All Forum Posts by: Nick Shri

@Nick Shri that's fair!

Nonetheless, do you have any experience with forcing appreciation through raising rents by chance? I'm curious what others have seen for ARV increase after significantly (and almost doubling) rents on 2-4 unit multifamily

are you looking for deals or have the deals? It is not clear.

Hey BP,

I'm considering pulling the trigger on a duplex in my area that's currently renting for $700/side. I believe it can rent for $1100/side and my agent thinks it could go for up to $1300/side.

If I paid $280k for it and then took the rents from $700/side to $1200/side, then refinanced it, do you think it would raise the property value all that much?

The cash flow at $1200/mo would be good, but I'm trying to see if there's a bigger play here where I could refi and leverage this duplex into a 5+ unit deal after just one year

(My loan for this property would be an FHA with 3.5% down)

Thanks in advance for your advice!

I'll try to be as detailed as I can to see what recommendations you might have for how I could get my first deal. 

I'm most interested in apartment buildings and retail spaces with strong tenants. 

Background

I've flipped a few homes in the past

I've worked for my dad, who is a commercial appraiser. We mostly appraised apartment buildings. I've worked in accounting for the past 20 years mostly for real estate companies. Could do the entire accounting process including month end and asset schedules. I have access to a real estate tax person, but I primarily do the bookkeeping and accounting and save the taxes for someone with a little more expertise in that area. 

I have a list of real estate owners I've been able to put together and leaning toward contacting them to see if they might be interested in selling. 

Unfortunately, I don't have any cash to put into a deal. I have a home, but can't access the equity due to how we structured the loan even though I'm on the title. 

Right now I'm trying to figure out how I could acquire my first property and looking for some ideas on what this community recommends. 

Hi everyone,

I'm thinking of starting a weekly mastermind for investors considering Cleveland as a place to get started. A lot of people have the same questions and are just looking for some support as they get started. Let me know if this is of interest and we can start sharing resources, ideas, and hopefully highlight some wins. 

Thank you all for the replies and advice! I really appreciate it. I definitely will look for a duplex. I think you are all right, that seems to be the best option. Although they are hard to come by in my price range. I will try to find one or find a way to make it work. Thank you all again!