All Forum Posts by: Patrick Wheeler

It sounds like he could have plenty of value to bring to the partnership. In my opinion, make it simple and just go 50/50. I have a decent amount of cash, but I may never put money into a deal...I believe having money is the easy part.

@Ann Katherine Hoh Welcome to BP. It's going to be tough to find a multi family in that price range unfortunately. I would suggest targeting a reasonably affordable market and start doing some direct mail. Getting to home owners directly is almost the only way to go right now.

Just sent you a message for a referral that I have previously received.

There's a few active agents/investors near you area. Do some searching for the South Coast REIA, I believe it is, and you should find it.

I personally would recommend collecting rent electronically, especially if you are looking to streamline the process. There are plenty of platforms to do it electronically and I'd rather take the time to train my tenants on how to use the platform than run around collecting checks.

Project Update

It's been a pretty interesting first month of the project. We had some delays receiving our first draw from the hard money lender, which was frustrating and set us back about a week. At this point, we were able to get some quick initial landscaping done to clean up the property and demo should finally be finished this week. Our electrician is ready to go, which is very important, just waiting for demo to be completely finished. We did, however, lose our plumber for the job as he hurt his back so if anyone has a plumber reference that would be huge!

Being a month into the project, we were definitely expecting to have more progress done to date, but we still believe we are within our four month timeline. This process continues to be an incredible learning experience.

Below are some pictures to show what the property looks like right now.

@Kay Ferdous We are looking for, and will need to find, an 80% LTV lender.

@George Smith Not sure I entirely understand your question. We used a hard money lender that offered 80% acquisition and 100% rehab. We are in the process of renovating now so we will have more details about the refi in the coming months. Let me know if that doesn't fully answer your question.

@Marquis Harris We actually found it on the MLS surprisingly, when it came back on the market. We financed it with hard money, but moving forward we have some banks that should be able to finance a rehab property.

Recently closed on a 3-family in the Boston area. Purchased for 390k, putting about 140k into it and should cash flow right around $2,000/month. Great return for no money down!

@Jon Sidoti Good for you, taking action is the most important thing here. As you progress, you'll make changes to your approach!

I don't have any specific talking points, but just keep it simple in the beginning and practice getting comfortable talking with sellers.

Good luck and feel free to keep me in mind if you lock up anything good!