All Forum Posts by: Patrick Flanagan

@Mike Lorence

Yes please!!

@Jackson Babcock

Thank you and thank you for responding!

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*This link comes directly from our calculators, based on information input by the member who posted.

Last year in April I had my first deal fall through. It is a 3 story 2 bed 2 bath with a den duplex, each unit is 1360sq ft. My step mom is the property manager in the county(her company has about 400 rentals she manages) so she said we could rent the units for 1500-1600 each. My wife is a realtor in the area and she just sold a duplex down the road for $420,000 of similar build. 

I’m curious what you think my best option to finance this property is? Should I put 20% down on it as a investment property? I just closed on a 4 plex that I’m living in so the option of 3.5% down is out the window for a year. Should I wait for another year to do this option? Or just go a head and put 20% down. I have the money for the the down payment and repairs. 

Last year I found 100% private money to finance this deal, that opportunity is gone because their money is currently tied up. The owner is a family friend and she got intimidated by doing a cash offer and all the steps, my private money lender also required some extra due diligence that I think the seller got offended by.... like why she hasn’t had a whole unit rented for a year, why is she renting out 1 unit for $800 a month and not getting the max value out of the property. we went back and forth for a few months on a price. Only because I couldn’t get her to respond to me at all. We Finally agreed on a price, so the second she accepted my offer I sent over a sales agreement over... then 10 mins later she replies to my email. Sorry I’m keeping the property.... so I said Ok thank you for your time and said if you ever want to sell later please let me know. So a year later, that duplex still sits vacant and needs some work in a prime location...so I’m going to re reach out to her and try to quickly close this deal. I took way to long last time to close which gave her a lot of time to think about the deal. 

Let me know if you can see the link if not I’ll add the rental numbers in the forum below. 

@Jackson Babcock

Thank you for responding Jackson!

That’s a great idea I need to join a local real estate investment group

@Brock Freeman

Awesome info, could I message you about what all it takes to secure commercial lending?

If you had to take all your knowledge and experience to teach your young eager 18 year old self in 2021 what would you do?

Would you just sit there and say well there’s no deals so I guess I can’t invest. Or say everything is way to expensive so I’ll just wait for the market to go down.

For me right now I’m focusing all my attention on relationship building with my realtor, lender, and future people that might have deals. I read books related to this topic and try to learn something new about someone everyday. It’s amazing where the conversation goes when you show  genuine interest in someone.

I just bought a 4 plex from a guy I had 0 clue he owned a 4 plex and because of that the rents weren’t great, but I’m strategizing to rent the rooms out to traveling nurse, who get a big per diem each week. It could be a cash killer

Let me know what you would do in these crazy times!

Also shoot me a message if you want to connect and talk about real estate!:)

@Frano Buhovac

If your numbers work out id jump on it. You can rehab the units over time and raise rents.

But now everyone on here knows exactly where it’s at and that owner financing is available on it. So I’d get it in contract before someone else comes along and takes it.

I’m curious how you marketed to find this deal? I’m looking for a deal like this in Oregon.

@Darryl Matthews

Thank you for the response Darryl

If you had to restart your apartment investing career and you were a young eager lad trying to get in the game. What would be your first step to taking action?

Please roast me if you think I’m way off(I’m the young eager lad)

-Talk to people who own and invest in apartments

(I.e. phone call, take them to dinner, meet on bp)

-find a market to start looking in

-decide wether or not if I want or need a partner

- find a commercial agent

-decide my price range and asset class

-Narrow down what I’m looking for

How many units

Repairs

Cap x and if I can lower the costs

Possible forced appreciation.

What am I missing, my hardest thing is have no credibility. I own 1 4 plex, but that doesn’t even put me in the big dog ball park. I have money to invest, but why would someone think I’m a good partner.

Better question, what can I do to become the best partner out there for a apartment complex investor.

@Dillon Cook

I totally agree!

But I mean how can you argue the awesome Florida weather too! Haha

I’d love to learn more about investing out there