All Forum Posts by: Gorden Lopes

Totally second what @Peter McDonough advice.

I would strongly recommend completing your college in a Stem field, more than the job opportunity it will help build a solid foundation for you analytical thinking wise. I am not saying it is the only path to success but having a solid understanding of some of the STEM concepts will definitely help you to excel in any field.

In your spare time I would recommend attending the local Hunstville real estate meetup, search Madison County REIA.

All the best @Carter Busby! Really great of you to think in this direction at such an early age! 

@Shawn Costley got it rented for 700!

@Matthew McDermott!

I forgot that you are on BP now! :) Thanks for managing this so well! Hope unit 4 rents out quickly!

Investment Info:

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

Purchase price: $227,000
Cash invested: $60,000

A turnkey quad in Decatur with each unit being 2/2 and rented at 575. This quad is in a good area in point mallard and there was not much deferred maintenance. Based on my research I am confident that I can increase the rents to 650 without much rehab. Its not a home run but I am confident that it will give a decent cash flow.

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

I had been hearing about Decatur for quite some time from my PM and my realtor and since prices in Huntsville are really not making sense I decided to look in Decatur for diversification. Plus I was able to get a good rate of 3.25 30 year fixed which also was tempting.

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

It was listed on MLS

How did you finance this deal?

Conventional financing I put 25% down and financed the rest at 3.25 30 years fixed.

How did you add value to the deal?

This is a turnkey quad with not much needed in terms of rehab. The lease on one unit completed recently and I just did a basic touch up on that unit and have listed it for 700$ based on input from my PM. Hoping to get that rented soon.

What was the outcome?

I have purchased this in August and it has been cash-flowing decently from day 1. My plan is to add some value like improving landscape and curb appeal and gradually increasing the rents in all units to atleast 650 in the coming months.

Lessons learned? Challenges?

I think Decatur has a good potential and also the numbers make little more sense than Huntsville. Of course I am not banking on appreciation on this quad but I think there is enough rental demand to steadily increase the rents.

Hey @Selina Hillenmayer!

I am an out of state investor in Huntsville currently focusing on SFR and small multi, I currently own 12 doors.

Macro numbers for Hsv are looking great as you might already know. Neighborhoods wise I consider 35805, 35811 (Lee/Chapman school), 35810, 35816 as mostly class B/C. Some areas in 35805 are little shady (drug problems etc).

Class A/B+ areas would be most of madison city (35757, 35758, 35756) and 35803, 35802, 35801. I might have missed few more zips. 

Happy to answer any questions about locations or provide references on PM or lender.

Good stuff @Greg Rulfs!

Now get the second and third one quickly! :)

@Thornton Drury!

Congrats! Happy to help! I will DM you the info.

Congrats @Nick Robinson!

Did you pull some cash out of this deal given that you bough in 2017 and I am sure it must have appreciated like crazy since then.

Can you share the zip and some more details on the numbers. Is each unit a 2/2 or 2/1 and whats the rent on each unit.

Just curios, did you buy more properties in Huntsville after this amazing deal? 

@Peter McDonough

ah! That sounds perfect! can you give share or refer me to your commercial lender.

@Chase Burkett

Madison County REIA is a very active REIA in huntsville and they have monthly meetups! That is a great place to network and get started.

Being local is definitely a great advantage and with networking you will be in better position to find off market deals!