All Forum Posts by: Max Prato

One quick tip but very valuable, be extremely strict on your tenant selection. If they don't meet all of your preselected quotas, do not adjust because they seem like a nice person/family. A couple more weeks of vacancy is worth not losing your whole year of cash flow because you selected the wrong tenant(s).

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $535,000
Cash invested: $40,000

Purchased in 2021 as a primary home in an A+ class neighborhood, single family residence that has a mother-in-law suite. Renovated and house-hacked, now have both suites rented out and cash flowing!

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

Found the property on the MLS, went to see the house and put an offer in for over asking. Seller was the real estate agent and my wife was my real estate agent so we had a strength of no middle-man in the transaction.

How did you finance this deal?

purchased through a conventional loan with 5% down and an extra point paid to get rid of PMI.

How did you add value to the deal?

Live in flip with $10,000 the main living area with taking walls down to make the space more usable.

What was the outcome?

Rented both units out to siblings who wanted both units at a discounted rate for a 2 year rental contract. Now have a cash flowing property at $325/month after all expenses and it's in an A+ class neighborhood so appreciation is key.

Hey all,

I'm having a hard time finding anyone to get a HELOC with for my investment property. If any of you who sees this post and knows someone that can do it please let me know! I've been getting a bunch of no's, because its not my primary home, so I'm reaching out in the community for some help. Thanks in advance!

Property info for LTV:

Current loan: $262k

Appraisal value: ~$400k

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $285,000
Cash invested: $20,000

Purchased October, 2019 as a primary home, single family residence that has a mother-in-law suite. Completely gutted & renovated myself the downstairs studio suite for the first year. Upon completion rented out the studio suite which helped pay for 75% of the mortgage. Exactly marking the 2 years of ownership & living in the upstairs unit I moved out and found tenants to move into the bigger 3 bed 1.5 bath.

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

Found the property on the MLS, went to see the house and put an offer in for over asking that night.

How did you finance this deal?

Money saved up from working my W-2 job while living in a cheap rental per bedroom.

How did you add value to the deal?

I gutted and made basement suite livable to rent out as one unit.

What was the outcome?

I now have a cash flowing property at $1,265/month after all expenses and a CoC return around 44%. Also since the crazy appreciation from the Covid years the house currently stands at an assessment of ~$400k, which I am in the process of taking a HELOC out of $100K.

Greetings, I am new to REI but have been saving for a couple years and I am finally ready to brave my first deal in the next few months. I am located on Long Island area looking to relocate and purchase a multifamily in Essex County, NJ for buy and hold strategies. I have already been pre-approved and I am now on the look for a Realtor in the area. If you know of any great realtors in the area please let me know their contact information. Thank you in advance for any help!