How a Part-Time Investor Bought an OLD Duplex Rental Property
Рет қаралды 5,537
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🎙️ Episode 283 - With only a partial inspection, Mike wishes he caught these glaring red flags before purchasing his 1920s duplex. The mistakes he made have forever changed him as an investor.
📄 Show Notes: www.coachcarson.com/1920duple...
🎬 Timestamps:
0:00 - Intro
1:43 - Mike's career and backstory
7:43 - Mike's buy box
11:00 - How Mike found the deal
14:33 - The bidding process
18:30 - Mike's due diligence
22:00 - Mike's financing plan
32:06 - The first two weeks of owning the property
39:58 - The process of getting the property rented
47:13- Running the final numbers
53:59 - Mike's biggest takeaways
57:06 - Mike's advice for listeners
58:10 - How to get in touch with Mike
58:46 - Outro
🔗 RENTAL PROPERTY ANALYSIS: My online course teaches EXACTLY how I run the numbers and confidently analyze rental properties that produce cash flow and build wealth (and it includes my actual property analysis spreadsheet!): www.coachcarson.com/RPA-YT
🔗 Connect with Mike: mnguyen474@gmail.com
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@jameswelsh364 Жыл бұрын
Love this type of video with a new investor because it's so realistic to most people. The people with tons of units are not the majority. Thanks for all you do Chad.
@CoachChadCarson Жыл бұрын
Thanks for watching, James! The small investors are who my channel is for. Glad you find it helpful.
@mnguyen474 Жыл бұрын
Thanks for the reply James! Glad my story was realistic and hope you got some value out of it.
@lailaatallah1857 11 ай бұрын
INCREDIBLE deal deep dive, guys!! Unbelievable value! NOBODY shares online the true dollar amounts, each and every step, as well as the good, bad and the ugly of these complex real estate undertakings. Congratulations, Mike, on a job well done and also all your lessons learned. Thanks for your generosity in sharing so many tips and metrics, so the rest of us can learn and hopefully follow in your footsteps.
@dayrelalcolea6916 Жыл бұрын
I bought your book and it arrived today!!! I am so excited to read it!
@CoachChadCarson Жыл бұрын
Thank you so much Dayrel! I hope you find the book helpful.
@nancyguzman7887 Жыл бұрын
Excellent case study - I like the down to earth approach. Excellent interview skills, Chad!
@CoachChadCarson Жыл бұрын
Thank you so much Nancy!
@TheHamm1124 Жыл бұрын
Excellent video! Love the details and numbers especially.
@CoachChadCarson Жыл бұрын
Thanks for the feedback, Mark.
@mnguyen474 Жыл бұрын
Thanks Mark! Hope the details were helpful for you.
@VNOG8 Жыл бұрын
Thank you so much so for these vids
@CoachChadCarson Жыл бұрын
My pleasure! Thank you for watching, Kiet!
@Brian-rs4ug Жыл бұрын
Great interview! Love learning from investors successes and failures. Pointed questions make for an interesting interview. Thanks!
@CoachChadCarson Жыл бұрын
Glad you enjoyed it, Brian! Thank you for watching!🙌
@mnguyen474 Жыл бұрын
Appreciate it Brian!
@donampansiri1520 11 ай бұрын
Super Show...! Thank you.
@paperlies Жыл бұрын
great dive here
@deaniven8822 Жыл бұрын
Truly enjoy the deep dive with actual numbers on the deal. This illustrates that Real Estate Investing is a Get Rich SLOW operation for the small and mighty investor!
@CoachChadCarson Жыл бұрын
Glad you liked it, Dean. Thanks for watching. You're right - I've made money on deals over the LONG run when they weren't home runs up front. It requires buying them in a way (with cash reserves, taking your time) to have the staying power of get rich slow.
@mnguyen474 Жыл бұрын
Yep yep. Glad you enjoyed the deep dive episode. This duplex is definitely a slow, long-term investment.
@JayPatel101 Жыл бұрын
Taxes are really high :) It's a general theme across PA. Do taxes come done ever?
@CoachChadCarson Жыл бұрын
Not that I have seen. Most cities and local government raise them over time.
@triktrak_1451 Жыл бұрын
Hi Chad. I just wanted to clarify the Capex on this deal. It looks like 16% of each unit's rent? (Michael called it "8% for each" which I found a little confusing.) Is a 16% Capex budget typical, or recommended?
@mnguyen474 Жыл бұрын
Sorry for the confusion TrikTrak. I allocated 8% for regular maintenance, and then 8% for CapEx. 16% all together. Maintenance includes more mundane toilet leaks, and other basic repairs, while CapEx is the big suff like HVAC or Roof. From my understanding, the budget depends on the property condition and age. However it is good practice to budget for both. The Maintenance & CapEx budget can range anywhere from 12% to 20% total.
@triktrak_1451 Жыл бұрын
@@mnguyen474 Great- thanks for the thorough answer, Michael! And thanks for patiently sharing all of the nuts & bolts of this deal. I am about to buy my 1st multi-family, and I really appreciate this breakdown.
@mnguyen474 Жыл бұрын
@@triktrak_1451 Thank you for patiently listening! I hope the lessons were helpful for you as you close on your 1st multi-family. Big congrats btw! Feel free to connect with me and share your wins at my email in the description.
@suzanemagali 19 күн бұрын
@@triktrak_1451 How did it go with your multifamily?
@triktrak_1451 12 күн бұрын
@@suzanemagali Thanks for asking. Haven't acquired one yet.
@legacyopp9318 Жыл бұрын
Omg this guy is 5 minutes from loosing this home. How not to flip. Hope others learn from this.
@CoachChadCarson Жыл бұрын
Not true. And the point is for others to learn from this.
@legacyopp9318 Жыл бұрын
Just saw the thumb nail for the video. " Don't do this." What am I missing that's not true?
@CoachChadCarson Жыл бұрын
@@legacyopp9318 I'm just saying he's not 5 minutes from losing his home. He underestimated repair costs on an old home. That's what not to do. But he was conservative enough to have extra cash and to not rush ahead and make this mistake 2 or 3 times. So, he will be fine.
@mnguyen474 Жыл бұрын
I definitely made a lot of mistakes on this property and share them here. Hopefully people don't make them either!
Coach Carson
Рет қаралды 8 М.