All Forum Posts by: Kolbi Smith

Investment Info:

Small multi-family (2-4 units) commercial investment investment.

Purchase price: $289,000
Cash invested: $25,000

4 2 bedroom units bringing in $800 for each unit. I am currently living in one of the units

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

The house hacking benefit. Living in one of the units allowed me to put down 7% instead of 20%. And i chose a 4 plex because it seemed like the smartest play. the 3 units that I am renting out pay for the mortgage. I am just left with heat water garbage and all the incedentals

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

It took constant looking at properties on the MLS and a lot of offers turned down on various properties. It took a couple months of negotiations and inspections to get this property. I got the owners to agree to pay for a new water heater for the building (about $4000), and $10,000 of seller paid closing costs.

How did you finance this deal?

Through a traditional lender

Lessons learned? Challenges?

Make sure to pay attention to the details and understand the contract. The sellers got a couple things over on me that i just wasn't paying attention to. Part of the game. Part of the learning curve. Make sure you know what you're getting into. Being a landlord is a bit challenging, but i think if it isn't hard, you aren't doing enough. Push your boundaries.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used Adam Lockwood. He is an investor himself and he knows what he's doing.

Hello again bigger pockets! I've been away for a while. Moved cross country. Getting finances in order. Baby on the way. Educating myself, etc. I've been working on my credit situation for the past year or so and I recently got offered a $100,000 personal line of credit from my bank. I have yet to do my first deal and I'm wondering if taking the line of credit is the smartest thing I could do at this juncture. Any suggestions?

 Thank you very much Jason. I need all the support I can get with the new kid haha

 Thanks corey. Im still trying to figure this site out. Not sure if you saw my reply. Im working on a mailing list at the moment. Any recommendations? Also what types of meet ups would you suggest?

Thanks for the welcome charles and rachelle. And Corey i dont have an extremely specific plan of attack yet. Right now i am getting as much info as i can. Also working on a mailing list. What types of meeting do you suggest?

Hi everyone, my name is Kolbi Smith and I've been learning about real estate investing for the past year or so and recently found out I'm having my first child so it's time to get serious! I'm looking for all the help and networking I can get. I believe the best way for me to start out is through wholesaling and working my way up. I am currently a factory worker and all i want to do is get out from underneath someone else's thumb and control my, and my family's, destiny. I'll see you on the forums!