. I finally contacted him through a mutual friend. Long story short we made the deal work for 53K. I actually didn't want to pay this much...but, the seller had more property to unload, and me being a realtor I asked if i could list those other properties and I could pay 53k for the property. Seller still had to bring about 6k to the closing.
I put 20% down on this deal on a 10 year term. To think this unit will be paid off in 10 years is just amazing.
Makes me not want to refinance and combine the deeds as one. Note Payment on this unit is $477.00 a month.

The note payment for both these units is about $900 a month. I currently have one side rented for $820.00 per mo.
Its totally remodeled. I did a majority of the work myself.
Before i took over this unit was being rented for about $500 a month. I saw it had tremendous potential because it was a very unique lot on a dead end street that backs up to about 12 acres of woods. Tons of privacy and very hard to find a rental like this directly in the middle of the city, close to everything.

Acquisition 4-1-2019

The other unit I currently live in.

When I move on to the next deal and have the whole building rented it will cash flow approx $1700 a month.

Who cares, seller pays commission.

Investment Info:

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

Purchase price: $130,000
Cash invested: $19,500

Sales price $130,000.00 Got $8,000.00 back at closing from seller proceeds for deferred maintenance and repairs.
Down Payment $19,500 my part of the commission on the deal is $3110.00. Got $11,110.00 of my initial investment
Note $110,500 Back at closing. Payment on the note is $780.00 per month. Sweet Deal!
1 bed 1 bath 615sqft units
Class-C building and area.

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

Cash Flow

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

MLS.

How did you finance this deal?

In house local bank funded.

How did you add value to the deal?

Better management and raised rental income

What was the outcome?

Brand new deal