All Forum Posts by: Justin Spaulding

I bought a 4 unit on land contract. The seller held $35,000 amortized over 30 years with a balloon payment after 5 years. We have raised the rents and now have half of that 35,000 already paid down after just a year. We wont have to refinance to pay him off and once we do pay him off this thing will be even more than a cash cow than it already is.

Thank you @Jason Bott!

Hey @Bobby Barlow, way to go man! Start looking at properties and welcome to BP!

Hey @John Asare, like you I workout as well and have a sports background (checkout my profile for full story). Do you have a side business to build up some cash to go do your first deal?

@Tim Puffer great job man! I would double down and go 4-unit owner occupied! You can still get outstanding financing as most financiers don't count this as commercial and even better because you, as an owner, will be living in it! Be great in 2016!

I feel that there are many real estate agents do not know anything about investing and what investors are looking for. That being said, I treat them on a case by case basis because the ones who get it ARE VERY KNOWLEDGEABLE and can add a great deal of value! As long as you know what you are doing and are educated, you can kill it. Why not go for it!? Be great in 2016!

@Kelly Choate

Hey @Daymeond Hord, I suggest at looking at nothing smaller than a 4 unit - unless you are looking to flip. It just makes sense when you start evaluating properties to go with more units as a four unit usually doesn't cost much more than a duplex...espcecially if the 4 unit needs some work and the rents are under market currently.  This allows you to go in and increase value.  Make sure day of signing you are cashflowing positive! Happy NYE, be great in 2016!

Look at 10X the amount of properties you are now. Look at 100s of places. I always make a lower offer and if the party is unwilling to negotiate at all I just give them more time.

@Mason Warr, welcome! Get those goals written down for 2016 and lets roll. Have a great NYE, and be great in 2016!

Thanks!

@Ramon Jenkins