Monday, March 4, 2013

Interview of Parker Buhl

Chris Woods
Informal Interview
Interviewee: Parker Buhl

What got you interested in investing in real estate?

My uncles that own 150+ fourplex apartments. They purchased most of their apartments for super cheap prices with low interest rates.

How did you learn what you needed to do to feel comfortable with your investment?

Research! I review everything very well. I started off reading books and constantly talking to my uncles about how they do it. I am constantly talking to my real estate agent talking about possible properties to invest in again. My agent is a great asset for me in learning and feeling comfortable with my investments.

Did you invest in this property with your own money or did you finance it or both?

My neighbor has made quite a bit of money. He has been issuing me private loans so that I can make cash offers. I pay him a monthly amount to cover principle plus interest so that he makes some money on his money and I make some money for my work.

How much time would you say that you put into rehabbing this property?

I put 5 weeks into rehabbing this property. I was working 8-18 hour days there by myself doing things from plumbing to fixing drywall and painting. I had to skip some days to work at my other job but now that its over it is worth it and I am looking to do it again soon.

Are you currently looking into investing into other properties? If so, what types?

Yes! Right now I am looking for anything cheap. I am eager to do more single family residential homes but I really want to get into some multifamily properties like triplexes and quadplexes. But if the price is right and I can make money, I will invest in anything.

Was it difficult for you to find tenants for the property?

No, I found them easily. They kind of fell in my lap. I had a friend who I was talking to about this who knew of a family that was losing their home about two blocks from where my property was. While it was sad to hear that they were losing their house, I am glad that I can help them out by giving them a home nearby so that their kids didn’t have to change schools and are still close to their friends.

How much time do you spend on a weekly basis regarding the property and its tenants?

About 30-40 minutes monthly. My tenants are pretty low maintenance. When I start getting more properties I plan on going through a property manager.

What is the most stressful thing or things you have encountered with this investment property?

Renovating the house within 5 weeks so that my tenants could move into it when they needed to. I was really trying to help them out but I had a lot of work to do. 8 hour days started turning into 18 hour days. I was sleeping on carpeting foam for 2 nights just so that I didn’t have to drive home just to drive back again in the morning. 

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