All Forum Posts by: Account Closed

@Dwayne Jelks Jr. I think something that would help you find more leads is actually narrowing down your search parameters instead of looking for "anything that's a deal" as you stated above. I believe you will find better results if you were to send direct mail to 100 properties ten times instead of sending direct mail to 1000 properties only once.

Hi @Melody Kushi! I would like to share with you my experience in buying my first property in Trenton. I bought in my personal name instead of an LLC and made sure to get increased liability insurance which to a certain extent provides just as much protection as an LLC would. With such a great credit score I believe it would be easier for you to get a loan/re-finance if you bought the property in your own name. As to whether a $50K deal is a waste of your time for your ROI I would say it's not and a big part of that is because it would be your first deal in the area, the first deal is always a wealth of knowledge so what you won't make in $'s you'll easily make up for in networking, contacts, knowledge of the area, etc. I wish you the best of luck!

@Ryan Pimental I had absolutely no connections in the real estate world when I started and I closed on my first duplex in January. The important thing to do when starting out is to be patient and very conservative with your numbers. The beautiful thing that I learned about real estate is that you have time to learn things and network with people and acquire contacts as your going through your first deal. I would recommend going through a small scale project at first just to learn the entire process and have at least one contact for each different specific stage of the process like your Realtor (submitting offers, completing all due diligence, actually closing) General Contractor (rehab, maintenance) Property Manager (getting the units rented out, managing tenants) and Lender (initial purchase, rehab lending, re-financing) Wish you luck!

Very nice job! I just got a multi-family property under contract and am also looking to BRRRR it, hopefully it comes out as successful as yours!

Thanks everyone for all your answers! I will consult with my property manager and see if the numbers make sense before I make my final decision and I will upload before and after pictures along with all costs associated once complete!

@Nathan Gesner thanks for the examples!

@Sean McDonnell Tenants will be paying water, smart tip though for anyone that doesn't have separated water and is stuck paying, thanks!

@Allana Alex thank you, it's reassuring to see someone else think the same.

@Nathan Gesner I hadn't even considered refinishing, thanks for another possible option to look into.

I just bought a duplex where the first unit is a 1 bedroom 1 bathroom and the second unit is 3 bedrooms 1.5 bathrooms. I was wondering about your thoughts about whether a tub is necessary for the first unit?

The benefits of converting the (very outdated) bathtub to a walk-in shower would be opening up the bathroom to make it look larger and the costs would be cheaper.

The only potential negative I see, which is pretty big, is that this will turn off renters. I think this problem would be more steered towards 3 bedrooms 2 bathroom units in which a family would be more likely to move into.  I plan on renovating the 2nd unit bathrooms as well but plan on leaving a bathtub in there.

I appreciate any and all feedback, Thank You!

@Axel Ragnarsson awesome success story! Since you mention networking with private money lenders and you being only 24, I was wondering have you ever ran into the problem of a private money lender not taking you seriously due to your age? I have run into this a few times and was looking on ideas of how to overcome this besides the obvious of having an absolute home run deal and great presentation.

@Caroline C. thank you for the valuable questions, also really good advice with the 30 day cancellation notice, I had never thought of prioritizing that!