All Forum Posts by: Mike Terry

@Jonathan Small I use anchor realty, Pam Miller the other good one that was recommended to me was Valdosta Properties

Thanks @Beau Watson, Thanks @Dmitriy Fomichenko

@Samson Hollmérus same realtor, pocket listing

@Randall Re II happy to connect.  I'll sen you a PM.

This property is in a flood zone.  Make sure you get a flood insurance quote in due diligence if you are financing.  I owned one in a flood aone for 10 years and it can zap cash flow and it is a future variable you can't control.  Flood insurance will go up as sure as death and taxes.

I am buy in  secondary and teriary markets where I can buy a cash flowing property affordable.  I like areas with some econimic stability (military bases, colleges and universities, regional hospitals),  I don't know the future and every time I make a prediction I am completely wrong, so I will bank on median housing stock in small town usa.

@Dmitriy Fomichenko thanks. I always appreciated your advice!!!

I have flipped 8 properties in two years and acquired 7 buy and hold doors in 4 months.  Thanks to this site and all of the investors here!!! You can do it.  I have no special advantages.  Go For it.

Investment Info:

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

Purchase price: $157,500
Cash invested: $33,000

Picked this one up off market with a pocket listing from my realtor and property manager. The rents are significantly under market... I own two other duplexes across the street that rents are $200 more a door. So it's is not a great cashflow buy yet, but will at least cashflow $300 a door after stabilized and rents are up to market. It is in good shape only needing minor repairs and maintenance. I like these they were built in 2007 so Cap ex is minimal for a few more years.

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

Numbers made sense.

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

Realtor

How did you finance this deal?

commercial loan

How did you add value to the deal?

none yet. waiting to bump rents.

What was the outcome?

TBD

Lessons learned? Challenges?

Get a termite and pest inspection if you are in area affected by wood destroying insects. We caught a young infestation before much damage was done and now were protected by a renewable bond.

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

Tommy Cangelosi Georgia Florida Real Estate Services

Hi Aaron,

Welcome to Bigger Pockets. It has been an invaluable resource as I started out in my real estate investing.  I would always suggest in starting in your home market if possible.  I believe in simplicity and starting out distance investing really increases your complexity.  I am doing it now for sound economic reasons, but the rental market I am building a portfolio in is 5 hours away.  Austin is expensive, North Carolina is more reasonable and has a good opportunity for continued above average appreciation.  Are there locations closer to you that are better markets that you can get to if you need to?  With the amount of capital you have at your disposal there are a lot of things you can do.  I would find something closer to home.  What I know of the Vegas market you are in a strong place to invest.  Keep it simple.