All Forum Posts by: Matt Allen
Matt Allen has started 5 posts and replied 20 times.
Post: Is BRRRR dead? 💀

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
High-interest rates mean fewer people buying, rent prices will remain strong for a few more years.
Post: Accounting stuff ?

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
Do you normally set up a non-interest acct for security deposits and separate accts for each property to collect rent?
Post: Why did Bigger Pockets choose RentRedi?

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
Have you tried Rentastic?
Post: Hold and Brrrr

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $165,000
Cash invested: $40,000
SFH just outside of Berkeley Springs WV
What made you interested in investing in this type of deal?
Got a deal on the purchase
How did you finance this deal?
Hard money, will cash out refi in a few months
How did you add value to the deal?
Full update, new LVT, appliances, paint, declutter. The roof and HVAC were recently replaced.
What was the outcome?
Rented for 2k a month
Lessons learned? Challenges?
Reno took longer than expected but I met a fantastic contractor!

Post: Should I overpay Or back out??

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
Quote from @Jaron Walling:
@Matt Allen Unless the location is questionable, the property is a disaster, or you can't swing the $15k... I'd BUY. Trim the fat off the rehab budget (were you can) and you'll be fine.
The location is ok, its a historic property with 20+ years of deferred maintenance.
Post: Should I overpay Or back out??

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
Quote from @Matthew Kwan:
I mean if you have the liquidity of cash and $10k-15k cant even rehab a full unit now with the labor and materials all soaring...I would go for it! Especially acquiring a multi family is a prime state is no easy task boss.
I Budgeted 40k it's coming in around 50-55k
Post: Should I overpay Or back out??

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
I’m under contract for a triplex that needs 10-15k more Reno than i budgeted, it should still cash flow 2-300 a month. BUT…. It is a double lot that I can build a 2-4 unit on in a decent area.
Post: Inheriting a property

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
At what point is it considered to be over leveraged? Quote from @Jaron Walling:
@Matt Allen Congrats man! Love your responses here. Don't over leverage and follow the basics like @Nathan Gesner mentioned and you'll crush it. Can't go wrong with that market.
Post: Taking over existing tenant

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
I would have them deposit the cash at your bank or open an account at their bank? Quote from @George Habator:
Post: Estimating deals with borrowed rehab

- Real Estate Agent
- Alexandria Virginia & Washington DC
- Posts 20
- Votes 10
COC return and cash flow.