All Forum Posts by: Richard Lovering

I've raised chickens. While they provide some great benefits like eggs, little to no tick or insect activity and great for kids to learn about animals they have some very distinct downsides. They attract predators, they SMELL (even when bedding is properly changed out) and they crap EVERYWHERE! It will be stepped in and end up inside your house. They only way I'd keep them again is if they stayed in a barn with other animals. Not a great backyard pet (unless you only have 2-3). 

Good luck!

rentometer.com is free, no need to purchase! I'm sure it's not 100% accurate, but it's one data point to consider. 

Just did the same thing on an 11 unit we have under contract. The pipe running from the house to the city sewer system needs to be replaced. Failing if not already failed. $20k we found right there!

Thanks to all for the replies! 

Originally posted by @Tenga S.:

You should definitely join your local REIA group or some REI meetup group to network with others. It's nice to have a network of other investors in your area to listen to ideas and learn from.

Be wary  of all those GURU's out there who will try to get you to sign up with them and fork over tons of money to their "proprietary" information. Most of the investing information you can find for FREE on YouTube and get great advice. That's how I learned and do okay in the Atlanta area.

Good luck and Happy Investing!

Thanks Tenga! Planning to attend my first local meetup this week!!

Thanks for the replies all!

Chris, Happy to connect sometime to discuss. The financing process has been initiated by my partner and I think we still have some work to do there. They required personal finance statements and 3 years of tax returns to start as well as an analysis of the operations of the building, which came out favorably (1.66X debt service coverage, I think the target is 1.25). We're using Primary Bank for the lending process. I can send you the name of the Loan Officer for future reference if you like! 

Chris, nicely done! Working on a similar type situation/deal in penacook NH with an 11 unit. Under contract now and trying to navigate our way through inspection/concessions. How did your inspection process go? Did you have any back and forth after inspection?

Welcome to BP Bob! 

I find myself in the situation you're proposing. My plan is to get into long term MF 5+ units for a buy and hold strategy, mixed with some BRRRR components. The plan is to buy MF that have opportunity for some forced appreciation through improvements, etc, refi after some time to get the seed money back out and go do it again.

Initially I dove into bigger pockets, talked with friends/family, identified my partner(s) and started reading a LOT. I get up every morning at 4am to read and educate myself. I have a career I enjoy and don't plan to leave, so I try to work in anywhere from 2-4 hours a day of education. I have a 45 minute commute to work and listen to BP podcasts at 1.5 speed (best suggestion ever) back and forth to work each day. My primary partner is a best friend and brother in-law who has the same strategy and goals. We've been analyzing deals and working with an agent. He started down this road about 4 months earlier than I did so I've been piggy backing off of his work. 

The world of REI seems huge at first. I think educating yourself in regards to your goals is the best most important first step. Hold onto that 100k until you feel like you're prepared to make some moves!

Good luck!

Rick

Looking at an off market multi family that suffered fire damage last year. 98k value lot. Broker is looking for 75k and quick close within a week. Its zoned for 16 units . What are the risks in a previous fire home?