All Forum Posts by: Mark Burlison

Closing on my first property(4 unit) 1/31/19...want to get another one under contract in 2019!! 

Doing a multi family and got 5.0 with 25 per cent down.

I just google multi family for sale in the town I’m looking at. Generally pulls up realtor.com or a similar listing website.

There are times and seasons for everything! Thought I’d love the restaurant business! Bought one and in 3 years was burned out .... sold it and made a profit! Now I’m buying a rental and excited about it. Sounds like you definitely need a break.....just because you get out- doesn’t mean you have to STAY out. Take some time off and evaluate it. You can always buy more!

Appreciate that thought. 5000 sq ft with garages got to be worth 260k in the rental world. This is the cheapest 4 flat on the market in my area! 

Now nervously waiting for the appraisal to come back! Last obstacle for my closing!!! 😳😳 I’ll certainly may have a cold diet soda after this deal is iced!! It’s been a LONG process!! If I have to write out one more check......I will ....write out one more check! 😂

Closing in January...still hearing such a mixed review on owning rentals. I guess everyone's experience is different for a variety of reasons. But after reading so much on here I feel a little prepared and have a excellent resource for reference. Money does not just fall from the sky.... theres always work to do. I really loved owning my own pizza franchise and after being out of the business for 15 years, rentals is allowing me to manage a asset. Always loved calling my own shots....good or bad. Every mistake was just chalked up as a learning experience. I reopened a failed pizza franchise and sold it for a profit 3 years later. I've researched a lot, put together the best deal I could find.....love it or hate it. I will be a landlord and I will be successful. Already eye balling property number 2! Cheers

lol....looking for some one to argue with me. FIRST deal...260k, 65,000 down, clear profit of 1200.00 a month! That’s 18 per cent return 15 years I’ll sell it with the mortgage paid WAY down! So I pay taxes up front on my 401k of 15-16k. Solid income stream and look to triple my money on the back end. Still looking for those who say it’s not smart to pull money out of a 401k to purchase a property. I get it that if I was less then 59 1/2 the 10 per cent penalty would really be throwing money out the window. But that’s not the case.  SDIRA is so restrictive I CANT even breathe on the property! Lol. I got plenty of deals...just looking for intospective conversation. 😀😀😀😀

After discussing a SDIRA with my accountant I have decided to make my down payment out of my 401k with conventional financing. I’m 60 years old so there’s no penalty and eat the tax’s upfront. SDIRA is just to restrictive. I need a income stream for retirement with a upside in 10-15 years of having at least half the money repayed when I sell. I still think it will be well worth eating the tax’s! I NOT going the stock market route! But I will cautiously look at some annuities after acquiring several properties For income. 

Inspection day! Exciting! Of course there finding a few things. One item is a window air conditioner mounted over the electrical service. The moisture coming off the air conditioner is dripping onto the electrical service. You can already see a rust starting on the electrical housing. The window unit can NOT be moved. Nothing to stop the sale...but want to definitely address this after the purchase. Suggestions anyone before I concoct a makeshift resolution?