All Forum Posts by: Alex R.
Alex R. has started 17 posts and replied 128 times.
Post: The importanc of reviewing the Tax Form 1040 schedule E before purchasing a rental property
- Bakersfield, CA
- Posts 128
- Votes 7
Sam
This form can be helpful as it provides a proof that property is actually rentable and in demand.
Post: The importanc of reviewing the Tax Form 1040 schedule E before purchasing a rental property
- Bakersfield, CA
- Posts 128
- Votes 7
why is it so important to review this form before buying a rental property and where can I obtain one for the property I am considering to buy
Post: need a formula for buying residential multi-family rental properties
- Bakersfield, CA
- Posts 128
- Votes 7
Originally posted by Steve Babiak:
Originally posted by Jamaal Hunt:
...
Duplexes would be comp'd using the MLS; 4 units and less are usually considered as residential (with some exceptions), and similar sales can be found in the MLS. Most duplexes can be comp'd using the same resources as one would use for SFR.
Is there any exception for buying a 5 or 6 unit property on a conventional residential loan with low down and low interest rate ?
Post: At the current market, what is the best strategy for a first time investor?
- Bakersfield, CA
- Posts 128
- Votes 7
yeah, we need more responses to this question as it can be very helpful for beginner investors.
Post: need a formula for buying residential multi-family rental properties
- Bakersfield, CA
- Posts 128
- Votes 7
other resources could be price history, sale records, current and past tax assessments and Zestimate.
Look at al these data and make an offer accordingly.
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Is the MLS reliable? In my city YES. ay change first appears on MLS followed by Trulia, zipreality, zillow,...
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And distancewise, if this is your first deal, it shouldn't be more than half an hour drive from your primary residence
Post: Conventional loan for a fourplex property
- Bakersfield, CA
- Posts 128
- Votes 7
Edwin
Interesting article but it didn't address the situation I am discussing in this thread.
Or am I missing something ?
Post: Conventional loan for a fourplex property
- Bakersfield, CA
- Posts 128
- Votes 7
Originally posted by Bill W.:
wow, this is interesting Bill
I had the exact same idea in mind because it made sense to me but i wasn't sure if that's a possibility.
After closing the deal, how long it took for you to move in ?
Post: Conventional loan for a fourplex property
- Bakersfield, CA
- Posts 128
- Votes 7
Originally posted by Ned Carey:
Give the tenant a cash bonus for leaving immediately then take that apartment.
You could also work some kind of delayed settlement until the tenant moves out. You could even do a master lease option with settlement when you are able to move in. - Ned
Great tips and good suggetions
Post: Conventional loan for a fourplex property
- Bakersfield, CA
- Posts 128
- Votes 7
25 % down payment is much higher than 3.5% for owner occupied financing.
What if one of the tenants is moving out in only 3 months. I need to make the deal happen with low down payment and low interest rate
Post: Conventional loan for a fourplex property
- Bakersfield, CA
- Posts 128
- Votes 7
My bank will qualify me for mortgage for a 4-plex if I live in one of the units at least for a full year. A property I am considering right now is fully occupied. Can I still ask for the mortgage and tell them as soon as first unit becomes available I will move in.
Or is there any other solution to this situation ?