All Forum Posts by: Isaac Young

Thank you everyone for your help :)

Talked to the owner, and we've been talking to each other over the last few months quite a bit. Currently, the property has had a 95% occupancy at minimum. It is in a good part of town, I can't remember about the boiler (although I feel as though it is new, and there are two which are piggybacked). I can check this in the emails we have exchanged. The owner has been honest with me, and explained that it will need new paint one building, and the other will need to be jacked. He says that these are not immediate fixes, but will need to be dealt with eventually. The quote for paint was was $13k (or $27k for siding), and the cost of getting the building jacked and leveled was quoted at $9k. Leases on this building are month to month, and the owner is willing to give any and all documents necessary at need. With that being said, is this something to worry about? I know jacking up a building is no easy task, and obviously that would affect the price in terms of my offer. If the deal looks good though, I just need funding which I will be looking for intently. 

Hello everyone,

I am a 20 year old college student graduating this May. For my first building, I have my eyes set on an 11 unit building that is for sale at $400k firm. The numbers look good, especially for me living in it. I would live in the cheapest apartment as a single living male, who really does not need much right now. Most of the expenses are given by the owner, who seems very honest and upfront. Of course due diligence would be necessary, but for right now, these are the numbers and they seem on point.

Included are two screen shots, one at 10% vacancy, and under repairs 15% (including 5% CapExand 10% Repairs). The second is a more conservative view.

The owner is willing to finance up to 15% of the purchase price, meaning I would have to come up with $40,000 for my 10% of the down payment. I'll have $10k to play with in a few months, and I can gather the other $30k from friends and family. I just wanted to get people's opinion on this deal. I am new to the realm, and my goal is to invest in multifamilies 5+ units, with my end goal getting into the 50s+. Thank you for your time everyone, and if you have any advice, feel free to PM me!

P.S. - The down payment of $10k is my investment, with me paying the others back for their investments. So I essentially said I would owe $390k.

@Andrew Kemp,

I am currently looking into financing a 11 unit that is $400k. The numbers look solid, especially with me living in a unit. This would be my first building, and I'm 20 years old right now.  

My advice would be go for it. But you must understand what you are doing. Michael Blank is an excellent person to learn from. He is here on BiggerPockets.. I have been studying his posts and thoughts intensively over the last week. He explains that his investing in SFH did not prepare him as much as he thought when investing in large multifamily. And that investing in large multifamily is a different animal on its own. He explains that as you find ways to finance the deal, the more comfortable you will get, and you may actually want to get larger buildings! Keep me posted on your progress!

Hello everyone,

I am a 20 year old college student graduating this May. I am graduating college debt free, which is a relief, but now it's time get serious. I paid my way through school with scholarships, and I want to take that mentality with me into real estate. As my first building, I have my eyes set on an 11 unit building that is being sold at $400k firm. The numbers look good, especially for me living in it. I would live in the cheapest apartment as a single living male, who really does not need much right now. Most of the expenses are given by the owner, who seems very honest and upfront. Of course due diligence would be necessary, but for right now, these are the numbers and they seem on point. 

Included are two screen shots, one at 10% vacancy, and under repairs 15% (including 5% CapEx and 10% Repairs). The second is a more conservative view.

The owner is willing to finance up to 15% of the purchase price, meaning I would have to come up with $40,000 for my 10% of the down payment. I'll have $10k to play with in a few months, and I can gather the other $30k from friends and family. I just wanted to get people's opinion on this deal. I am new to the realm, and my goal is to invest in multifamilies  5+ units, with my end goal getting into the 50s+. Thank you for your time everyone, and if you have any advice, feel free to PM me!

P.S. - The down payment of $10k is my investment, with me paying the others back for their investments. So I essentially said I would owe $390k.

Ryan - Will do! I have just sent you a message.

Hey guys,

I am a 20 year old graduating college in May 2017. I have been talking to a few real estate investors and the knowledge they have to offer is invaluable. I have been able to graduate college in 3 years, with no debt using scholarships. I want to apply this same kind of drive and mentality to real estate investing, as I wish to retire by 35 (or have the ability to). I am looking for real estate investors who are willing to teach, help, review, and work with me on buying properties. I am starting off my journey in Central Maine, most likely Waterville/Winslow area. I am like a sponge, and soak up all information I can. I love hearing about investor's views, successes, and everything they have learned. If you are willing to teach, I am willing to learn. I would love to be able to help others for free too to get a taste for the business. Thanks everyone for your time!