All Forum Posts by: Adnan H.

MF:

Here is an example of a 12 unit multi – Asking price $500000, each unit currently renter for $700.

Unit price roughly $40K producing gross $700.00. There are 6 separate duplex next to each other.

Area – now sure, its 2 hours away and I have not seen it yet.

SF: B Area:

Found one asking $69K avg rent in the area is $950. No work needed

SF: C Area:

Found 1 for 20K – needs another 15K of work total $35K – will rent for $800 (Section 8)

I have never done section 8 but I heard both ways abt it. I know money is on time but tenants can we painful. I believe any tenant can be trained ?

I will work on some numbers to with area with details info and post it; hopefully tomorrow. 

Here is some more background info and I will try to ans some the question to the best of my ability.

• 1.How difficult is it to find B-properties with the criteria you're looking for? – It is more or less like chasing unicorn in my local area. (Orlando, FL / Sanford, FL).  If I go 2 to 3 hours away I can get plenty but I am not familiar with the area at all (Jaxsonville, FL) . I did some research and finding 3/2 Block home that would produce $900 is difficult but not impossible. May be I have to wait for a while to get a deal. Also I only want to stick with block construction which tend to be more expensive.
• 2.The bank I work with they have a policy that they would not lend below $50K, so property value has to be at least $65K. (I h=use these banks due to religious restrictions). So buying a $30K house means I am stuck with 100% cash in.
• 3.I am looking to get out of debt and have enough doors that can help me sustain without a 9 to 5 job. I am currently working fulltime and I want to eventually do real estate fulltime.

Reading the reply brings me to a different question: Should I look to leverage all properties that I have or should I try to get them paid off first? I have 1 property that is complete paid off... Should I look into refinancing it and taking cash out?

I have not done any commercial loan yet so I am not sure abt the term. Is 10 years max for all commercial loans? 

I consider myself new to investing as i just recently am looking at real-estate as a business rather than hobby. I have 4 SFR and 1 Multi (4plex) currently under my belt. So more or less I have experienced both to an extent.

Here is my dilemma, I am in the process of fixing up the 4flex (cosmetic) to get a cash out. I may get something around $80K. I have another $30K saved up. So give or take $100K.

I have 3 options,

• 1.Buy 2 SFR and make $900 each = $1800 a month (In a B area)
• 2.Buy 3 houses and make $800 each = 2400 a month in a (C area)
• 3.Use this money as down payment to buy an apartment which after payment would probably bring in somewhat similar cash flow (In a C area).

Pros and Cons

• 1.In the future I may be able to refi and get the cash out but finding this is very challenging.
• 2.May not cash out as property value may not appraise cash gets stuck but does not add to debt
• 3.Not sure how if property can be refinanced due to area. Cash is stuck and there is huge debt. 

Any advice would be great 

HI,

This sounds great. How can i join? I am local to sanford as well.