I picked one up in Tallahassee in April 21'. It was $290K amd rents for $2875 right now. I'm barely cash-flowing after the cost of the loan and expenses. I got it with a 3.5% down FHA. Planning to raise rents up to $3,400 over the next couple of years so cash-flow will be excellent in time. Thanks for the video!
Hey, what a small world I'm looking for a four-plex in Tallahassee. It would be good to connect. I would appreciate it if you could tell me what your experience is so far. Also any recommendations?
@@bfftv2564 The place is doing fantastic. Rents for $3,500 now and will be $3,800 or more in May. Great cashflow. Great investment. I think it would appraise around $580k today. I'm just trying to figure out what to do with all this equity now!
Hi Sean, I have been following many people on the internet, but nobody explained real estate better than you do. Thanks for sharing with everyone. Nagy
Sean, I work on wall street doing CRE bridge loans and see a lot of content creators speaking to real estate which either have no idea what they are talking about, misrepresent how real estate works, or skim over the details to pay attention to. You're different from the others and I applaud your effort - for example the master metering vs. individual metering bit. I wish you had spoken to RUBS programs as a way to deal with the master metering issue - though I'm unsure if RUBS programs touch complexes as small as 4 units. Perhaps something to look into for your future deals, or a future video you can put out there. There's a dearth of kind of informative content on RU-vid and I think it would be received well. Best of luck.
That’s awesome! I appreciate you subscribing. If you have free time, you may atend our FREE "How to buy your first rental property masterclass" here: www.goodsweethomes.com/how-to-buy-your-first-rental-property-masterclass/
@@GiovanniCapannori very cool, Jacksonville has been good to me over the past few years but the prices have increased so much that I haven't purchased anything new there in a while!
The large rent increases happened slowly. We only increased rents by about $25/year for existing tenants but increased them by over $100 when an old tenant moved out and a new one moved in.
I'm a realestate enthusiast I've always been in favor of 2 plexus 3plex and 4plex properties because 20%of the population of people in realestate has taken advantage when the other 80% people prefer 100 units or 200 units buildings the 20% are smart enough and wise enough to take advantage and go with duplex propities that can fix up them to rent them now if I had the capital to invest in any properties I rather be one of those 20% then a 80% as far as I'm concerned the 20% are the real kings of realestate
I want a 4plex (w/FHA or USDA loan) and live in 1 unit. I have a 660+ and rising credit score, (2) years of employment quickly approaching, and a side Lyft business. I can't wait to live in my nice 4 plex, w/my unit being a luxury suit.
What would you do now? I ask because that same property worth 250k in 2017 is now costing around 500k and interest is higher. The rents have not gone up enough to cash flow.
Haha, thanks for the kind words. Michael is my friend and he knows his stuff! He invests in SFRs, small multifams, and apartment buildings so he's seen it all. I think he's just saying that SFRs are the way to go right now because multifam is getting hyped up.
Great video. Thanks for sharing the numbers. I actually have an out-of-state investment property in Jacksonville, too, that I bought a few years ago. My insurance has gone up a lot over the years because they are forecasting more hurricanes and that has somewhat deterred me from continuing to invest in Jacksonville even though I get over 1% rent and good appreciation. Have you experienced that with your insurance or do I just need to find a different insurance brokerage?
Hi Sean, could you please share information about your real estate agents who recommends multifamily properties such as this one, for around that range. Any link? thanks
Hey Sean, what’s that excel spread sheet you’re using? Is it private to you or public? I would love to utilize that spread sheet to help with my first rental? I could pay you a little bit if you would like for usage of it?
Hey I just found your channel! I bought a duplex a few years ago and I’m going to continue and buy a fourplex this coming year. I’m also from the Bay Area, do you know of any meetups for out of state multi family investors?
It's the main tool that can help you calculate if a deal is good or not. You still need to know some info like the mortgage rate, property tax rate, and current market rents are.
That sounds like a good plan! The earlier you invest, the better. As the saying goes, time in the market is better than timing the market. That’s why I’m investing long term to capitilize the power of compund interest.
This was filmed a few years ago. Insurance rates have increased a lot since then. But we've been using Steadily to find pretty good quotes: goodsweethomes.steadilypartner.com/
What do you recommend for starting out of state: from a turnkey provider, or get your team assembled and buy a move-in ready or slight TLC ? I am trying to buy my first ever property! Thanks!
@@shankarsridhar7907 That's amazing! It really depends on your resources. If you have more time and want to make more money, then creating your own team will give you more upfront equity. If you don't have a lot of time and are ok with leaving some meat on the bone, then working with a trusted turnkey provider might be the best solution for you!
