All Forum Posts by: Maria Quelix
Maria Quelix has started 1 posts and replied 2 times.
Post: With a plan everything is possible, Thank you Bigger Po
- Real Estate Agent
- 10940
- Posts 2
- Votes 2
Good afternoon, Andrew
Thank you for your kind message.When we took over the house we had a tenant at the 1 bedroom(with extra bonus room in the attic)apt for which we decided to not increase the rent at least for the first year, that tenant pays $1150, my second tenant is an elderly couple with section 8 both tenants pay all utilities separately, we are only responsible for water and landscaping and common area lights. My monthly cash flow so far has been an average $750 after expenses .
Post: With a plan everything is possible, Thank you Bigger Po
- Real Estate Agent
- 10940
- Posts 2
- Votes 2
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $245,000
A two family house in Middletown.
What made you interested in investing in this type of deal?
Thanks to the Bigger Pockets webinar and the "The Book on Rental Property Investing"by Brandon Turner helped me understand the advantages/ responsibilities of a two family investment property.
How did you find this deal and how did you negotiate it?
I had set alerts on all Trulia ,Zillow apps to get notifications when ever there was a property that meets my criteria and as soon as I got the notification for this house I call my Salesperson and scheduled the viewing, I made an offer on the same day.
How did you finance this deal?
I was able to get a conventional loan through Rocket Mortgage with a 25%down to finance this deal.
How did you add value to the deal?
I had some cash that helped me do a 25% down payment and the closing fees.the house was in need of some attention nothing major but painting and some little fixing that made it unattractive to other buyers but a precious project for me .
What was the outcome?
My husband and I are pretty handy we did all the renovations on our own. We putting that little ✅ mark projects and even though it is our first rental we had experience from doing multiple projects at our own house.
Lessons learned? Challenges?
One of the lessons we learned is that doing projects ourself is fun and can bring challenges to help us not only get better at it but learn about ourselves but more important than anything is knowing when to get an expert hand to do the job .
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes , I work with my dearest friend /Real State Salesperson Ryan Case.
