All Forum Posts by: Robert Damato
Robert Damato has started 10 posts and replied 38 times.
Post: Under contract for duplex number two, should I create anotherLLC
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
Hello BP, I am finally under contract for a duplex number two! Someone semi-knowledgeable in real estate told me that I should create another LLC to put this house under in addition to the LLC I have for my first house. Has anyone heard of this? It seems like overkill
Post: Need feedback. Subject to appraisal loan for BRRRR.
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
Yeah it’s pretty high level but it’s all a learning experience! If something is hard to understand just lean into it and network and study and talk with your family/friends and you will naturally learn. Best of luck
Post: Purchasing a property from direct mail marketing
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
Hey James, thanks for the input. After the negotiation, (assuming your paying cash) in terms of paperwork and contracts and title transfer and so on, for a person that has only done deals with an agent, who would you say should take care of that (ex. attourney, agent, cpa, me?)
Originally posted by @James G.:
If you want to get off market deals, the best way is going to be between you and the seller with no agents involved. You'll negotiate the best deals this way, and you won't have to depend on anyone to get the job done.
Post: Purchasing a property from direct mail marketing
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
Lets say someone starts a direct mail marketing campaign. They send out letters and get a response. The homeowner replies and you go and view the property... you like the property and want to buy.... is it common to get real estate agents involved at this point? or what is the expected way to handle the purchase of an off market deal?
Post: Milwaukee Lease length
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
The way i have my Leases structured is it is a 12 month lease, and then it converts to a month to month after that. That really puts the pressure on you to treat them well and manage the property well to make them stay. I also have months where the tenants are not allowed to move out and they are also required to give a 30 day notice while they are on the month to month.
Post: Need feedback. Subject to appraisal loan for BRRRR.
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
hopefully this helps, it did for me
https://www.biggerpockets.com/forums/48/topics/460294-how-to-cash-out-1-4-unit-property
Post: Im just editing this deal lol
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
thank you very much! I am definitely proud of the numbers!
Post: How much should you typically aim to Cashflow per property? Why?
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
My personal minimum cashflow is 500 a door, so 1000 per duplex.
Post: Im just editing this deal lol
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Milwaukee.
Purchase price: $152,500
Cash invested: $59,000
Duplex appraised for 280k. First deal in the books with what I would consider a success!
Post: Struggling With Deal Number Two
- Rental Property Investor
- Milwaukee, WI
- Posts 42
- Votes 14
TONS OF TIME, 150K IN CASH, COMMITTED INVESTORS BUT NO DEALS
1st solo deal went great, I net 70k in equity on a duplex after the rehab, been looking for a good deal for a month and a half now. Been to 8 showings, analyzed over 30 properties, scrubbing the MLS, direct mail marketing and.... no deals..... I FOUND MY WEAKNESS! This is a huge obstacle that is holding me back from continuing progress in my business. Any tips for overcoming this difficult obstacle in my business so that I can take down this next deal? Or ways to find a partner that loves doing this in their business?
Investor from Milwaukee