All Forum Posts by: Cassidy Burns

Hi BP,

I am looking to expand into a different market, more specifically the North Carolina markets of Charlotte, Raleigh, and/or Durham.  I live in Washington DC so I will obviously need to generate feet on the ground/great relationships and potentially a partner while exploring this endeavor.  I am in no rush, as I want to learn the market significantly before I dive in.  

Current Statistics:

Work as a real estate agent in Washington DC.  Also work for a condo Developer in the city.  Purchased my first condo in September 2016 (primary residence), currently renting out 2 of the bedrooms for $1,250/each and living for $650/month.  I purchased my first Duplex in SW March 1, 2017 and have continued to purchase until this point.  My original goal was 10 by the end of the year and I fortunately hit that goal September 1st.

Own 11 Units

-1 Condo in DC

-10 Units (Quadplex, Duplex, 4 Single Family Homes) in SW Virginia.

My Goal:

Own 465 Units by 2022.

Develop a thriving development business that concentrates on larger value add condo/apt. complexes.

I look forward to any relationships that are built and any advice/input that is given.

Thank you BP~

Thank you all for the great advice.  I will keep you posted on how everything turns out!  Thanks again.

@Jimmy Nazaire Do you have address?

Hi BP,

I hope everyone is having a great week so far.  I however have not.  

I just recently purchased this a quadplex with 3 units occupied and 1 unit vacant.  During the closing period of the unit the seller let me show the unit so I could have the unit occupied when I closed.  I found who I thought would be the perfect tenant, passed all of the screenings, met her, multiple phone conversations, everything was great.  She moved in and after 1 month has done a 360.  Police have been called 2x in the last week.  Trash outside the back of the unit, people coming in and out, partying, the neighbors saw her having sex butt naked on the back porch in broad daylight.  How do I handle this situation and when is it suitable to ask her to leave the unit?  I'd like to try to avoid eviction if at all possible. 

Any advice is greatly appreciated!

The Cops were called today and the situation was handled!  Thanks everyone for the help/feedback.

Hi BP,

I just received an email from one of my current tenants regarding issues with another tenant.  How do I address this issue?  Do I reach out directly to the tenant or reach out to the police and let them handle?

Thank you for the help!

"Everybody is having issues and problems with the new tenant She leaves and locks her kids in the basement and she's been having people come in-and-out and today she had somebody pacing out in front of the apartment with no shoes on and then he was racing back-and-forth in front of the apartments in his car"

Hi BP,

I recently purchased a single family home that had a separate parcel of land on the property.  I am financing this property.  I am currently renting out the single family house and the neighboring house wants to purchase the parcel of land from me in a rent to own contract.  We have came to the terms of $3000 over 36 months charged at 12% interest.  So he will make payments of $114/month until this is payed off.  How do I go about structuring this?  What documents do I need to fill out to make this legal and credible?

Any help is appreciated as I am completely lost in this topic.

@Karla Yudy thank you for reading.  Yes I just recently read Grant Cardones 10x Rule and decided that I wanted to take massive action and really start to push myself in the sector.  I am being creative with how I am purchasing.  The first few were with my personal cash, after I starting gaining a little more experience I now have a a few investors that I am paying anywhere from 6-10% returns.  Also I have utilized a line of credit on a property that I purchased free and clear.  I am doing a cash out Refi at the end of September for 5 of the properties and will be able to pull out all of the cash that both I and my investors have put into the deals, pay them back (hopefully they will want to reinvest that $$) and do it again and again and again.  

Thank you @Rachan M. hopefully we can link up in the Washington DC area soon. 

Hi @Marina M., very good question.  At first I was basing my purchase prices off of the current assessed value.  I would purchase properties no more than 75% of the assessed value.  Some appraisers in the town (I now know which ones are a little tight) are not very generous.  I am not trusting my real estate agent more and basing purchases more on comps rather than the assessed value.