All Forum Posts by: Paul Cox

Devonte'

Welcome and I too should be making a move to the DC area within the next six months. There is a BP group that has formed in the DC area which has been titled Capital REI Group which you can find on Facebook. They announce their monthly meetups on their and you can request to become a member of the group so that you start getting to know people and or put faces with names. Their next meetup is on February 26th. Roger Lin normally sends out the evites for the meetings and can get you on the contact list. Hope to meet you in the near future.

Paul

Hey all,

Planning on making it there though I may be late, so if somebody comes into the meeting late, it will probably be me...leaving NY State in just a few

Paul

Dev,

When I was wondering about that very same question, I came across a post from Brandon Turner about investing in multi-family homes...It's called "How to buy a small MultiFamily property. A step by step case study. I'll put the link at the bottom but he shows you how he analyzes a home before purchasing it...It was well worth the watch and read and I think it may be something you want to take a look at if you haven't already done that. I live up in the Rome area and I always enjoy driving through Norwich when I'm heading south...It's a beautiful area. Anyway the link to the article from @Brandon Turner is here:

http://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/

Take care and Happy Hunting

Paul

Welcome Kelly to the family of BP

There's a DC/Northern VA BP meetup being planned for November 20th...look for @John Rubino for information on the upcoming event...Good luck and again welcome to this awesome community

Paul

@John Rubino

Hi John,

I'm all the way in Upstate NY, but I have a high probability of moving down to the DC area within the year and so, I would love to get involved if even from afar at the present time. My wife and I are down in Maryland about every month, so maybe we can time our trips to coincide with the meetings...Looking forward to meeting fellow BPers in the area

Paul

Tyler,

What does it mean to co op your properties? Also what method did you use to come up with your initial offer price of 175K? Sounds like you already know what you're doing based on the number of units you now have, but thanks for sharing for us new investors.

Paul

@Joe Fairless

Yeah Joe, I've seen that on this site a time or two...We may be heading south soon, so bigger markets may be in our future!

@Andresa Guidelli and @Roberto Lobrace

Wow is all I can say....I took a look at your before and after photos and I love seeing what some imagination and hard work can accomplish. I also liked your facebook page because I would like to follow your future projects. Did you guys self fund the flip or use a 203k loan in conjunction with the purchase of the property...Would you mind sharing the numbers of what it took to take on this property and what you will be selling it for? Again great work and thanks for sharing

Paul

Welcome to the BP Family Donovan,

I too am a new investor looking to make my first multi-family property purchase before the end of the year. Unfortunately I am also located in a market that shall we say is not doing what is happening in your part of the country. That being said, it makes for much more reasonable home prices if it weren't for the incredibly high property taxes. But at the end of the day, what we are shooting for is that mighty cash flow. I'm also excited for you having been taken under the wing of some more seasoned investors so new into the game...Good luck and happy hunting in the Dallas area...Look forward to reading about your successes

Paul

Joel,

Thanks for the quick reply...I've noticed that you're always one of the first to reply with posts bringing great insight and feedback to the question asked. Not sure what's behind the plaster walls, but when the current owner purchased the property, he went to town removing asbestos insulation from the basement, separated the utilities, installed separate furnaces for each unit and had the separate breaker boxes with new wiring run for most of the units. Again, I will have an inspector do a complete look along with an electrician to assess the knob and tube situation. I've sent an email to the realtor/broker asking what the local cap rate is running. Is there someplace I can check besides the realtor/broker to find an area's cap rate? Also, we are not affected by rent control in Upstate NY which I'm happy about. As far as I know, only one of the tenents is rent assisted and that is from the local rescue mission...I don't believe any of them are Section 8 or HUD assisted, but will verify that. Also, when you say verify the sellers tax transcripts to the IRS, does that mean getting a copy of their schedule C showing actual income, and if so, do you just ask the seller for a copy or is this something that's done after the offer has been made during the DD period?

Again, thanks for the quick reply

Paul