All Forum Posts by: Twannisha Jackson

Hi, i take the security deposits & take them to completely different banks from the rental cash. one bank holds security deposits, one bank holds rent collection. i’ll open more than one account with a little name attached to it so i know what’s what- to keep everything separate. especially my personal funds, they don’t even bank with my rental cash. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $140,000
Cash invested: $15,000

My first house. It’s a beauty. over 100 years old. very nice community. grocery store, library, sheriff station nearby. It’s getting a lot of traction. Rents for $950.

What made you interested in investing in this type of deal?

I’m starting my retirement portfolio.

How did you find this deal and how did you negotiate it?

The deal found me, by an agent selling the duplex I was renting at the time. I told her my plans & she held my hand along the way. It was occupied by two residents already so I talked to both to get a feel about everything, talked to the owner & decided this was it.. after some slight repairs of course. I inherited residents & some other minor repairs that wasn’t a deal breaker.

How did you finance this deal?

I work for USPS, I work really hard. I saved a bunch of cash, also took cash from my retirement accounts & brought it to the table. I used the FHA 3% down.

How did you add value to the deal?

I fixed some things around the place, raised the rent. I have more plans like landscaping, energy efficiency, safety improvements, etc. All the bells & whistles.

What was the outcome?

I lost a resident after raising the rent. I used the cash to bring the place up to life. I placed a for rent sign in the front which has gotten a lot of attention so i’m excited.

Lessons learned? Challenges?

Greed gets you nowhere & also you have to ask folks.. do you want something NICE or some CHEAP?? challenges? nothing I can’t overcome.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

https://s1l.com/loanofficer/jennifer-sheil/about-me/

Hi, I would definitely use the no down payment on a house- the veterans program. find a 2-4 family asap, start the renting process. stay in one unit, rent out the rest. rinse & repeat as necessary. 

hi, you buy a house whenever you can afford one. the market gonna do what the market does, real question is are you willing to take the interest rate? mines is 7%. anything under 7% is incredible for me but 9% is the highest i’ll go- that’s when i would wait for an 8%. buy what you can afford. 

 hi, how much & how often did you raise the rents on the 10 year tenant? how did you justify the increase to the tenant?

hi, try accurint.. (lexis nexis).

hi, might be time to start looking at off market deals. foreclosures, banks, mortgage brokerages sometimes have properties. might have to get creative with searching. my personal favorite? “i’m looking to buy a house” just tell everyone, anyone. something will catch eventually as long as you’re pushing it. knock on doors if need be! 

more reasons why not to get washers, dryers, etc because just wow. 

@Paige Gardner it depends on the person. hml are my last resource, it's a option for sure. 75% too high for me. that's the game for them, that's how they make its money. don't take it off the table but definitely explore ur options.