Way to go Justin!
@Justin Wotring Nice working on my first investment property. Any suggestions and ideas?
This is very inspiring. Still waiting on my first deal! Thank you I needed this!
Congrats. Lived in Toledo for 5yrs. Huge rental market. Working on first property in NC.
@Justin Wotring amazing bro
@Justin Wotring Great start on the renovation! I do agree with Steve K that you should consider getting a foundation expert out to the property within the next few months to check for any major issues and hopefully prevent them before they get out of control. If that much water accumulated in the basement, then there is likely multiple entry points (cracks in the mortar most likely). Please keep us updated. I hope this is a great investment for you!
@Justin Wotring congrats, this is a step I'm trying to make
Congratulations and in to the next. Are you going to bring up ARV and do BRRR if possible.
Congrats. Much continued success.
Dont panic over basement water .. worst case you get a french drain and sump pump installed
Originally posted by @Justin Wotring :
@Daniel Mendez right here on the forums after asking for referrals! We PM'd and then had a couple phone conversations to ensure our goals aligned.
Awesome! What about the contractor that did your repairs? Did he/she also come from BP? Or did your Property Manager and/or real estate agent refer you to them?
@Justin Wotring great job. Way to take action!
@Justin Wotring CONGRATULATIONS!
I am also in Orange County. Did you feel it's better to invest out of state? Thinking of looking around in Cali but I'm also thinking of investing out of state. Your post gave me courage! Thank you for sharing. Would love to hear more about your experience from this!
@Justin Wotring congratulations
Congratulations! My goal is to close on my first deal in January! I’ve suffered from analysis paralysis for way too long and it’s time for action like you’ve taken!
@Justin Wotring great job!!!!
Awesome deal!!!!! 👍
@Justin Wotring - I’m also in California where it’s so tough to be an investor. Would you be willing to share your gem of a property manager/realtor’s name? ;)
Drive it like you stole it!
Big congratulations, well done!
@Justin Wotring Congrats! You made it happen!
Justin, I applaud you for seeing an opportunity and being ready to take action. This sets you apart from most!
A quality broker is a very valuable member of your team. Great job & best of luck!
Originally posted by @Justin Wotring :
Small multi-family (2-4 units) buy & hold investment in Toledo.
Purchase price: $64,500
Cash invested: $19,445
First investment property and it's a duplex! Purchased sight unseen!
What made you interested in investing in this type of deal?
Stable cash-flowing duplex located within a half mile of a university and near where I grew up.
How did you find this deal and how did you negotiate it?
My realtor/property manager passed it along to me after one of his other investor clients stopped communicating with him. I quickly ran the numbers and after some back-and-forth with the seller was able to negotiate the price to $10,400 below asking, plus some seller credits at closing.
How did you finance this deal?
I used the HELOC on my primary residence to fund the down payment and initial repairs.
How did you add value to the deal?
We put together a repair/maintenance list based off of the initial property inspection and tenant requests and prioritized what needed immediate attention. My realtor/property manager already had a team in place to knock out most of the list within the first week!
What was the outcome?
Addressing the immediate repair issues helped set the tone for the type of landlord that I want to be and should build trust and loyalty with the inherited tenants.
Lessons learned? Challenges?
Since I live in California and this property's in Ohio, I am very fortunate to have found an exceptional realtor/property manager who can get things done. Buying a property sight unseen, I feel it's imperative to find someone you can trust, build a relationship, and follow their guidance. The main challenge I encountered was getting over my fear of taking the first steps. In the end, I can't believe how easy everything fell into place.
Congratulations on your purchase! I own a few doors in 43612 myself and I'm looking to continue buying in the same area. The only thing that is slowing me down is the time it takes for financing as banks are backlogged with refis and new loans. Toledo is fantastic for cash flowing properties.....you just got to do a little research to know which areas to avoid. I just closed last month on a fully rehabbed duplex....coc around 20%. Eventually word will get around regarding Toledo and I'm just trying to get as many units as I can under my belt before that time comes.
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