All Forum Posts by: Patrick McGrath

@Deniqua Antoine

Wish I would of house hacked a duplex or Triplex as first house. Repeat process for 2-3years and you are set on a great path! Small Multifamilys are were the cash flow is, my single families are great long term investments, debt pay down, appreciation, will be easier to sell. But my Multifamilys cash flow now and give me capital to buy more.

My first goal is $10k passive income by 35 and we are currently sitting at $3700/month with 2 years to go. Net worth goal of 3.5million with $20k passive income by 40, currently at $350k.

Need roughly 40 doors at are average rent to get there and we will be at 10 doors in 2 months.

@Aaron Sheagley

Chic Grey - Homedpot

Any bright white for trim/doors

All 5 units we have are the same colors and it is the most popular color homeowners pick at HD.

2 paid in full early. 2 asked for discount as they have had hours cut buy 40%. We accepted the payment they requested and agreed to work with them through this. We agreed to have them payback discounted rent with larger monthly payments once this is past or via security deposit.

@Anthony Wick

Had 2 of 5 reach out for help so far. We are doing everything we can to work with them and ge through this together. Hopefully they stay tenants for years to come and we make it all back. If not, atleast i know we did what we could.

@Mindy Jensen

We have 3 months reserves if no one pays, from rents. As well as 3 months reserves of savings that was for new opportunties. So 6 months covered if need be.

We are long term investors, i understand not everyone is in the same boat.

Save everything you can, just in case! #2020

@Eva Mackowski

This is a prime example of why reserves are so important. I just had 1 tenant call and request a $500 reduction for April rent. I have another tenant who is in the food industry that we dont know if they will be able to at all.

You know what i told them, we will get through this together, thank you for reaching out and letting me know your situation.

This should be a time when all your hard work and savings, that everyone thought was crazy pays off.

I understand all may not be in the same situation, but figure out how to be there in the future.

I

 Was a fannie property, so they were trying to unload anyways and get it off the books. 

I believe it will be my best buy so far as a REI, but you are correct time will tell.

@James Wise

I saved $21k on a deal because of the Covid-19

Uncertainty. Had a contracted price of $130k and asked for a price reduction and got it.

Opportunity is striking while the iron it hot!