RE Log

[DrunkFish]

Hey all, so in previous threads i stated i was interested in real estate and Youtube. So I took the plunge. Found a broker/mentor, an agent mentor, just finished my 48 hr course, working on my 24 hr, and running numbers on a fourplex deal. I'll be listing and selling houses as my day job which I think will be very fun, minus people that waste time, haha.

I also am looking into my first duplex. I'll update here when I can but for now:
4 units, under rented by $100 bucks a unit, bad cashlow but with $100 increase in each unit it will be pretty good. Family friends wife owns it outright, haven't looked into financing yet.. not likely to owner finance but not sure yet, next step if rejected will be finding investors which will start with my broker as he is also an investor. Main problem is I don't have credit, but that's why I'm making sure the deal is all numbercrunched and clear.

It's in a great neighborhood, has a desirable 4 car garage, and has been maintained, but is still old being built in 1946, but every house in this area is old.

Still waiting to get verified numbers on the utilities and some interior pictures. Also will be making progress on my 24 hr class this week. I just got a laptop as well so I'm finally mobile, previously being stuck to a desktop.

So yeah, this will mostly serve as a log but Id be happy to discuss on it as well. Thanks all

 

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[BrandonS85]

Hey all, so in previous threads i stated i was interested in real estate and Youtube. So I took the plunge. Found a broker/mentor, an agent mentor, just finished my 48 hr course, working on my 24 hr, and running numbers on a fourplex deal. I'll be listing and selling houses as my day job which I think will be very fun, minus people that waste time, haha.

I also am looking into my first duplex. I'll update here when I can but for now:
4 units, under rented by $100 bucks a unit, bad cashlow but with $100 increase in each unit it will be pretty good. Family friends wife owns it outright, haven't looked into financing yet.. not likely to owner finance but not sure yet, next step if rejected will be finding investors which will start with my broker as he is also an investor. Main problem is I don't have credit, but that's why I'm making sure the deal is all numbercrunched and clear.

It's in a great neighborhood, has a desirable 4 car garage, and has been maintained, but is still old being built in 1946, but every house in this area is old.

Still waiting to get verified numbers on the utilities and some interior pictures. Also will be making progress on my 24 hr class this week. I just got a laptop as well so I'm finally mobile, previously being stuck to a desktop.

So yeah, this will mostly serve as a log but Id be happy to discuss on it as well. Thanks all

My big concern ALWAYS with duplexes thorough quads is utility cost when the current/former landlord pays bills. Tenants ALWAYS mis-use utilities, so much so that from what I've seen you always make it back within 1-2 years the cost to convert to individual paid utilities (Granted water supply is usually not worth it). In one case a triplex I looked at, the owner was paying nearly 50% of his revenue towards utilities and didn't care one bit. Had I of really been wanting the deal I could have done it, but with that large of commitment on utilities for a 6 month period (He was contractually obligated to provide utilities due to it being on HUD) it was terrible.

Watch your numbers, don't buy it if you think it's on the edge of being profitable, buy it if it's a smoking deal. There's too much out there especially in the midwest to take the first thing that comes along and not make enough money for it to be worth your time.