All Forum Posts by: Matthew Gardner

Investment Info:

Large multi-family (5+ units) buy & hold investment in Toledo.

Purchase price: $290,000
Cash invested: $62,000

6 Unit property. My girlfriend and I moved to the area and funded the deal together. Living in one of the units. Other 5 units more than cover all expenses for property. Purchase price 290k, appraised for 325k!

How did you finance this deal?

Savings, partnered with girlfriend.

How did you add value to the deal?

acquired good purchase price.

What was the outcome?

Living for free, making some positive cash flow each month.

Hello BP,

I have located a 45 unit apartment deal. I have the ability to fund the deal myself, however I find it will be advantageous to have two partners in on the deal with me due to the amount of renovation and management that will need to be done.

We plan on splitting everything 1/3 each.

What is the best way to structure this deal in case one person decides they want to get out of the deal itself? Do you set hard lines (refinance at year 4 and offer way out at that time?) or offer them to be bought out at any point?

Thanks for the help!!

Matthew Gardner

Investment Info:

Single-family residence buy & hold investment in Toledo.

Purchase price: $30,000
Cash invested: $46,000

Fix and Flip, possible BRRRR property. Mostly cosmetic rehab. Estimated 5-6 week rehab.

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

Off market, property manager.

How did you finance this deal?

Personal Cash.

How did you add value to the deal?

Rehab. New floors, cabinets, paint, carpet, AC unit.

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

Real estate agent/property manager/contractors.

Hello BP!

I am looking for fix and flips in the South Florida area (West Palm Beach and south), SFH and Small Multifamily. I am looking to connect with wholesalers and Agents that specialize in this this market. Look forward to meeting you all!

Thanks!

Matt

Good Morning BP Community! I have been self educating on MF for some time now. I have decided that joining a mentorship program to help with confidence and connect with like minded individuals is what I need to really move forward. I do understand that joining is more of an "investment" than a "cost." However, I have found that it is quite expensive, much more than expected. I am curious if there are former students that can comment on their membership expenses for the program, and if they have found it to be as beneficial as expected (pros and cons of the program). I am currently working a great W2 job and find it may be difficult to carry out the required steps if I am tied down working a job all day or being out of town from prospective investments. Look forward to hearing from everyone! Thanks

Mr. Barkman,

Welcome to the site. Hope you have been making progress in the past year! I am in a similar position and would love to connect. Currently I own a 4 plex in Toledo and have a 10 unit under contract in Canton.

Hope to hear from you soon,

Matt

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $88,000
Cash invested: $27,000

4 Unit fully occupied at purchase.

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

Cash Flow

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

Off market, agent. Priced well enough to pay full asking price.

How did you finance this deal?

Conventional

How did you add value to the deal?

Underpriced, will be able to raise rents and sell for profit.

Lessons learned? Challenges?

Appraisals, lending.

Hello BP!

I would love to find a partner with experience/financing! 

Highlights and my own thoughts/calculations right here:

Deal breakdown:18 Units: 1Br/1BaPurchase Price: $245,000 - Cash offers only

Need of full renovation - seller already installed new roof and vinyl windows throughout (would need your expertise opinion for renovation costs/time). Private Garage available for tenants.

Location: Downtown Springfield, OH - Wittenberg College (1.1 miles), hospitals, restaurants close byFinancials: broken down on page 8 of package and in following section.

Plan: Classic BRRRR method. Based on the financials (I went even more conservative than they did in the offering package) using $70k for NOI financed at an 8% CAP (I am assuming thats what banks will finance for), would finance for $875k... LTV of 75% on that would leave $656k and $218k in equity. Assuming we aren't able to negotiate the price any lower than $245k, that would leave a budget of just over $410k for the renovation project to leave no money in the deal at the end. (Maybe I'm slightly off for holding costs).

This should leave a good amount of cashflow after the refinance with expenses estimated at $4500-5000/mo and income around $10,000-11,000/mo.

At the moment I do not have finances lined up, however have come across multiple sites that offer Hard money for real estate lending. If a potential partner would like to come in on the deal with me, with the financing available, I did not want to prematurely lock in any other finances.

I would love to hear what people with a more experienced eye notice about the deal that I may have overlooked.

Thanks in advance!

Matthew Gardner

@Stephen Brown

Hello Stephen! I was coincidentally enough about to post the same message.

I am a current out of town investor, closing on my first deal (quadplex) in Toledo on the 30th! I have come across another couple deals that are interesting, but would need to partner for financial reasons.

What kind of investing are you into? PM me I would love to talk

Hello BP,

I am on my way to closing my first real estate deal (out-of-state)!

I plan on opening a new bank account for ease of tracking P&L. Does anyone have recommend a specific bank that I should use and if there are any benefits choosing one over another?

Thanks! - Matt