All Forum Posts by: Sean Dawson

@Amit Patel I know those buildings and area. Isn't the asking price the owner wants based off of finishing the other 30 units? I seem to remember something about "no low ball offers based on current NOI"

The crime isn't too bad in the area though.  Walmart right across the street, shops all around.  I goto a plumbing supply place for hard to find fittings right up the road from there.

Thanks @John Horner.  I saw that one in my research.  I need to get some more experience in that area( sheriff sale).  For now, I'll stick with multifamily me thinks. 

@Brandy Burhns are you an Agent, or just his agent? There are many duplex's on the MLS under that price point and you can find them there. If you're his "agent" there are search sites that you can put in your parameters and it will pull up results.

@John Horner I've a question if you don't mind.  I've been to a few auctions there and have looked at the site before hand.  Do you think the appraised value is incorrect on some of them?  They start out at 67% of appraised value.  That leaves 3% according to the "rules" for holding costs, repairs, etc.  

Do you find that to be true?

Thanks!

brandy, those can be found all over Columbus.   just have to make sure the rents can support a profitable cash flow. 

Just an update on this property.  Looks like it sold cash for $157000.  We took a look at it and no matter how much we wanted to like it, the area depressed us.  The units were bare basic and would be easy to maintain (especially since we wouldn't be the ones doing it :) but there were too many negatives for us.  I suppose it could be made nice, or at least nicer, the units next to it weren't too bad but each time we went to look at it reinforced (at least to us) that this wasn't the place for us.  Hope whomever bought it has good luck with it.

we were able to get a 25 yr am. 4.8% adjustable at 7.  

first financial in Columbus did our first deal. Multifamily 25% down 300k ish loan. 

Wow Brad, seems like you might be switching one job for another.  Franchisee of a daycare seems pretty work load intensive to me.  Different strokes for different folks and all.  

There are a few podcasts about your "Freedom number"  check those out, not sure of the podcast number.  Natali Morris I think had one.  

Disconnected from my units is what I am actually going for.  I want the passive cash, and just want to be able to talk to the manager about issues, not do the dirty work anymore.  At least til the kids get old enough then I'll make them do it!  Mike Rowe school of Business 

@Brad Clarizio I see in #3 "Do nothing- continue my existing model by acquiring 2 properties every 12 month period, knowing that I'll soon have to switch to having the properties managed as my career grows" 

 that it looks like you kind of know what to do.  Do you have the expense of a property manager built into your numbers?  By this time you know that its not a get rich quickly deal.  We still manage our 2 duplex's but have a PM for the 12 unit.  And to be honest the money is built into the duplex's as well.  It's just when we say ehh... enough is enough.  But for now I like taking my kids there and looking at the furnace, h20 tank and cutting the grass.  I'm hoping that I am showing them an alternative way of making money that may not be evident right now, but when they get older the seed might be planted.

Why not refinance what you have instead of selling? Thats what we did and we were able to put the 25% down on the new purchase and still have over 40% equity in what we had.  

Did you goto the Anthony Chara seminar last week?  Nothing earth shattering, but well worth the time.  It was all about multifamily investing.  We learned we are doing the numbers correctly (Thanks @Brandon Turner and @Joshua Dorkin podcasts were/are fantastic) and learned a few other tidbits.  

We're on a 5 year mission (without the green chicks) to get out of the rat race.  Might take longer, might be shorter, but we have a plan and are working towards it.  That makes a huge difference with any job you may now have.  Not totally like Office Space, but almost...