All Forum Posts by: Justin Campbell

Investment Info:

Single-family residence buy & hold investment in Great Falls.

Purchase price: $82,500

Partnered with my dad to buy two SFH's on the SW side of town. Fully occupied and are cash-flowing nicely.

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

The two properties cash flow well and are in an appreciating neighborhood.

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

MLS- I was able to negotiate both of the homes for one sale price.

How did you finance this deal?

Equity partner put the down payment.

How did you add value to the deal?

Finding the deal and property management.

What was the outcome?

Purchased, placed tenants and off to the races.

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

Jeremy Franks.

Hey Seth and all, 

I'd love to get the ball rolling with a meetup. When are you thinking? If there are no plans, I'm happy to schedule a meetup. Ready to network!

Count me in! Let me know when/where. 

Hey BP community, 

I have a seller offering owner-finance for four units: a 3/2 double-wide, a 2/1 SF and an up-down (2/1 and 1/1) with a great three car garage. I've negotiated down to $202,500 for 20 years with 2.5% interest. But, it doesn't cashflow well because rents are low (just raised, but the properties are odd and don't garner top dollar) and the utilities are high (expensive to re-meter; owner is responsible for expenses). My question is: since I am able to get the properties at such a discount, is it worth it to buy now even though it won't cashflow well for a few years (after I can raise the rents a few times)? Thanks!

@Michael Magno It does not. 

@Jack Smith Thanks for your feedback! He is asking $70,000 a house, 14 homes total. Looking at what's on the market now in that neighborhood I see some houses listed for $40,000 and some for $140,000. Conversation with his property manager forthcoming. 

Hey BP community,

I have a family member who is wanting to sell me his portfolio of 14 SFH's, all in the West Akron area. Using Trulia, it looks like the crime rate is high and the schools are rated very low. But can anyone that is familiar with the area give me an idea of what it is like? Thanks!

@Rachel H.Thanks for your feedback!

Hey BP community,

I have a motivated seller that has four unity’s he’d like to sell using owner financing. He hasn’t requested a sales price, but is thinking along the lines of the 1% rule. Gross rents are $2630. The units are one two lots:

Lot 1: 3/2 double wide with shed. Decent shape, no major repairs. In tue back, 2/1 SFH also in decent shape. Needs new windows but no major fixes. Owner pays water and trash.

Lot 2: Up/down unit with an odd 1/1 downstairs and nice 2/1 upstairs. Includes nice 3-car garage. Nice lot. No major repairs. Owner pays all utilities. 

If I buy all the units for $180k with down payment of $20k @ 2% (which would be really favorable terms for me) I still only net $450 cash on cash. Included in my expenses I added 7% for cap x, 7% for maintenance and 2% for vacancy (really low in my area). 

Any thoughts? I’m shooting for $200 p/unit. 

Thanks!

Hi Helpful Friends,

I need cash to purchase a home for my family. House hacking is not an option in this scenario ("if momma ain't happy...). I currently have  a duplex as a rental. In order to get the cash I am considering either:

1. Cash-Out Refi the duplex: If I do this, with fees, etc my ROI goes down to 6% (currently at 12%) and I get just enough money.

2. Sell the duplex. If I do this, I get more money, but lose the investment. 

My property is in a stable market with low appreciation, typically. The last few years has seen a big increase. 

Advice is greatly appreciated!