All Forum Posts by: Nicole (Dunlap) Pendergrass

You can definitely overcome that!  You have no choice when you're backyard is too expensive... its really all about the team you have on the ground in the area, that's where networking comes in big time!  You can also try to find a partner that can be boots on the ground" in whatever market you're looking in (finding a good team/partner is not always easy and may include some growing pains, its inevitable - but it's necessary).  Let 2021 be there year you break that limiting belief :-)

Yeah I actually thought about that, but will prob let the PM keep anything she wants or could use in there for other properties - relationships!  Plus I live almost 2 hr drive, so I know I won't be going to look through it... I'll be looking for next deal!

 The basement I don't have a clear picture bc I was taking video, so I tried to screenshot portions to give an idea of basement.  The garage once we finally struggled to get it open was inaccessible... literally the entrance was filled to the top with no path to walk inside lol

They are currently on month-to-month. Honestly you'd rather buy a property that is cashflowing... for a single fam rental you may want it delivered vacant at closing, but that's not normally the game plan for multi's.  Unless you are well capitalized and can afford to pay all the bills while you turn units and get it rented, but that kind of play is a little riskier.  Sometimes your tenant base does need repositioning as well, but that's why you hire a good property manager and plan for the possibility of non-payment ect upfront.

You should be buying on current NOI, but if the building's empty, then what???

So to answer... Nope, not nervous!

 Sure!  

Purchase Price - $360k

Total OOP ~ $103,000 (25% Down Payment $90k; Inspection+Appraisal $2,800; Closing costs ~$10K)

Put down earnest of $10k

Current Rents range from $480-$600 for the five 1-bedroom apts - market in 'as-is' condition should be around $650-$700, once renovated will be a little higher

The only 2 bed apt is vacant so we will be renovation and bringing up to market asap which should be around $850-$900

@Steve K. Def not gonna paint the brick! Love how original brick looks anyway... But thanksnfornthat too didn't know that 🤗

Yes agreed! Def want to be easy to work with and add value... but I'll be honest and say I wasn't thinking of that at first... there were other issues in inspection that we decided we'd take care of and only ask her to do the clean out, thought that was a fair compromise... but I guess not LOL

LOL! Yeah I guess I can look at it as it was "wrapped" for us, but sorry to tell you Steve, but I def plan on changing the colors on the outside... it needs an updated/modern touch lol

@Thomas McTier - Thanks! And grinding is in my blood.. grew up seeing my mom work 2-3 jobs most of my childhood. Sometimes I still feel like I'm not doing enough!

@Zachary Burgart @Raphael Ramos @Mike L. @Brant Jones @Jaquetta T Ragland @Josiah Patrick Zebarth - Thank you all so much! 

@Desha Charles - All it takes is one! My house hack changed my financial future! It's not all roses and sunshine, but the good far outweighs the bad in my opinion, you can do it, let me know when you close we'll do zoom champagne!

@Keenon Moorman - very humbled that my story is inspiring, you'll get that first deal done, "just keep swimming"!

@Vanessa Shields - education (but not analysis paralysis) and a great mentor/network is key to the confidence in getting started, buy you some socks or some "thing" that you cant use until you close! Itll be motivating... delayed gratification  :-)

@Abby Link - Def need more women investors! I'm all for the under-dog making it happen, esp those who are not normally represented in the industry and haven't had access and opportunities before...  It's a new day! :-)

The mortgage doesn't necessarily have to end up being higher... depends on terms, but payment could end up being close to what they are now. Will have to wait and see what rates and terms are avail when we look to refi. And even if the mortgage is a little higher, As long as the building still cash flows I'm good.  To me its more about the opportunity cost and velocity of money.  If I can reuse the same funds I started with to acquire the second one, why not? why wait? 

But just  depends on your individual goals :-)